Currently valued at $0.00002456, the leading meme coin Shiba Inu is said to hit $1. It is surprising how a crypto coin can travel this far. Shiba Inu is placed right below Dogecoin in the list of top meme coins and experts claim it will overtake Doge over time.
Considering the popularity and the demand for the coin, the chances are high. Even though the $1 target is a bit high Shiba Inu is said to achieve it. Let us learn more about this fascinating meme coin and when it will reach its goal of $1.
About Shiba Inu
Shiba Inu is a dog-themed meme coin that emerged in 2020 and quickly made a rise in the cryptocurrency market. Later in the years, the coin climbed to the top 15 largest cryptocurrencies.
SHIB is an Ethereum-based decentralized, community-led currency that is held by millions of users around the world. The coin quickly gained popularity as well as investors due to its charm symbols and tweets from imminent personalities like Elon Musk.
The coin has over 589.52T SHIB tokens of total supply and the majority of it circulating the market. Shiba Inu is continuously being improved by a passionate community to have utility and use cases.
The coin experienced a sudden surge in interest due to social media trends and celebrity influence but the duration and stability of this popularity are tough to settle. It is a difficult task to predict how long will the popularity last. This factor also influences the coin’s future of market demand and coin value.
When Will Shiba Inu Reach $1?
The SHIBA price predictions project an exciting development over time. Exceptional growth will be witnessed just like the recent times according to the predictions.
As per the predictions of many experts, SHIB will hit $1 by 2040 or by 2045. This prediction seems possible as the target is around 16 years from now and the coin is experiencing a steady rise in the price charts. The crypto community active in social media also claims that meme coins like dogecoin and Shiba Inu might experience a price surge.
Additionally, Shiba Inu has launched the “Shibarium” project, a layer-2 (L2) blockchain network built on Ethereum that is initiated to transform Shiba Inu from a simple meme coin into a comprehensive ecosystem.
The project was first proposed in May 2021 and is now live for users wishing to transact on the network. The Shibarium project claims to redefine Shiba Inu’s position in the cryptocurrency market with potential success.
The token supply is considered a barrier to this as well. The value cant surpass high ranges if the supply of tokens is at this kind of numbers. The coin has over 589.52 trillion SHIB tokens which should be burned by a major amount to achieve the goal sooner. Burning down the token to a few billion could bring down the achieving year from 2040 to at least 2035.
The competition from the new meme coins could potentially weaken Shiba Inu’s market share which might push Shiba Inu into the shadows. A range of competitions like PEPE stand in the way of Shiba Inu impacting its long run.
However, meme coins have no intrinsic value and are made only for entertainment. The volatile nature of the crypto market might also impact the journey of Shiba Inu to $1. The market also might experience sudden unpredictable changes which might bring barriers to the path of the coin but without that, the goal of $1 is achievable sooner or later.
The factors presented that can affect the SHIB’s price and its characteristics, it is necessary to determine that it is not a good investment for the majority of investors due to its inherent volatility and unpredictable nature.
Nevertheless, these are only predictions and not guaranteed that SHIB could reach $1. It is necessary to conduct thorough research before investing in SHIB and trade at your own risk.
Disclaimer: This article is not financial advice and it is only intended for informational purposes. The cryptocurrency market is expected to unexpected changes which might result in the loss of your investments. Conduct thorough research before making any investment decisions.
