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.
Will Shiba Inu Coin Reach $1?
Its Impossible for Shiba Inu Coin to Reach $1. Because for it to reach the value, the market capitalization has to be higher than the GDP of all the countries in the world combined! 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, then the total market cap has to be a minimum of $589 trillion which is almost 500 times more than Bitcoin, more than 1000 times higher than Ethereum and even higher than the market caps of all cryptocurrencies, GDP of all countries combined!
Also, since the token is based on Ethereum, it does not make sense that it will surpass Ethereum in market cap value.
Some redditors and proponents of SHIBA believe that the coin has already seen a rise of 121,000,000% once so why not even higher or somewhere around that?
In fact, if the value of SHIBA has to increase to $1, then it has to increase by 650,200,000%. But note that it is easy for a coin to gain value by a huge percentage when its value is low. The same increase from say, $20 to $40 which is just 100% is extremely hard.
Impossible. Financial projections state that the market cap has to be bigger than GDP of the biggest countries in the world!
It is rather recommended to invest in high value currencies that may provide some tangible output to the money put in. However, be aware of the risks with investment.