The path up the charts for the Shiba Inu has impressed investors. It's now the 13th biggest coin. This year it has climbed more than 44,000,000%. It would have to rise by about 2,000,000% to get to $1.
Shiba Inu trades for a fraction of cent. If the coin continues to gain ground, a small investment could result in a lot of money. The big question is if you should buy this dynamic coin while it's below $1.
The image is from the same source.
Is it possible it could reach $1?
Can Shiba Inu reach $1? On the other hand, it looks very unlikely. This player has proven it can win over investors and increase its value. There are two reasons I think it is difficult for Shiba Inu to reach a dollar.
Simple math is what one has to do. There are over 500 trillion Shiba Inu coins in circulation. The market value of Shiba Inu would equal $549 trillion if the coin went to $1. Amazon's market value is only $1.74 trillion. It's not likely that can happen with the current number of coins. There have been reports of an upcoming coin burn that would reduce supply. As a result, open the door to more gains. My math argument may not hold up if that happens frequently.
I don't think Shiba Inu can rise to $1. It hasn't proved it can stand out from the rest, and offer real-world utility. The creator of Shiba Inu, known as Ryoshi, launched thecryptocurrencies in August of last year. It's a token that's based on the internet. The Shiba Inu is an investment. You can stake your token to make passive income. About 500 merchants accept the payment of Shiba Inu. Shiba Inu is not different from the thousands of other cryptocurrencies.
I don't think Shiba Inu has what it takes to make $1. From its current level, the coin could move higher. The "ShibArmy" is a group of supporters. They invested in Shiba Inu and kept him at the center of the social media stage. According to the website, Shiba Inu has more than 1 million investors.
Does this mean you should buy this coin before it goes up even more? I wouldn't recommend it. There are a lot of other cryptocurrencies that offer more real-world utility. These players are more likely to increase over time. Shiba Inu may have more fuel in the tank. Those who buy it could get a quick gain. I fear that this popular player will eventually run out of steam as rivals surpass him in innovation and utility.
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