The coin which was created by taking inspiration from Dogecoin is again on everyone’s lips. This happened last week after Shiba Inu’s creator Vitalik Buterin basically burned 40% of the coin’s total supply and hence token’s price rose to new heights. He literally transferred a total of more than 400 trillion SHIB coins to an inaccessible wallet and burning the said supply of the token. In this article we’re going to answer the new question of the crypto world, Can Shiba Inu hit $1? Let’s get straight into it.
According to the official website, Shiba Inu claims it to be the Dogecoin killer and says that it is an experiment to build a decentralized community. The platform has taken inspiration from Dogecoin and it looks like it desires to have the trading success that Dogecoin is enjoying now.
As of now, SHIB is trading at $0.000009466 whereas Dogecoin is at $0.3459 with a market cap of 44.92 Billion USD against $3.65 Billion of the market cap of Inu. So one thing is clear that as of now Shiba Inu cannot compete with Dogecoin as far as price or market share is concerned.
Can Shiba Inu hit $1?
But according to some crypto experts, this ERC-20 token has some kind of potential. Let’s examine some of the predictions and see whether Shiba Inu can hot $1 anytime soon.
According to Digitalcoinprice, Shiba Inu will keep on fluctuating in the coming years. It predicts that by the end of this year, the token will trade at $0.00001397 and that is good growth. It further predicts the coin will trade at $0.000017, $0.000019, $0.000023, and $0,000027 by the years 2022, 2023, 2024, and 2025 respectively.
According to Walletinvestor, $100 in Shiba Inu will ultimately transform into $477.78 by the year 2026 (the price will be 0.000043). Tradingbeast.com predicts that the token will reach $0.000031 by the end of 2022. According to Coinpedia, the token’s price will hit $0.000022 by the end of 2022 and in the next 5 years, it is expected to hit $0.000037.
All the above predictions suggest that Shiba Inu can be a good long-term investment but it is next to impossible that the token could hit the $1 mark in the next 5 years.
ADVISORY: Do your own research before investing in any cryptocurrency.
Stay with The Global Coverage for more updates on Cryptocurrency