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Shib binance price prediction11/10/2023 ![]() ![]() All these developments will improve Shiba Inu's functionality and could boost its price. They are also working on an Ethereum Layer-2 solution Shibarium and a Shiba Inu Metaverse. The team behind SHIB has already tried to create more utility for the token with other related projects, such as Shiboshis (Shiba Inu NFTs) and ShibaSwap DEX. The more it is used for transactions, the higher the burn rate. Generally, the burning mechanism for SHIB depends on its usage. But this would require burning a significant amount of the token for the price to rise to 1 dollar.Īlso, developing more utility for the Shiba Inu coin will help its value. If more tokens are burnt, it will increase demand as supply dwindles. So far, more than 410 trillion SHIB tokens have been burnt, most of that is due to Vitalik Buterin. Burning the SHIB token is a way to reduce the total supply. It could happen if enough SHIB token is burnt. What could improve SHIB's chance of reaching $1Īlthough the possibility of the Shiba Inu coin being worth $1 is slim, it is not impossible. While Dogecoin has a high chance of reaching $1 in the future, we can't say the same for Shiba Inu, at least not in its current state.Īnother point against SHIB reaching $1 is its supply inflation – according to our data, the supply of Shiba Inu increased nearly 8% year-over-year, which makes the prospects of SHIB hitting a $1 milestone all the more unlikely. Even reaching lower price milestones, such as $0.01 or even $0.001, seems very difficult. *using 550 trillion SHIB circulating supply as a basis SHIB price Shiba Inu market cap* $0.0001 $55 billion $0.001 $550 billion $0.01 $5.5 trillion $0.10 $55 trillion $0.50 $275 trillion $1 $550 trillionĪs we can quickly deduct from the table above, the likelihood of the Shiba Inu price coming anywhere close to $1 at current levels of circulating supply is simply not feasible. At its peak, the total cryptocurrency market cap was just slightly above $3 trillion. ![]() The possibility of such price action taking place is theoretically impossible, given that the global GDP for all countries is just around $100 trillion. Its current circulating supply is about 550 trillion tokens.īy simple calculation, if the SHIB coin were to reach $1, that would mean that it has a market capitalization of $550 trillion. Shiba Inu has a total supply of 1 quadrillion tokens. But more than that is needed to reach $1 due to its humongous supply. Given that it is an ERC-20 token, i.e., it is compatible with the Ethereum blockchain, Shiba Inu already has some advantages over Dogecoin. Instead, this is due to several features unique to the token. The decline in 2022 is not why the Shiba Inu coin is unlikely to reach 1 dollar. Why will the Shiba Inu coin not reach $1? This could make Shiba Inu one of the leading cryptos to explode in 2023. However, with the crypto market kicking 2023 off on a bullish note, we’ve seen some renewed interest in crypto assets, including meme coins. Almost every cryptocurrency lost more than half its value in 2022, and the price of SHIB dropped by about 80%. However, due to the general decline of the crypto market, that hasn’t come to pass. Shiba Inu's performance in 2021 was spectacular, and many expected it to continue the same run the following year. Will Shiba Inu coin reach $1? Not very likely In this article, we’ll discuss the prospects of Shiba Inu hitting major price milestones and explore SHIB price predictions. Its meteoric rise has made many speculate whether it could even rise higher. SHIB rose by over 85,000,000% within a year and hit its all-time high on October 28, making it the most prominent example of a monumental bull run in crypto in recent years. Although launched in 2020, it was in 2021 that it became popular after Vitalik sold 50 trillion SHIB tokens and donated the proceeds to the India COVID fund. The only significant difference was the creator built Shiba Inu on the Ethereum network. Its name is based on the Shiba Inu dog on Dogecoin, and they both have similarities. Shiba Inu token is a meme coin created in August 2020 by an anonymous individual called Ryoshi. But at the end of the day, the significant winners were Dogecoin and Shiba Inu. With the hype around Dogecoin, other meme coins enjoyed some interest. ![]() Their popularity was mostly due to the promotion of Dogecoin by popular individuals such as Elon Musk and Mark Cuban. However, that doesn’t mean that Shiba Inu doesn’t have a lot of upside potential.Īlthough meme coins have been around since 2013, when Dogecoin was created, it was in 2021 that they became mainstream. Despite its impressive performance in the past couple of years, Shiba Inu is very unlikely to reach $1 or 50 cents because its circulating token supply is simply too large. ![]()
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