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 $1000?
Its Impossible for Shiba Inu Coin to Reach $1000. 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. The percentage growth required in this case is scary, and there’s not much community faith on the developmental team as well. This makes it virtually impossible for the coin to reach $1000.
To begin with, there is no real value to the coin. It doesn’t even have a strong blockchain technology running it. The coin was just created to be a ‘Dogecoin Killer’ (even their website says it), and is just hosted on Ethereum. With the SHIB tokens, the most one can do is to transfer from one wallet to the other. Since the value is too low, it is not even possible to pay for any transactions online.
If the value of each coin has to reach $1000, then the market cap of SHIB has to be more than $100 quadrillion which is insane!
Conclusion
Impossible. Financial projections state that the market cap required is just unfathomable! 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.
