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 $10?
Its Impossible for Shiba Inu Coin to Reach $10. 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.
Based on the current trading price, if SHIBA has to raise to $10, then it has to increase by 18 million percent which is exponential even to cryptocurrency standards. That is roughly an increase of 3.6 million percent per annum which has never been seen and probably never will be.
Probably even the developers of SHIBA INU know that and it is clear that their sole aim is to beat the market cap of Dogecoin.
That is why this coin is also known as the ‘Dogecoin Killer’ and the same nickname is mentioned on their website as well. So, roughly, their inner goal will be to reach $1.
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.