Shiba Inu Coin: Can SHIB Token Break $1 Price Pay Attention to This Analysis!

Bittime - Shiba Inu (SHIB) has become one of the most talked about tokens in the cryptocurrency world.

However, the question that often arises is, "Can SHIB reach the price of $1?” 

The following is an analysis of several key factors that influence the potential price of the SHIB token.

Important Data Regarding the Potential Price of the $1 SHIB Token

Current Price: $0.00002552

Market Capitalization: $15.07 billion

Supply Circulation: 589.26 trillion SHIB

Total Supply: 589.51 trillion SHIB

Market Cap Analysis to Reach $1 Price

1. Calculation of Market Capitalization Required for a Price of $1

If SHIB manages to reach $1, its market capitalization will be:

Market Capitalization=Price×Supply Circulation

With a price of $1 and a circulating supply of 589.26 trillion SHIB, the result is:

Market Capitalization=1×589.26 trillion=589.26 trillion dollars

This figure is much higher than the current total global cryptocurrency market capitalization, which is around $1.3 trillion.

Thus, the figure of 589.26 trillion dollars is unrealistic for the SHIB Token to reach a price of $1 considering the large current supply.

2. Supply and Demand: Barriers to Reaching $1

SHIB's huge supply is the main obstacle to reaching $1. To achieve this target, it is necessary:

-   Drastic Supply Reduction: This can be done through token burning.

- Unprecedented Global Adoption and Utility: This project should get great reception all over the world.

3. Shiba Inu (SHIB) Historical Performance in 2021 Bull Run Didn't Touch $1

The highest price SHIB ever reached was $0.00008845 in October 2021, when the market cycle peaked. 

Even at that time, SHIB was not close to the $1 mark.

Shiba Inu (SHIB) emerged as one of the most prominent tokens in the cryptocurrency market during 2021. 

Starting the year with very low prices, SHIB managed to attract the attention of many investors and traders, especially after the phenomenon triggered by Dogecoin.

Drastic SHIB Price Increase in 2021

At the start of 2021, SHIB was trading at barely noticeable prices, but as interest in memecoins increased, the price of SHIB shot up significantly. 

Within a few months, the token experienced an incredible rise, with some reports indicating that the price of SHIB increased by more than 3,800% throughout the year.

Strong SHIB Community Support

One of the key factors behind SHIB's success is the support of a community known as the "Shib Army." 

The community actively promotes the token through social media and various platforms, which helps maintain SHIB's popularity among investors. 

This community involvement not only increases the visibility of the token, but also creates a sense of ownership among its holders.

Shiba Innovation and Development

Launch ShibaSwap, a decentralized exchange platform, in July 2021, also contributed to the increase in SHIB's utility. 

With ShibaSwap, users can trade and stake SHIB tokens, which provides an opportunity to earn passive income. 

Additionally, the project continues to innovate with the development of a layer-2 solution, Shibarium, which aims to increase scalability and transaction speed.

Read too SHIB Price Prediction: Is Shiba Inu Ready for the Next Big Rally?

Conclusion: Is $1 Still Possible for SHIB?

Under current conditions, it is highly unlikely for SHIB to reach $1 due to extremely high circulating supply. 

To achieve this, several factors must be considered:

1. Massive Token Burn: This must be done to significantly reduce supply.

2. Increased Utility and Adoption: It should increase exponentially.

3. Very High Market Capitalization: This would require a market capitalization far beyond that ever seen in the crypto space.

The SHIB community and developers often emphasize the importance of token burns, which can help, but realistically, reaching $1 remains a remote possibility without drastic changes.

FAQ about Can SHIB Token Price Reach $1

1. What is the highest price of Shiba coin?

The highest price ever reached by Shiba Inu (SHIB) was around $0.00008845, which occurred in October 2021. This was the peak of a significant price spike during the bull run that year.

2. What network does Shiba Inu (SHIB) use?

Shiba Inu (SHIB) is built on the network Ethereum, which is a decentralized blockchain platform that supports smart contracts. 

This allows SHIB to leverage Ethereum's infrastructure and ecosystem DeFi (Decentralized Finance).

3. What is the supply of Shiba Inu?

The total supply of Shiba Inu (SHIB) is 1 quadrillion tokens, with approximately 589.26 trillion tokens currently in circulation. S

This large supply is one of the factors that influences the price and growth potential of SHIB in the future.

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Reference

AliisSmile, Assess the possibility of #Shiba Inu (SHIB) reaching $1, Accessed November 28, 2024

Crypto Key Media, Shiba Inu’s Stellar Performance: Consistent Top Spot on CoinMarketCap, Accessed November 28, 2024

Author: IN