Crypto

Shiba Inu: Will the Price Reach $1? When Will it Happen?

Shiba Inu (SHIB): Can the currency of Shiba Inu be worth $1? SHIB is a meme-based cryptocurrency which has been dubbed”the “Dogecoin killer”. Here’s what it will be to reach that magical number.

2021 was an explosive calendar year for Shiba Inu, with astronomical gains for investors who turned these into billionaires.

Since its inception, the cryptocurrency initiative created by Ryoshi has seen a growing acceptance and a lot of interest from crypto-community members.

SHIB was introduced in the year 2020, which was the year that it reached its lowest point of 0.000000000056366. It took a few months to get an ATH at $0.00008616 in October 2021.

As of the time of writing and in an economic downturn and a bear market, the widely-repeated cryptocurrency trades at $0.00001235, which is 85% lower than the all-time high according to figures from CoinGecko.

Shiba Inu (SHIB) What happens when it reaches $1?

Investors aren’t sure if the Shiba Inu will hit $1.

To do this, a variety of facts are to be considered. Shiba Inu currently has a total amount of 589.6 trillion coins. If SHIB achieves $1 in this offering, it would be worth $589.6 trillion.

In this regard, Apple would be an asset with the world’s highest value, exceeding Apple’s value by 350 times. Apple is the most valuable amount of capital in the world.

SHIB is currently trading at $0.00001235, which gives it its market capitalization of $7.3 billion.

Based on the market cap and the projected cost of one dollar, SHIB’s share is expected to be $7.3 billion.

According to this theory, Shiba Inu should lower its current supply by over 99 per cent. In this way, burning SHIB tokens are intended to decrease the quantity of meme currency.

SHIB Token Burning Speed. Source: shibburn.com

As of the date of this article, 12.6 million SHIB tokens were burned over the past 24 hours. This is equivalent to about 4.59 billion tokens burned each year.

Based on the data provided, what is the time it will take to get SHIB to get to $1?

If you consider the number of tokens that have to be burned and the current rate of burning that is currently being used, the Shiba Inu investor would have to wait nearly 128 000 decades before cryptocurrency can reach the price that has been awaited for so long.

The outlook isn’t optimistic. Should the average investor have to wait for that long?

What is Bitget?

Also, read more about Bitget exchange: Bitget currently has more than 2 million active users across the globe and a daily volume of transactions that is $5.6 billion. Bitte was ranked third globally in daily average for future books in January 2022 due to its most popular product, Coin-Margin’s futures, which saw a record volume of $7.82 billion. For more details, read bitget exchange review.

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