And it’s climbed more than 44,000,000% this year. Today, it would have to rise a lot less – by about 2,000,000% — to reach the $1 mark.
Right now, Shiba Inu trades for a fraction of a cent. And that means a small investment could result in considerable riches if the cryptocurrency continues to gain ground.
So, now the big question is whether you should buy this dynamic cryptocurrency while it’s below $1.
Could It Reach $1?
First, let’s look at a more critical question: Could Shiba Inu reach $1? On the one hand, it seems possible.
As it is mentioned, this crypto player already has proved it can win over investors and skyrocket. But there are two reasons, reaching a dollar may be challenging for Shiba Inu.
One has to do with easy math. Today, about 549 trillion Shiba Inu coins are in circulation.
If the coin rises to $1, Shiba Inu’s market value would equal $549 trillion. By comparison, online retail giant Amazon’s market value is only $1.74 trillion.
So it seems unlikely that can happen with the current number of coins out there. That said, there have been recent reports of an upcoming coin burn — that would reduce supply.
The creator of Shiba Inu, known only as Ryoshi, launched the cryptocurrency in August of last year. It’s a token based on the Ethereum blockchain.
Investors can buy or sell Shiba Inu as an investment, and you also can stake your tokens to make stagnant income.
And about 500 merchants accept Shiba Inu as payment. But these features don’t set Shiba Inu apart from the thousands of other cryptocurrencies out there.
If you like to do well with crypto investments, you should be able to make money regardless of how any particular token moves on any specific day.