Will Shiba Inu Reach 1 Cent?
If you’ve heard of cryptocurrency, you’ve probably heard of Shiba Inu Coin. It’s gotten very popular lately due to its skyrocketing price.
There have been people who have made a lot with Shiba Inu, so you may be thinking “Hmm, maybe I can go and make some money off of this thing, right?” Many people believe this about Shib, and most of those people believe that Shiba’s cryptocurrency, $SHIB, can reach 1 cent.
Keep in mind, Shiba’s current price is $0.000008157 per SHIB. That means that just one dollar can buy you 122,594 tokens, and if SHIB hit a penny then that would end up worth $1,225.94. Now imagine a $100 investment! It could be worth $122,594!
That sounds amazing and all, but come back to planet Earth. Is it possible for Shiba Inu to reach one penny?
What is Shiba Inu Coin?
Shiba Inu Coin is a memecoin that was created to follow in the success of another popular memecoin, Dogecoin. Dogecoin was gaining popularity fast and its price was following along with it. Many people were making a lot of money investing in Dogecoin. And the exact same thing started to happen to Shiba. Someone who invested $100 in SHIB in the very beginning soon found his stash worth 3.21 million dollars.
The main difference between Shiba Inu and Dogecoin is that Dogecoin is built using the same type of technology as Bitcoin. Shiba, on the other hand, is built on Ethereum, so that decentralized applications can be built using Shiba. These applications could be the key to Shiba’s long term success.
Ways Shiba Can Reach 1 Cent
There are a few ways that Shiba could reach 1 cent.
Before we go any further, we have to look at what the market cap of Shiba would have to be at one cent. Market cap is the total value of a project and is calculated by multiplying the number of coins in circulation by the price.
Shiba currently has 549.1 trillion tokens circulating!
So with some simple math we can calculate that Shiba would need 5.491 trillion dollars in market cap to reach one penny.
That’s quite a huge market cap, but let’s see what Shiba can do to reach a penny.
First, we can look at businesses. Shiba can be used to buy and sell goods just like money except Shiba is digital. Shiba is actually accepted by over 40,000 merchants including AMC Theaters, Twitch, and Sling TV. So, if your investment pans out you can use your SHIB to buy some popcorn next time you go to the movies.
Second, we can see all the projects being built with Shiba. The two main ones are ShibaSwap and Shibaverse. ShibaSwap, a decentralized exchange, allows you to swap cryptocurrencies using only your wallet address. Shibaverse is a digital reality where users can play games, trade NFTs, and go into the Metaverse using virtual reality.
Third, we have to look at supply burns. There is a lot to burning cryptocurrency, but simply put, it is when you purposely remove coins from the circulating supply. You can permanently “destroy” crypto by sending it to a wallet address that no one has access to. The main reason for burning crypto is to decrease the supply because if the current circulating supply decreases and the market cap stays the same the price of the coin will increase.
Summary
Shiba Inu was a memecoin created to ride the popularity of crypto, but has evolved into so much more.
Many of its investors claim Shiba can reach one penny. It’s unlikely, but there was that it could.
Shiba could reach 1 penny if businesses continue to use it as a digital currency, if its projects get really popular, or if it burns a big chunk of its supply.
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