Shiba Inu price has seen a significant increase since its inception, and investors are speculating about the probability of the meme coin surging to $1. SHIB already has a massive market cap of $10 billion, and at an all-time high, it hit around $60 billion. For Shiba Inu Coin price to reach $1, it would have to increase by over 50,000 times, which would massively lower its chances.
The crypto landscape in 2024 is much different from the previous years. Adoption by trillion-dollar institutions and centre stage in the U.S political landscape might change Shiba Inu’s fate and raise its odds of hitting $1 in the future. Currently trading at around $0.00001853, SHIB price has seen a 3.6% drop in the last 24 hours.
While the current price represents a significant increase from its all-time low, the probability of reaching $1 could still be a possibility if certain factors come into consideration. In this article, we explore SHIB’s chances of reaching $1.
Can Shiba Inu Price Hit $1? What are the Chances?
No. Shiba Inu cannot hit $1 in its current form. However, certain factors, if met, can significantly push the price of SHIB up and even allow it to hit $1. These include:
- Supply & Demand Dynamics for SHIB
- Market Sentiment and Speculation Surrounding SHIB
- ShibaSwap Technological Developments and Use Cases
Let’s explore whether the Shiba Inu coin can reach $1.
Supply & Demand Dynamics for SHIB
One of the primary challenges for the SHIB price to reach $1 is its massive circulating supply. With a supply of 589.27 trillion tokens, the market cap would need to exceed $589 trillion for SHIB to hit $1. This figure is more than the combined GDP of all countries, which stands at $105 trillion as of 2023, making it an unrealistic target under current economic conditions.
Shiba Inu Coin’s Market Sentiment & Speculations
Crypto assets are heavily influenced by market sentiment and speculation. Shiba Inu’s rise in popularity can be attributed to its strong holder community, which hit a 1-month high of 1,411,280, and increased social media presence as per CoinCarp data.
However, speculative trading can lead to high volatility, which, combined with positive market sentiment, can drive prices up or lead to sharp declines if the market turns bearish.
For instance, the Dogecoin price surged over 25% a week after Elon Musk mentioned, “D.O.G.E will fix it” on his X account in response to the Los Angeles Times report that California officials had halted further rocket launches by SpaceX.
ShibaSwap Technological Developments and Use Cases
For Shiba Inu Coin to gain substantial value, it needs to demonstrate real-world utility. People primarily use Shiba Inu for trading and speculative purposes. The development of ShibaSwap, a decentralized exchange, and other ecosystem projects could enhance its utility. However, these developments need to gain widespread adoption to significantly impact the Shiba Inu price.
Comparing SHIB to other crypto assets like Bitcoin (BTC) and Ethereum (ETH) highlights its challenges. With a market cap of around $1.335 trillion, Bitcoin has a limited supply of 21 million coins and is used as a hedge against inflation and as a P2P payment currency.
Ethereum, valued at approximately $318 billion, offers smart contract functionality that drives its demand. SHIB, on the other hand, needs to carve out a unique niche other than the already saturated meme coin narrative to justify a higher valuation.
What Are The Odds SHIB Price Hits $1?
Both technical and fundamental analyses show the probability of SHIB reaching $1 is extremely low at 0.000000000537. This figure was arrived at by assuming the probability of SHIB’s price rising by 10X is 1%. This is feasible because, from the current market cap, Shiba Inu would surge to a $110 billion valuation, just $40 billion extra from the market cap it hit during the 2021 bull run.
To reach $1, SHIB needs to soar by 53,333X from its current price. Using a simplified exponential decay model, we arrive at the probability of 0.000000000537.
This is an extremely low probability, highlighting the speculative nature of such a price target.
Can Shiba Inu Coin Price Reach $1?
While the dream of SHIB reaching $1 is enticing, the chances are slim based on current market trends and SHIB price prediction.
Since its inception, SHIB has experienced three explosive upside moves. The first saw the meme coin surge over 34,000,000% in 119 days after breaking out from the bearish trend. After that, the following explosive moves were smaller and happened over shorter periods, lasting 21 days and 14 days, respectively.
If the SHIB price surges again, it is likely to be short and fast, probably shorter than the 119 days it took in the previous 2021 bull run.
It is highly unlikely that another massive upside move like 34 million percent would happen again for SHIB. However, if the supply drastically reduces, the price of SHIB would surge above $1 while maintaining the market cap at a reasonable level.
Conclusion
While the idea of the Shiba Inu price reaching $1 is enticing, it is highly improbable, given the current crypto market dynamics and economic conditions. The massive circulating supply, the need for substantial technological advancements, and real-world use cases present significant hurdles. Shiba Inu has made impressive strides since its inception, but the journey to $1 remains a distant dream.
Frequently Asked Questions (FAQs)
It is highly unlikely that Shiba Inu will reach $1 due to its enormous circulating supply of 589.27 trillion tokens. For SHIB to hit $1, the market capitalization would need to reach an astronomical $589 trillion, which is more than the combined global GDP of all countries.
SHIB faces challenges that Bitcoin and Ethereum do not. Bitcoin has a limited supply of 21 million coins, which makes it valuable as a hedge against inflation.
Shiba Inu’s long-term potential depends on whether it can develop real-world utility beyond its status as a meme coin.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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