If you think of one cryptocurrency that defined the recent bull market and the extraordinary gains it brought, it has to be Shiba Inu Token.
The lovable shiba dog mascot and the overnight millionaires that were made when Ethereum founder Vitalk Buterin burned 90% of the Shib tokens that were sent to him. Since then, crypto traders have been making price predictions for the beloved token.
Many people have wondered if Shiba Inu Token can ever hit as high as 50 cents per token. Sorry to disappoint, but the answer to this is almost certainly, no. That’s not to say that Shib can’t keep rising in price but it would require another 50,000x from the current price to ever hit those levels.
Just because tokens like Bitcoin and Ethereum are high priced, it doesn’t mean all cryptos will follow suit. In fact, tokens like Shiba Inu have little utility as of now, and even though it has a fairly regular burn schedule which keeps the token deflationary, it would take A LOT of burning to ever get the price up to 50 cents. I, along with every other rationale crypto investor, don’t see this happening,
Will Shiba Inu Coin Ever Reach 50 Cents?
As it stands right now, it’s impossible to imagine SHIB ever reaching the heights of 50 cents per token.
Let’s consider some simple math here: the current market cap of Shiba Inu tokens is about $5.8 billion. It also has a circulating supply of about 550 trillion SHIB. Yes, that’s a trillion with a ‘T’. Any investor should know how market caps are calculated: multiply the total number of shares/tokens by the current price of the asset.
If Shiba Inu were to ever reach 50 cents, it would mean that the project’s market cap would be around $275 trillion.
Sure, there’s constant burning but I don’t think people realize how much of it needs to get burned for Shiba Inu to ever hit a reasonable circulation supply. Given those calculations, SHIB would be worth more than the entire crypto market and stock markets combined! So yeah…..don’t hold your breath!
Will Shiba Inu Ever Surpass DogeCoin?
Now this one is a little more reasonable to imagine. Dogecoin sits with a market capitalization of $9 billion and a current token price of about $0.06 per token. I highly doubt SHIB will ever even reach $0.06 to be honest, but it can certainly surpass DogeCoin by market cap.
And by the way, while I have you – THIS IS NOT FINANCIAL ADVICE AND I AM NOT AN EXPERT! Is SHIB a good investment, I have absolutely no idea, but yes, I invest in it because I do think it it will rise in price during the next bull market, but I very likely could be wrong, so please do your own research before making any decisions on this.
It might not even need to surpass DogeCoin. Doge could certainly fall out of favor and drop below Shiba Inu in the overall crypto rankings. The original dog token has stayed relevant mostly because Tesla CEO Elon Musk continues to support the project on social media. Other than being used at some retail outlets as a payment method, there really isn’t much use for Dogecoin in the world today.
So if you ask me, Shiba Inu token has a way better chance of surpassing DogeCoin, than it ever does hitting 50 cents per Shib. That might be an obvious statement, but I’ve seen some pretty outrageous price targets for both Doge and Shib.
We need to keep things reasonable and within perspective here!
Will Shiba Inu Ever Reach 1 Cent?
Again a more reasonable question, but this still seems out of reach unfortunately. Trust me, I’m right there with all of you hoping that Shiba Inu Token hits $0.01. But unfortunately, for this to happen we’d need a lot to happen, and I mean a lot! Again at its current circulation supply, Shib at one cent would mean that it would have a market cap of $5.4 trillion.
While that’s not as ridiculous as the $275 trillion market cap I suggested if Shib were to hit 50 cents, it’s still pretty outrageous. If the Shiba Inu token were to ever reach one cent, we would see a lot of overnight billionaires suddenly quitting their jobs, me included! So as the crypto winter settles in, let’s just hope that Shiba Inu token survives until the next bull market.
All that to say, I highly highly highly doubt that SHIB will ever reach 1 cent per token in our life times.
Is Shiba Inu Token a Good Investment?
Unlike DogeCoin, which is a Proof of Work consensus mechanism and cannot utilize smart contracts, Shib has some potential use cases in the future. Aside from staking and DeFi projects right now, the Shib project is also in the process of creating its own Metaverse where it will be selling 100,000 plots of land as NFTs.
On top of all this, the team is even creating its own Layer-2 network called Shibarium, which promises faster transaction speeds, higher transaction volumes, and much lower transaction fees. Since Shib is built on the Ethereum network, it can get plagued with high gas fees when things get congested.
So in terms of projects and use cases, Shiba Inu token could have a decent future. (Again, not financial advice)
But building up the ecosystem and the price of the token hitting 50 cents are two different things entirely. Unless the team can find a way to have Shib tokens being burned continuously through transaction fees or other mechanisms, the fact of the matter is there is just too large of a circulating supply for the price to ever hit 50 cents per token.
Conclusion: Will Shiba Inu Ever Reach 50 Cents?
As much as I’d like to answer this question positively it is unfortunately not meant to be. Now, this is assuming that everything with the Shiba Inu network remains the same in the future.
Things can change and we can already see that the team is working to vastly improve the Shib ecosystem. So if you’re holding Shiba Inu tokens in your crypto wallet, there’s probably no harm in keeping that investment to see where the price goes in the future!
Would I sell the farm to invest more in SHIB? Definitely not.