TL;DR
Here’s the current data for Shiba Inu (SHIB):
- Price: $0.00000787
- Market Cap: $4,638,387,591.50
For SHIB to reach $1 would require a 124,000x increase in price, resulting in a market cap of $589.34 trillion.
This is an impossible thought, considering the world’s gross domestic product as of 2022 was $101.6 trillion.
Introduction
Shiba Inu is one of the most popular meme cryptocurrencies, with a market cap of $4.7 billion. It is the 17th largest cryptocurrency globally.
The coin has an enormous circulation supply compared to other cryptocurrencies, and its future value is highly speculative. It is a common question among investors of the Shiba Inu community if the meme coin can reach $1.
Although the cryptocurrency market is volatile, analysts do not expect the average price of Shib tokens to rise explosively like in the past. However, that does not mean people cannot profit from the Shiba Inu coin.
Some analysts expect Shiba Inu’s price to increase due to the new Shibarium network. Shibarium is a secondary network that connects Shiba Inu with the Ethereum blockchain more efficiently. If everything goes well with the Shibarium program, the Shib price is expected to rise.
However, that doesn’t mean Shiba Inu’s value can reach $1.
Can Shiba Inu Coin reach $1?
The short answer is no. There is no feasible way for Shiba Inu’s current price to reach $1 in the nearest future.
| Price Target | Required Increase (%) | Resulting Market Cap (Trillion) |
|---|---|---|
| $0.0001 | 1,170% | $0.0589 |
| $0.001 | 12,400% | $0.5893 |
| $0.01 | 124,000% | $5.893 |
| $0.1 | 1,240,000% | $58.93 |
| $1 | 12,400,000% | $589.34 Trillion |
The popular meme coin’s price is about 92% lower than its all-time best. The main reason why Shiba Inu’s price cannot hit the one-dollar mark is Shib’s market cap and circulating supply.
The circulating coin supply of the Shib token is 589 trillion. This is an enormous token supply.
If Shiba Inu ever reaches $1, the token’s market capitalization will be $589 trillion, with a T!
This is unrealistic, as the entire crypto market cap is only $1 trillion. Shiba Inu’s market cap can’t exceed the entire crypto market. Hence, expecting Shiba Inu’s future value to reach $1 is unreasonable.
Shiba Inu has been burning tokens over the years to try and reduce the total supply. However, it would take an exaggerated burn rate. Another reason why Shiba Inu is unlikely to reach $1 is that the meme coin has little real-world utility. However, nothing is certain due to the crypto market’s high volatility.
Cryptocurrency advances daily, and individuals can now use some tokens for payments. You can use Shiba Inu to pay in some stores, but very few companies support Shib tokens as a payment option. Some other meme coins, like Dogecoin, have better use cases than Shib coin. This makes fewer investors interested in Shiba.
Is It Smart to Invest in Shiba Inu Coin?
Although the Shiba Inu coin price has a speculative future, it can still be a good investment in 2023. One of the reasons the Shib meme coin is relevant today is its popularity on social media. Some of Elon Musk’s tweets have greatly increased Shiba Inu’s price.
Hence, some analysts believe as long as the digital asset remains relevant on social media or receives celebrity endorsements, Shiba Inu’s price will rise.
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Another reason why analysts believe Shiba Inu can have a bull run in 2023 is the Shibarium launch.
The Shiba Inu ecosystem has a Layer 2 blockchain called Shibarium. Shibarium aims to boost Shiba Inu’s efficiency and reduce transaction fees. If the Shibarium project is successful, Shiba Inu’s position in the crypto market can improve.
Shibarium is an attempt by Shiba Inu developers to stabilize their supply issue somewhat. However, the coin is not a good investment if you are looking for stability or an exponential price increase. Also, new meme coins pop up in the crypto market every day. Hence, Shiba Inu has many competitors waiting to cut its market share.
Shib holders have recently experienced several price fluctuations; sometimes, their value drops below 90%. Despite a broader crypto market and market capitalization, the Shib token is still unpredictable. Investors can invest money into the Shiba Inu ecosystem based on risk tolerance.
Can Shiba Inu Make You a Millionaire?
If you want to make millions, Shiba Inu is not the best token to invest in.
Though Shiba Inu has made several people millionaires in the past, the chances of that happening again are slim. Shiba Inu can’t make you a millionaire because the token can’t replicate the exponential increase in value it had in the past.
Shiba Inu also has limited use cases, which makes it hard for the meme coin to attract investors. In the competitive crypto world, investors appreciate coins with multiple uses.
The major reason why Shiba Inu can’t make you a millionaire is that the token has a large circulating supply. Even if the project burns tokens, the coin’s supply is too large.
Although the Shiba Inu coin price can elevate, it is not the best option to make you a millionaire. There are several other meme coins or tokens with better prospects (like PEPE the coin).
What Can Push Shiba Inu Coin’s Price to $1?
The only way for Shiba Inu’s price to reach $1 is by burning tokens. Burning digital assets is a way for cryptocurrencies to reduce their circulating supply.
Recently, more than 410 trillion Shib tokens have been burned, mainly by Vitalik Buterin.
Increasing the burn rate of Shiba Inu tokens can help push the coin’s price to $1. However, this is unrealistic, as the company would have to burn over 50% of the tokens in circulation. Developing more use cases can also help push Shiba Inu’s price in the cryptocurrency market. If the coin has more uses, it will attract more investors, which could increase the token’s price to $1.
Conclusion
Shiba Inu’s price cannot reach $1 through regular means. The popular meme coin’s market cap and circulating supply are too large for the digital asset’s price to get $1. Although Shib’s price might increase in the future, the coin is still a speculative investment. Shiba Inu has little utility, which is a bad sign for investors.¢
Crypto experts predict a bullish run for Shiba Inu in 2023, mainly due to the launch of Shibarium. Although the price prediction for the token is positive, it is still impossible for Shiba Inu to reach $1 in the foreseeable future.
Shiba Inu's value has very little chance of reaching $1. The meme coin can't reach a dollar in the next fifty years.
The Shiba Inu token can't reach $1 by 2025. The coin will need a 116 times increase in value to reach $1 by 2025.
Despite market volatility, some experts believe Shiba Inu has a future. Based on Shiba Inu price prediction, the cryptocurrency is expected to rise in value in 2023.
Shiba Inu coin has far better hopes of hitting 1 cent than reaching $1. However, the coin will likely not hit the 1-cent mark soon.
Susan Oh
Susan Oh is a leading figure in the integration of AI and blockchain for social good, serving as the CMO for BeOmni by Beyond Imagination and a civic technologist dedicated to creating scalable solutions. She is a board member of the Blockchain Commission For Sustainable Development supported by the UN GA Office of Partnerships, and a member of the Global Sustainability Network, a joint initiative by the Vatican and the Church of England to combat human trafficking. Recognized with the...
