Shiba Inu investors believe the '1 Cent Dream' isn't very far away. All it takes to replace the zeroes is a chain of bull runs similar to what the Dogecoin killer experienced in October 2021 when it spiked to +360% in a span of merely three days. And, despite dipping to new lows, Shiba Inu remains the 13th most valuable cryptocurrency, with over $15 billion market value. But is a '1 Dollar dream' possible?
Crypto analysts have predicted that the Shiba Inu coin has the ability to breach the 1 Cent milestone, but looking at the current status of the meme coin, it is not going to be easy for Shiba Inu to complete a herculean task of reaching 1 dollar by 2025.
SHIB is bleeding and it is currently trading for $0.00002915 at a discount of 7.05 per cent over the last day's price. Billed as the Dogecoin killer, Shiba Inu is facing some obstacles. As we know, cryptocurrencies and meme coins like SHIB and Elon Musk backed Dogecoin rely mostly on social media hype for attracting investors.
So, if the SHIB token drops further, it may even lose support. But, the SHIBArmy, a group that focuses on trading and buying the Shiba Inu coin and NFTs is trying hard to sustain the Shiba Inu cryptocurrency token. But, despite the growing number of investors, Shiba Inu's price continues to dip.
So, When Will Shiba Inu Reach $1?
The Shiba Inu dip could trigger a massive uptrend as it allows sidelined buyers who had missed the initial run-up and get in on the next leg-up. The price of Shiba Inu rose 50% in just a little more than a day triggering an upswing in the month of November. Investors can expect Shiba Inu's price to reverse its downtrend soon and a run-up from $0.000415 would indicate a 50% gain in Shiba Inu price.
Recently, the decentralised cryptocurrency grabbed the spotlight as the world's youngest known crypto billionaire and founder of Ethereum Vitalik Buterin donated $1.2 billion worth of 50 trillion Shiba Inu coins to India's Covid relief fund, founded by entrepreneur Sandeep Naliwal. Elon Musks tweet about Shiba Inu also made an impact on market investors.
But, there are only 1 Quadrillion Shiba Inu tokens and Shiba Inu would amass a $1 Quadrillion market cap, which is 500 times the market cap of entire cryptocurrencies if the token were to reach 1 dollar. Moreover, Shiba Inu's value needs to grow by over 11.5 million per cent to reach $1 at the current price.
That means the meme coin has to gain 210,000% per month consistently in the next four years and six months if it has to attain the value of $1 by December 2025. So, after running through these numbers, we can say that it's unlikely that Shiba Inu will reach 1 dollar anytime soon, but only a miracle could make it happen.
At the time of penning this article, Shiba Inu's market cap is $16,003,596,123 with a circulating supply of 549,057.26 billion, according to CoinMarketCap.
International Business Times advises crypto enthusiasts and investors to not fall for the rumours and be well aware of the latest updates in the crypto market.