Shiba Inu and its aim to achieve US$1 — implementing strategies or just waiting to happen?
Shiba Inu! The most popular meme coin amidst the crypto crash with over 30% increase in its price in the highly unstable crypto market. The meme coin has transformed itself into one of the most important cryptocurrencies for crypto investors. The growth graph is quite spectacular for a meme coin to experience in this crypto market. SHIB tokens are outperforming Bitcoin with its all-time high records of 30%. The happy Shiba Inu dog is making every crypto investor happy in this unstable condition. Thus, crypto investors are getting more attracted to the meme coin and losing high interest in Bitcoin for its drastic crypto crash.
At the time of writing, the current SHIB price is US$0.0000107 with a market cap of US$5.87 billion and a volume of US$306.03 million. It is dominating other cryptocurrencies that are struggling to say upbeat in the crypto crash ecosystem in the highly fluctuating crypto market. Yes, multiple external factors have hit the crypto market such as rising inflation, looming recession, Russian-Ukraine war, US Federal Reserve, pandemic, and many more. But Shiba Inu, as a meme coin, is providing outstanding performance in the crypto market.
Meanwhile, crypto experts are claiming that it may take ten years or ten thousand years for Shiba Inu to reach US$1. Here, cryptocurrencies like Bitcoin have reached US$68k in November 2021, and the SHIB token is struggling to reach US$1. SHIB army is implementing multiple strategies to increase the rate of cryptocurrency prices for crypto investors. There are four developmental projects set to launch in the crypto market such as BONE token, Shibarium blockchain, Shiba collectible card game, as well as Shi stablecoin. Crypto experts think that the Shibburn portal has added a boost to the rise in SHIB price amidst the crypto crash ecosystem. The strategy to decrease the supply and increase the demand is indeed working in their favor. The total supply of Shiba Inu in the crypto market is 589,627,201,259,188 while the circulating supply is 557,978,289,318,967.
That being said, one of the trendiest times of the meme coin was Q2 2021 which helped it to gain massive popularity among crypto investors. It is making crypto investors hopeful regarding Shiba Inu hitting the US$1 mark as soon as possible by implementing those effective strategies.
It is essential for SHIB to increase its price by around 12,000,000% to reach US$1. Meanwhile, it has increased only around 2,000,000% since January. Shiba Inu has a direct relationship with the Bitcoin price. But at the current moment, Shiba Inu is aiming to be the next Bitcoin in the crypto market. The past performances and future performances are very unpredictable to research and confirm that by end of 2022 or after ten years SHIB will hit the US$1 milestone.
The potential path of reaching US$1 is very unconventional and it can take ten or ten thousand years to hit that crucial point. It has delivered a high return on investment to crypto investors at 43,800,000% in 2021 with certain help from the meme coin influencer, Elon Musk. The high number of token circulation is making the meme coin difficult to achieve the US$1 milestone in the crypto market. Crypto experts have predicted that the market cap of SHIB should be US$589.6 trillion if it reaches US$1. Then the meme coin will become one of the most expensive digital assets in the nearby future in the crypto market.
The tough journey is awaiting in front of crypto investors to reduce the token supply by a high volume. Thus, let’s wait and observe the SHIB price pattern and the period it takes to reach US$1 in the crypto market.
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