With the words “Cryptocurrency” and “Bitcoin” becoming household names, more and more people are interested in investing in crypto. However, with so many different cryptocurrencies being introduced in the market, deciding which one to invest in can be difficult.
However, many cheaper cryptocurrencies exist on the market, like Shiba Inu and DogeCoin. Therefore, many investors are interested to learn whether will Shiba Inu coin reach 50 cents or not. If you want to know the answer to this question, keep on reading.
What Are Shiba Inu Coins?
As the name suggests, Shiba Inu coins (SHIB) are a form of cryptocurrency introduced in August 2020. An anonymous person or group created these coins with the name of Ryoshi.
The logo of Shiba Inu coins is a Shibu Inu dog. This coin was initially created as a “satirical cryptocurrency” to compete against Dogecoin (which also has the same dog breed as its logo). This is why many investors call SHIB a “meme coin.” Investors buy this coin and resell them in the market when the price rises.
Shiba Inu Price
As of 17th November, 20222, the current price of Shiba Inu coins (SHIB) is $0.000009. In addition, it has a current trading volume of $264 million. Regarding the total number of SHIB coins circulating the market, 590 Trillion SHIB coins exist. However, its total supply is 1 Quadrillion coins.
When it comes to the cryptocurrency market, its current market capital rank is #14.
Read more: How Can I Benefit From Investing In Crypto?
Will Shuba Inu Coins Reach 50 Cents?
When you go to various chat forums or see many Youtube videos about Shiba Inu coins, the most common question that people ask is, “Will Shiba Inu coin reach 50 cents?”
While many claim it will, the answer is quite the opposite. Therefore, the answer to the question “Can Shiba Inu reach 50 cents?” is, unfortunately, no. The same answer also applies to questions like will “Shiba Inu coin reach $1?” and “Will Shiba Inu coin reach $10?”
The price of SHIB will always be at most 10 cents. For it to reach 50 cents in price, it needs to have a total market capitalization of $274 Trillion. This amount of market cap is virtually impossible to reach.
But why is it so? It’s because $274 Trillion is 3.5 times the world’s GDP! It’s 274 times the worth of Bitcoin and Tesla, 550 times more than Ethereum, and 137 times more than Apple. Having such a high market cap is impossible for Shiba Inu to reach now or in the future. This is because it’s a meme coin with little market value.
The answer to “Will Shiba Inu reach 50 cents?” is no because it does not have an independent mining system. Bitcoin and Dogecoin both have independent mining systems where miners, in total, use thousands of mining rigs and supercomputers.
In addition, it’s an Ethereum-based token, referred to as ERC20. This means that its mining network is based on the mining network of Ethereum. Other similar ERC20 tokens include Binance Coin (BNB), Chainlink (LINK), Tron (TRX), USD Coin (USDC), and Tether (USDT).
Key Factors That Can Influence The Price Of Shiba Inu
Several key factors can influence the price of Shiba Inu to reach the 50 cents mark. Some of the core factors that you must consider here are as follows:-
1. Market Sentiment
Cryptocurrency prices are often influenced by market sentiment, including speculation, hype, and social media trends. Positive sentiment and media attention can drive prices higher, while negative sentiment can lead to price declines. You cannot ignore the market sentiments of Shib Inu to reach 50 cents. You need to get through the process that can make things easier for you to attain your needs.
2. Adoption & Use Cases
The use of Shiba Inu with the real-world application and utility can influence its price. If Shiba Inu gains acceptance as a means of exchange or for various applications, it could potentially see increased demand. Most of the time, the adoption of Cryptocurrency is highly influenced by the adoption and use cases that can make things easier for you to identify whether it is the right time or not to adopt Shiba Inu.
3. Market Capitalization
The market capitalization of a cryptocurrency is an important factor. A higher market cap generally indicates a more established and widely recognized cryptocurrency. To reach 50 cents, Shiba Inu would need a substantial increase in market cap. The market competition of Shiba Inu is also quite high compared to other Cryptocurrencies. You cannot ignore this reality from your end.
4. Market Competition
The cryptocurrency market is highly competitive, with thousands of different coins and tokens. Shiba Inu would need to compete with others for attention and investment. The market competition is quite high in such a scenario the application of Shiba Inu can be of great help to you. You need to get through the process that can make things easier for you in attaining your requirements with ease.
5. Regulatory Environment
Government regulations and policies regarding cryptocurrencies can have a significant impact on prices. Regulation changes can either promote or hinder the adoption and use of specific cryptocurrencies. The regulatory environment can create a significant impact on the development of the Shiba Innu prices. You cannot ignore them from your end. You need to determine the factors that influence the price factors of Shiba Inu coins. You must tryout the best options that can make things easier and effective for your business to grow at a faster pace.
Is Shiba Inu Coin A Good Investment?
No, Shiba Inu coins are not a good investment now. Let me explain why.
Released in 2020, Shiba Inu coins first grew in popularity. By the end of 2021, it had an all-time high of $0.00008. After that, its price plummeted to new lows and is lowering.
Even after investors burned billions of Shiba Inu tokens, its price didn’t change much. Therefore, for the price of SHIB to reach even $1, around 99% of all existing SHIB coins need to be burned.
Therefore, Shiba Inu will not be a good investment choice. However, since its future (and the future of cryptos) is uncertain, nothing I say should be set in stone. Its price can rise anytime as more of it gets burnt in the market. However, burning SHIB coins will remain the same price, as it will increase only by a small margin.
Therefore, if you are interested in Shiba Inu coins, keep track of their prices and trading volume daily. Additionally, try to see its price graph. If you see its price increase, you can make the best decisions depending on it. But it’s always advised to practice caution while you are doing so. Learning how to invest $100 make $1000 a day is better.
Frequently Asked Questions (FAQs):
Investors have many questions on their minds, like “will Shiba Inu coin reach 50 cents” or not? The answers to some of these questions are:
Q1. How High Can Shiba Inu Go?
Ans: Since a Bitcoin halving is expected at the start of 2024, you can say that the price of Shiba Inu coins will go as high as $0.01 by the end of 2024. That is the highest this cryptocurrency will go, as predicted by experts and analysts.
Q2. Will Shiba Inu Coin Reach 1 Cent?
Ans: It’s highly unlikely that Shiba Inu Coins will be worth 1 cent. The current price of SHIB (November 2022). is required to be around $5.5 trillion. Then the price of 1 coin will reach 1 cent.
Q3. Is Shiba Inu Coin Dead?
Ans: While initially marketed as a meme coin going against DOGE, the Shiba Inu Coin is expected to die by the end of 2023. SHIB hit its highest point at the end of 2021 when its prices rose by 250%. However, since then, its prices have dropped considerably (by almost 200%). Also, only a few SHIB coins are in circulation, decreasing its overall usage and demand in the market.
Q4. Does The Shiba Inu Coin Have A Future?
Ans: It’s highly unlikely that Shiba Inu coins will have a future. This is because this cryptocurrency was introduced as a joke. However, trading experts believe that all “joke” cryptos will die out and be replaced by more prominent cryptos in the market.
Final Verdict: Will Shiba Inu Coin Reach 50 Cents?
The answer to the question “will Shiba Inu coin reach 50 cents” or not is No.
With the current price of Shiba Inu being $0.000009 with a trading volume of $274 Trillion, almost half of its coins need to be burned to increase its price to 50 cents and more. Theoretically and statistically, it’s not possible to do so now. However, since the crypto market is so volatile, nothing can be set in stone.
If you invested in Shiba Inu coins, tell us how much you invested in the comment section below. Also, remember to check our other guides here at Finance Team!
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