Is the Shiba Inu cryptocurrency dead? Can the price of SHIB (really) suddenly wake up and reach $ 1 a day?

Among the investment vehicles the most explosive in historyfew even come close to which cryptocurrency Shiba Inu (SHIB -1.02% ) has accomplished. In 2021, the digital token posted gains of around 46,000,000%, meaning those lucky enough to invest $ 1,000 early in the year and then sell at the right time have become multimillionaires.

Even with earnings incredibleIt is not surprising that people are wondering if the SHIB token is on track for more impressive gains. And whether it could ever hit the $ 1 price point is a question that pops up quite frequently in the circles of crypto devotees. So, could the popular crypto meme really reach $ 1?

Opinion on the future prospects of SHIB

We don’t go around the bush too much here. Based on the current number of tokens in circulation, there is a fairly simple answer to the question if Shiba Inu could ever reach $ 1: No, it will almost certainly never happen.

SHIB currently has a maximum supply of 589.7 trillion coins. It has a market capitalization of approximately $ 13.3 billion and ranks 15th among cryptocurrencies by valuation. Should the token reach a price of $ 1 per token, that would mean it would have a staggering market capitalization of 589.7 billion dollars .

To do this, it should reach 725 times the current market capitalization of Bitcoin , which currently has a market capitalization of approximately $ 813 billion. If that doesn’t sound plausible enough, consider that $ 589.7 trillion would be roughly 6.3 times the estimated global gross domestic product of about $ 94 trillion in 2021.

SHIB’s performance has already been nothing short of incredible and it may still offer greater gains, but even the most optimistic investors should move forward with reasonable expectations of its growth potential.

What are the prospects for the SHIB token?

The global cryptocurrency market has seen incredible growth in less than 12 years, but the combined value of cryptocurrencies has also decreased significantly since the peak in October 2021.

Shiba Inu hit an all-time high of $ 0.000086 on October 28 last year and its price retreated along with bearish momentum from the broader market. With its current token price of around $ 0.000024, the cryptocurrency is currently down around 72% from its peak.

Shiba Inu also continues to face competition from the thousands of other cryptocurrencies currently on the market and could come under pressure when new digital tokens are created.

With an increasing number of coins for investors to choose from, the value of SHIB could be under pressure, but the digital token could see greater gains if the broader cryptocurrency market sees another strong uptrend, a resumption of momentum fueled by the meme or increased adoption by investors or companies. If a considerable amount of parts were burned this would also result in a reduction in the total supply and would likely lead to significant gains for the price of the cryptocurrency tokens.

Even after a major retreat from its peak, the SHIB token is still up by around 42,000% over the past year and has an enthusiastic and very committed fan base. If the token were to return to its maximum level, this would represent a gain of 258%. Achieving a market cap of $ 100 billion might seem rather trivial compared to a market cap of nearly $ 590 trillion, but it’s much more realistic and would still mean gains of over 650% from current price levels.

Just because the $ 1 price seems virtually impossible doesn’t mean SHIB can’t generate significant gains from current price levels. Investors only need to make decisions with reasonable expectations in mind and understand that this is a high-risk, high-yielding cryptocurrency.

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