Can A Shiba Reach 1 Cent?

Before looking at ways Shiba Inu Coin could get up to one penny, first, we should take a look at the market capitalization it will take for a Shiba $ value per dollar to be worth a penny. Many believe that Shib, and the majority of these believe that the Shiba crypto, the $ SHIB, could achieve a value of 1 cent. If we take that into account, we can say with certainty that price of Shiba Inu Coin can never go to 1 cent. That is, there is an active questioning by people about the fact that the price could continue to go down by 0s to get to a figure of one cent.    

Because of the huge capital required to get the price of a shiba inu up to the penny, this is extremely unlikely to happen. It must be kept in mind that the market capitalization of Shiba Inu is far smaller than that of Bitcoin and Ethereum, which makes Shiba Inu far more volatile. If it has seen steep selling over the past two weeks, then so has its potential upside, it is only a matter of time until Shiba Inu goes on to reach its all-time high. Shiba Inu coin can hit a price point of 1 cent if businesses keep using it as digital currency, if its projects become truly popular, or if a large portion of its supply is burned. SHIB launched its Shibaswap decentralized exchange, and that is going to drive up prices for years.    

With a little math, we can estimate that it would take the Shiba Inu coin to hit a penny, at market capitalization of $5.491 trillion. The $0.00008157 per SHIB means just one dollar could buy you 122,594 tokens, and if Shiba Inu Coin hits a one-penny mark, it will eventually be worth $1,225.94. SHIB will need to go up 403 times this year in order to hit a penny ($0.01). In its short weeks, the SHIB has increased 27,000%, though it has yet to hit one-tenth of a cent.    

As has been widely reported, Shiba Inu (SHIB) managed to skyrocket more than 800% within days, and helped drive up the price to a new record-breaking level around $0.000088, though now hovering in the $0.000057 range. The wave of adoption has led to discussions about whether meme coins can sustain themselves over the long-term, given the price movements of Dogecoin (DOGE) currently, a direct competitor to Shiba Inu (SHIB). Shiba Inu caught the eye of Wall Street when Fortune magazine wrote a story about it, while Ethereum co-founder Vitalik Buterin made news as well by donating 50 TRILLION SHIB to Indias COVID relief fund. The only way the price of Shiba Inu can hit one cent is if trillions of SHIB are transferred into dead wallets, which is done by taking billions of SHIB out of circulation. 

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