Shiba Inu is an altcoin started in August 2020 by an anonymous person/group known as Ryoshi. The mascot of Shiba Inu is the Japanese breed of dog that goes by the same name.
Many cryptocurrency enthusiasts consider it as the killer of Dogecoin as even Shibu Inu is of extremely less value and is a meme coin.
As of October 31, 2021, the market cap of Shiba Inu is $35 billion. This ranks it 10th among all the cryptocurrencies measured by market cap value.
Shiba Inu is represented as SHIB on the cryptocurrency exchange platforms. The price of the Shiba Inu coin at the time of writing is $0.00003527.
Can Shiba Inu Reach 1 Cent?
Highly unlikely that Can Shiba Inu Reach 1 Cent. Because for it to reach the value, the market capitalization has to be massive. The value of the Shiba Inu coin depends on two factors – the market cap and the mining dynamics. Understanding the total coins in circulation and the current price, we can estimate the market cap and draw realistic projections.
The issue with SHIB is that there are already 589 trillion coins in circulation. This is also one reason for its extremely low value.
If the price of one SHIB has to be 1 cent, then the total market cap has to be a minimum of $5.89 trillion which is almost 5 times more than Bitcoin, more than 10 times higher than Ethereum and even higher than the market caps of Apple and Tesla! To put this value to another perspective, the GDP of the US is itself around $20 trillion!
Also, since the token is based on Ethereum, it does not make sense that it will surpass Ethereum in market cap value.
Due to all these reasons, Shiba Inu is highly unlikely to reach 1 cent. Only way for that to happen is the coin to go massively viral, get investments in billions of dollars in, and governments propagate the use of the coin as an alternative means of currency.
Conclusion
Highly unlikely. The trends in the upcoming years will answer it with more clarity. If you are planning to invest in SHIB or any other cryptocurrency, study the coin and the team behind it thoroughly.
