YEREVAN (CoinChapter.com) — Shiba Inu (SHIB) surged remarkably in 2021, hitting an all-time high of $0.00007453, but it’s since dropped over 90% from that peak, signaling fading interest across all investor cohorts.
Can Shiba Inu Price Rise to $1?
Manu enthusiasts speculate about SHIB’s potential to reach $1 per token, a 111,000-fold increase from its current price levels. Still, such a massive move in the Shiba Inu market remains highly improbable, given its previous price rally originated from excessive speculation, not genuine adoption.
While SHIB’s network on Ethereum offers enhanced compatibility compared to Dogecoin, it’s only accepted by 773 merchants globally, according to cryptwerk.com.
Shiba Inu is making efforts to enhance its standing. Initiatives like ShibaSwap, a decentralized exchange, and Shibarium, a Layer-2 network, aim to facilitate faster and cheaper transactions, potentially opening doors for applications like non-fungible tokens, metaverse projects, and decentralized finance protocols.
However, the success of these ventures remains uncertain.
In a crowded crypto space, SHIB lacks a distinct competitive edge. Established giants like Bitcoin and Ethereum offer more stability and potential. Even the coin’s top memecoin rival, Dogecoin, has Elon Musk, a billionaire investor with plans to boost DOGE adoption through his corporate undertakings like X (aka Twitter), SpaceX, and Tesla.
A $1 SHIB Means World Dominance
Furthermore, the sheer number of Shiba Inu tokens in circulation (589 trillion) presents a substantial challenge. Even if it were to reach $1 per token miraculously, the resulting market cap of $589 trillion is an astronomical and implausible figure, far surpassing the combined net worth of the entire world.
In reality, the likelihood of Shiba Inu surpassing the success of established enterprises like Apple is virtually NIL. Investors hoping for a $1 valuation should temper their expectations. The numbers simply don’t align.