It is common knowledge that in August 2020, an unnamed cryptocurrency investor purchased shiba inu coin for about $8,000; The $8,000 trade has grown to a value of about $5.7 billion sometime in October 2021, just over a year after it was made. This fortunate event has left many wondering if the price of shiba inu coin will ever reach $0.01 or $1. In this article, we will try to solve this puzzle.
Before we provide answers to this puzzle, Let’s first understand what a Shiba Inu Coin is.
What is Shiba Inu (SHIB)?
Shiba Inu (SHIB) is a digital asset and blockchain-based platform that lets people buy goods and services without needing a central exchange. SHIB is based on the Ethereum blockchain and uses a unique algorithm to create new coins.
When a product or service was bought with SHIB tokens, the first coins were made. The first of which is minted when a product or service is purchased. The second is given to each user when a purchase is made. The third and final coin is given to the company that created the product or service. SHIB is a deflationary cryptocurrency where the supply of new coins will eventually decrease. The more tokens that are exchanged, the more the value of each coin will increase. The more products or services that are purchased with SHIB tokens, the higher the value of each coin.
Now that we know what the Shiba Inu Coin is, Let’s go over factors that can influence its price.
What Factors Influences Shiba Inu Coin Price?
#1. Supply and Demand
In general, when the demand for a good increase, the price of that good will rise. Conversely, when the demand for a good decrease, the price of that good will fall. This is due to the fact that when there is more demand for a product, the suppliers are forced to produce more of it in order to meet the increased demand, which in turn raises the price. When demand for a product goes down, on the other hand, suppliers have to make less of it, which brings the price down.
Cryptocurrencies are unique in that their demand is highly variable and constantly changing. As a result, the price of cryptocurrencies is highly sensitive to changes in market demand.
Shiba Inu coin prices are affected by supply and demand. When more people want to buy SHIB, the price goes up. Conversely, when fewer people want to buy a SHIB, the price goes down.
#2. News About Shiba Inu Coin
Shiba Inu Coin price formation is not regular, the SHIB is highly volatile and can be affected by various events. However, a single event can have a short-term effect on the price of SHIB.
For example, a news story about Shiba Inu Coin can cause price changes by changing the expectations of short-term traders and making more people want to buy the currency. On the other hand, a media story about governments trying to ban cryptocurrency can lead to a drop in demand for the SHIB as investors seek shelter in fiat money.
The price of SHIB is also affected by the way that major news outlets write about cryptocurrency markets. These publications can skew perceptions of the state of the market and influence traders' decisions on what to buy or sell.
#3. Max Supply
The price of a SHIB can be influenced by deviating from the max supply. For example, in 2017, miners were pumping up the price of Bitcoin through an unlimited supply of new coins. This is because miners receive a higher mining reward per mined block when there are more coins in circulation. This is known as the “supply side” effect.
It's unlikely that supply scarcity will move the price of most coins significantly. However, in some cases (for example, where a coin has a large value-to-supply ratio), increased supply could help push the price down.
Recommended: Top 11 Best Crypto to BUY now Under $1
In ten years, what could Shiba Inu (SHIB) be worth?
The price of a Shiba Inu coin is not predictable, as the value is determined by the market, but according to the price of other coins. The most optimistic price forecast is 1$ = 1 SHIB, but this value is based on the current bid of 1 SHIB on Binance with a 50% bonus, which is $.05.
>>> Buy SHIB on Binance <<<
Assuming that this rate will be achieved, you get the value of 1 SHIB = $1. This would make your new coin worth about US $100 = 100 SHIB, which would give it a total market capitalization of US $ 1 million, assuming only 10 million coins are issued. This does not mean that you will be guaranteed this price, but it gives you an idea of what to expect.
- What are SHIB Price Predictions
- Will Shiba Inu Coin ever reach $0.01??
- Will the Shiba Inu Coin ever reach $1?
- Will Shiba Inu reach $1?
Can Shiba Inu Reach $0.01 or $1?
Let’s group the above questions under one heading (Can Shiba Inu Reach $0.01 or $1?) to save some time. There are three things that could happen that could help the price of SHIB go up. One of these is what Vitalik Buterin did, which is to keep burning tokens. The idea behind this strategy is that SHIB's price will go up when there are fewer of it and more people want it. I only see this as a means of generating income. And since there are so many tokens—549 trillion, to be exact—they would need to be burned a lot.
The growth of the network is also a driving force. Shibarium, which is a Layer-2 solution, is said to be in the works as a way to make the network more useful while lowering transaction fees.
ShibaSwap 2.0, a better-decentralized exchange, and a Shiba Inu metaverse are other projects that are currently under development. The main goal is to get more people to use SHIB, which would make more people want it and drive up its price. But again, these changes can't keep up with how popular Ethereum is.
And finally, like many cryptocurrencies that were inspired by memes, Shiba Inu's price could go up if there was another big hype cycle on social media. This has raised the profile of other cryptocurrencies, most notably Dogecoin. But you shouldn't put your hard-earned money into it. It seems impossible to try to figure out how the price of a certain cryptocurrency will move based on how much buzz it might get on the internet.
Cryptocurrency Market Value
The market value of the entire cryptocurrency network would be a staggering $549 trillion if Shiba Inu ever reached a token price of $1. According to the consulting firm McKinsey & Co., that amount exceeds the total wealth in the world. This price target is obviously essentially unattainable.
Where To Buy Shiba Inu (SHIB)
Our Crypto Exchange Recommendation:
Join over 10 million Happy users on ByBit Sign up now and receive a $20 welcome bonus. Plus, exclusive rewards worth up to $4,150!
>>> Buy SHIB on ByBit <<<
Shiba Inu (SHIB) is a digital asset and platform built on the blockchain. It lets people buy things and services without needing a central exchange. SHIB is a deflationary cryptocurrency, which means that the number of new coins will drop over time. When more tokens are traded, the value of each coin goes up. The market decides how much a Shiba Inu coin is worth, so the price is hard to predict.
The most optimistic price prediction is that $1 = 1 SHIB, but this is based on the current bid of 1 SHIB with a 50% bonus, which is $0.50. If Shiba Inu ever reached a token price of $1, the entire cryptocurrency network would be worth $549 trillion dollars on the market. This price goal is clearly not possible. The main goal is to have more people use SHIB, which would make more people want it.
Do you have any questions or suggestions? Please leave a comment or get in touch with us. We’ll try to get back to you as soon as we can. Thanks for reading! If you liked this post, please like and share it with your friends.