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Will the Shiba Inu Coin Reach $1 Any Time Soon?

There are over 20,000 altcoins currently running in the crypto market. Many of them make the headlines, but some of them end within a few days of their launch. Bitcoin and Ethereum are the only ones that have a good value. Others are just following them with their values under a dollar. That does not imply that you shouldn’t invest in them in any way. The launch of every new altcoin decides how much the economy is worth. Even in terms of pennies, a little up and down can make huge differences.

The crypto world is really more complex than people show it. Your job of trading isn’t complex, but the way the market trends rise and fall and how new coins cement their place in the market depends on how they are traded. That means your little contribution can make an altcoin vanish in a matter of a few days. Some of them prevail because they provide a solution for an existing famous altcoin. A similar example is of Shiba Inu, which was developed because Dogecoin had some shortcomings. As you read the piece further, you will learn more about it.

Development of Shiba Inu

To overcome the limitations that Dogecoin had, Shiba Inu was developed. The initial supply of the tokens was a total of 1 quadrillion! It is super crazy, but that’s one of the reasons the currency is still in the market. The coin was built on the Ethereum blockchain, which helped it gain the attention of developers and users. As the Metaverse runs on the Ethereum blockchain, meaning most of the transactions can be done through ETH, Shiba Inu instantly became the first choice for many who were looking to become a part of the digital world. 

The one quadrillion initial tokens were sold in a short while. This is all thanks to Ethereum’s leading man, Vitalik Buterin, who sold coins worth $1 billion to help the pandemic relief in India. Another 40% of the token were burned or sent to a dead wallet by Buterin, which helped Shiba Inu reach the height of recognition.

photo 1642388538891 38b2d14e750e 3 Will the Shiba Inu Coin Reach $1 Any Time Soon?

Beating the Competitors

Other than some support from Buterin, Shiba Inu has no worth to have or become a strong competitor. Ethereum, on the other hand, is gaining the power to snatch the first position from Bitcoin. Its new update is made for a greener environment, whether you are minting your own coins or using an online platform like The shift from proof-of-work to proof-of-stake has been beneficial for the environment, plus it allows fast transactions and lets people earn rewards without spending thousands of dollars in deposits.

Why Does the $1 Mark Seem Impossible?

There are three things that can be done to raise the value of SHIB:

  • Continue the burning of tokens, just as Buterin did. But then, who will invest so much in a coin that has no guarantee of getting a proper place in the altcoin’s chart? If that becomes possible, the way for this technique to become successful is low production of the coin and high demand in the market. That is the main reason all crypto coins rise in price, and the same can happen for SHIB. The supply of Shiba Inu is an astounding 549 trillion, which will require a lot of burning!
  • The second thing that can happen is the development of the network. A Layer-2 solution, as the developers say, is in production, which will help better the currency’s functionality and lower the transaction fees. The primary goal is to gain recognition and increase the user base, but still, it cannot reach the level Ethereum has.
  • The last one is getting the coin viral on social media. The same happened with Dogecoin, and it did gain recognition, but with rising problems, another coin had to be developed to fulfill its shortcomings.

Final Verdict

If Shiba Inu somehow reached the value of $1, then the crypto’s total market value would be an astounding $549 trillion! That is way over the total amount of total wealth of the world. That is why reaching this value seems impossible. If the developers find a solution to this problem, then SHIB might reach $1, but that seems highly unlikely, at least for now.

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