November 19, 2021 02:18 PM GMT
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- In August 2020, Shiba Inu began its journey as a meme coin.
- Within a year, it surpassed all other cryptos in the fight to enter the top 10 position, thanks to community momentum and social media buzz.
- Few analysts have set a 2050 deadline for SHIB to hit US$1, arguing that history cannot be made overnight.
Shiba Inu, a favourite of investors and an internet star, has sparked a new debate this time. Will Shiba Inu, the "Dogecoin Killer," hit US$1?
In August 2020, Shiba began its journey as a meme coin. Within a year, Shiba Inu gained 75282865.7 per cent, thanks to community momentum and social media buzz.
Priced at US$0.00004314, a debate has sparked whether Shiba Inu can reach the US$1 level. Let us assess whether it is possible or not.
What are expert forecasts on SHIB price growth?
SHIB, according to certain analysts, will touch US$1 much sooner than everyone expects. The factors that lead to this prediction are as follows:
- Some analysts have set a 2050 deadline for SHIB to hit US$1, arguing that history cannot be made overnight.
- WalletInvestor highlighted that if Shiba maintains its current growth rate, it will reach US$0.000019 in 2022, and US$0.000061 in 2025. However, the coin must grow by 620 per cent from its current value to attain this goal.
- Market Realist outlined a plan for SHIB to hit the US$1 benchmark. Market Realist stated, the coin needs to grow at 12 million per cent to hit US$1 in 2021. However, at a growth rate of 20 per cent per month, SHIB needs minimum five years to hit the US$1 milestone.
What are some of the possible factors that could influence SHIB prices?
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- Community Support: Many people's lives have been changed because of SHIB, and many have become billionaires overnight by investing just a few dollars. Shiba Inu’s magic wand can transform anyone's fortune thanks to the relentless push of the SHIB army.
Twitter is Shiba army's major weapon towards making Shiba Inu the king of the crypto world. Shiba's official Twitter account has millions of followers, and the community continues to grow. Shiba Inu's Twitter handle is currently more popular than Ethereum. Shiba now has two million followers, while Ethereum has 1.8 million.
- Influencers’ opinion: For example, Elon Musk, whose Shiba Inu pet is an internet sensation, is the driving force behind SHIB’s price hike. In the realm of cryptos, his Tweets triggered SHIB’s price hike. Musk's unwavering support for Shiba is proving as a blessing.
- Vitalik Buterin, the creator of Ethereum, possesses around half of the SHIB token supply. However, he intended to burn 90 per cent of them, totalling 410 trillion tokens worth US$6.7 billion. The act of coin burning has the potential to kick-start a new bullish run for SHIB and rocket Shiba's price for a brief time.
- CoinDCX adopted SHIB and integrated it with its mobile trading app on 12 November.
Related Article: How Kraken’s U-turn impacted Shiba Inu prices
The cryptocurrency market is highly volatile and it comes with an elevated level of risk. Shiba Inu crypto has the unwavering support of its community. SHIB army's greatest power is its solidarity. People's emotions, which are related to Shiba, shifted attention from serious cryptos to meme coins. Time will tell whether Shiba will reach the US$1 mark in the near future or not.
Related Article: Shiba Inu Killed Dogecoin, Enters Top Ten