Shiba Inu (SHIB) At $1: Price Prediction Hard To Come By
✍️ 28 October, 2022 - 5:35 👤 Editor: Jakub Motyka
- Shiba Inu (SHIB) was one of the top performing cryptocurrencies during 2021.
- In the wake of the huge wave of FOMO it unleashed on the internet, many wondered how far it could go. There has even been talk of Shiba Inu (SHIB) reaching the price of 1 dollar, is that possible?
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Shiba Inu (SHIB), the project born from a dog-themed meme coin, has been trying for a long time to reach the price of 1 dollar, being the prediction contradictory in this regard. The self-styled ShibArmy was responsible for publicizing her beloved token on social networks and unleashing the wave of FOMO that made it reach its ATH.
Their main objective is to achieve the dream of a penny, however, at the time there was talk of a much more ambitious dream: Can Shiba Inu (SHIB) match the price of the dollar? Will SHIB ever be worth 1 dollar?
All currency requires three characteristics to survive in the market: transactionality, utility and community. Cryptocurrencies, par excellence, are highly transactional, as they can be exchanged for other cryptocurrencies, goods and services or FIAT money. However, this depends on there being a "community" that "needs" the coin. Otherwise, its value will decrease until it falls into oblivion and disappear.
The Ambitious Dream Of The ShibArmy And The Price Of 1 Dollar For Shiba Inu (SHIB)
The Shiba Inu (SHIB) community is one of the largest and most famous in the crypto market. In mid-2021, it remained at the top of the most mentioned coins on Twitter and other social networks for several weeks.
This caught the attention of novice investors who were interested in the so-called “penny dream”, thus boosting the price. In just one month, SHIB went from $0.000006 to $0.000087, which is equivalent to a return of 1500%.
In the midst of the Shiba Inu boom, many in the ShibArmy came to think that the dream of a penny would be possible in the short term. Even the most ambitious began to speak of a “dollar dream”. However, at the time, SHIB was still a meme coin without a project, burning methods, or real utility. With the launch of Shibarium and other projects born from the Shiba Inu community, all this could change.
Is The Prediction That Says That Shiba Inu (SHIB) Could Reach 1 Dollar Real?
With the arrival of Shibarium, the Shiba Inu community will have new uses for the Shib token. One of the main ones is the possibility of being used as an exchange currency, without the need to pay the high fees of the Ethereum network. This would cover the 3 basic aspects that a currency needs to survive: transactionality, community and utility.
However, it is unlikely to see Shiba Inu (SHIB)reach $1 in the next 10 years. To do this, your total supply should be reduced to the same value as your market capitalization.
In other words, it would have to burn 98% of its total supply, or more than 589 billion SHIB tokens, according to current metrics. And that means burning a lot of tokens.
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