Undoubtedly, Shiba Inu is a darling last 2021.
This cryptocurrency spiked from $0.000000000133 (2020) to $0.000033 (2021), roughly a 26,000,000% increase in just one year. It paved the way for the popularity of Shiba Inu on the market. People are no longer worried about Shiba Inu but rather about its future price prediction.
When meme coin reduces five decimal zeros from its crypto price, many traders pray for the coin to hit $1. It is the same thing with Shiba Inu, considering it came this far. So, it’s quite realistic that the coin will hit $1.
If you are not aware, Shiba Inu trades have a huge supply. Right now, it has 549 trillion tokens circulating. As a result, its market cap reached approximately $11 billion. Imagine if these tokens become $1 each, the market cap will grow to $549 billion.
How Can Shiba Inu Reach $1?
A majority of the people are clueless about Shiba Inu. As a result, the majority of them won’t take the risk. It is quite possible to hit $1 with any coin at all. It’s not limited to one specific coin. Instead, any cryptocurrency with a high supply and low market cap will make it higher than $1 in just a matter of two years.
Actually, there are two ways to hit $1 with Shiba Inu. First, traders must start bidding up the price to increase its value. While most people are not trading, you can start bidding up the price. As the price rises, people will risk getting their hands on the coin. Even if they lose, they’ll still have a chance because they will still have their tokens.
The second way is to reduce the supply, making the remaining coins more vital. This way, the people will start hoarding and holding. The remaining supply will grow and increase in value as time goes by. And if you think about it in the long run, the supply is limited. It has no analog to Bitcoin, Ethereum, or any other cryptocurrency.
It’s not just about price action or volume. Lots of factors can trigger a sharp spike in the value of any coin. For example, it may be at $0.000000000143, but if the total supply is small and there are no buyers, it will have an excellent chance to hit $1 because of its scarcity value and demand.
The Future of Shiba Inu
Ever since October, the time it reached its peak ($0.88), the cryptocurrency has already lost roughly 75% of its value. On the other hand, other cryptos, such as Bitcoin, are down at 50% from their ATH. To simply put, cryptocurrencies are upset amid broader unease about rising interest rates.
Thus, it is impossible now to say that Shiba Inu can reach $1. However, if it continues its value decline and increases in supply, traders can start looking into it again. Price retracement follows this ideal scenario. In addition to the above two factors, other factors might trigger a price spike, such as new partnerships or airdrops.
Should You Buy Shiba Inu?
If you are an altcoin trader and are not too familiar with Shiba Inu, there’s a reason. While it’s a good coin, the market size is quite small. With that, the number of trading volumes compared to other coins is relatively small. Why?
Because Shiba Inu is not widely used, it does have its use cases, but nothing that can be commonly used for the general public. Keep in mind the coin was not created for mass adoption but rather as a meme on social media platforms.
Many other coins have a much larger market cap and trading volume than Shiba Inu. So, if you’re a trader, you need to find the one with a low supply and high price to hit $1
The bottom line is don’t trade if you don’t have a strong understanding of the coins. There could be any number of cryptocurrencies that will hit $1, and most of them are out there that can help increase their value in a matter of time.
Investors also need to understand that there are no guarantees for cryptocurrency. It’s tricky to put a price on the future, and what really matters is how the project and its potential is built.
The Key Takeaway
While Shiba Inu is on the right track, there are a number of cryptos out there that will definitely hit $1 in the near future.
It is pretty realistic that if you have discipline in trading and patience, you can easily reach your goals with Shiba Inu. Look at what some novice traders have achieved with their ICOs. Although it is best practice always to do your research, be confident in your ability to make quality trades.
If you’re prepared, no matter how many trades you do, you’ll hit some big numbers in the big crypto. To learn how to buy Shiba Inu coin, read this blog.
