Shiba Inu trading as SHIB in the cryptocurrency market grabbed attention by calling itself the 'Dogecoin killer' and is trading real cheap for investors both big and small to grab their hands on it.
The crypto token, which is quite new in the market, has seen sharp rise in April 2021 where it doubled in price but began to dip after Bitcoin's fall wiping out money from late investors who hoped to make a quick buck with the Shiba trend.
Shiba Inu is trading at $0.00000710 at the time of publishing and is 3.8% up and turned green only today after the crypto market recovered a little as Elon Musk said Tesla might reconsider its decision and accept Bitcoin as payment if they go green and reduce carbon emissions.
When Will Shiba Inu Reach $1?
Investors have pumped in a lot of money in to Shiba Inu as the coin is currently trading for dirt cheap and is less than a cent. Buying in big quantity makes the portfolio large and if it hits $1 in the coming years or decades, investors would be rewarded with heaps of profit beyond imagination.
While everyone was thrilled hoping to see Dogecoin touch the $1 mark, the crypto failed to deliver and plummeted to new lows making its hype fizzle out and the goal post has now shifted towards Shiba Inu reaching the $1 mark.
Financial experts predict Shiba Inu would face several challenges to reach $1 and reaching the target would not happen overnight. FX Street predicts there is less chances of Shiba Inu touching the $1 mark even in 2025 as SHIB needs to rise 12 million percent to touch the $1 mark.
Market Realist says SHIB needs to show consistent growth trajectory in the coming future and only then can people begin to hope that it has a chance to touch the $1 mark as a 12 million percent rise to reach there is not a walk in the park for financial markets.
Senior Financial Analyst Warns Investors of Shiba Inu
Susannah Streeter, senior investment and market analyst at Hargreaves Lansdown, warned investors that Shiba Inu is only in the market to make a joke out of finances just like Dogecoin and would leave investors high and dry if they don't decide wisely on their investment.
''The Shiba Inu coin appears to have been created just to give Dogecoin a run for its money. It features the same dog which became a meme and aims to replicate Dogecoin's success of turning a joke into a money making machine. Investors should treat trading in crypto currencies with extreme caution, and dabble at the edges of their investment portfolio only with money they can afford to lose,'' she told the Express.uk.