In the year 2021, Shiba Inu had climbed 60 times in 6 months. So Shiba Inu can reach 1 cent in 2022?
Can Shiba Inu reach 1 cent? Let’s do math first
|How many times will the price have to go up to become 1 cent?||2500s|
|Market capitalization as of June 18||$4466 million|
|How much does it cost 1,114 times 4466 million dollars?||$1054 billion|
|If Shib were to increase by 20% per year, how many years would it take to reach 1 cent?||39 years|
|If Shib were to increase by 50% per year, how many years would it take to reach 1 cent?||17 years|
|If Shib were to increase by 50% per year and burn even 50% of the coins||9 years|
It will take 9 years of $SHIB to reach 1 cent if it grows by 50% every year for 9 years and the community also burns 50% of the coins during that period.
Will Shiba Inu reach 1 cent? Shiba Inu Performance 2022
The overall capitalization of the cryptocurrency market has declined in the last 24 hours. This comes after the market had finally turned green. Major cryptocurrencies are all trading negatively and SHIB has also lost momentum and is now trading negatively.
SHIB has increased by 2% in the last 5 days and is slightly better performing than BTC, ETH, but is underperforming compared to Dogecoin. BTC has decreased by more than 9% in the last 5 days.
On YTD paper, SHIB has completely lost its way. It is almost 80% down since January 2022. BTC is down almost 60% and Dogecoin over 70%.
|Time period||Last 5 days||Ytd|
Shiba Inu will reach 1 cent: factors against Shiba Inu
The price of Shiba Inu has fallen below $0.0000010 and is following the trend of the cryptocurrency market that has fallen below the market capitalization of $1 million. Bitcoin is declining and is on the verge of slipping below $20,000. It is at its lowest level since December 2020.
Speaking of Shiba Inu, it is now trading below its value on October 5, 2021.
The things that don’t work for Shiba Inu at the moment are:
- Trading volume: We have noticed in the past that when the price collapses, there has been an increase in trading volume as more investors try to take advantage of the lower price. This time things are different. Despite the fact that the price of Shiba Inu falls below 0.0000010 dollars, there is the least interest among investors. Trading volume in the last 24 hours has fallen by more than 30%.
- Whales: The price of Shib in the past has been mostly driven by whales. Whales have come to Shiba’s rescue on many occasions. This time, the whales seem to have abandoned Shib and allowed the price of SHIB to have a free fall. However, one fact shows that SHIB is the largest altcoin or favorite altcoin among ETH whales.
- YTD yield: The cryptocurrency market is declining and almost all cryptocurrencies are lower and this is the case since January 2022. But what’s more worrying is that SHIB is one of the worst performing cryptocurrencies this year. SHIB has lost almost 80% of its value this year.
- Social Media Sentiment: Social media sentiment for SHIB is worse. The buzz is very negative and there seems to be no improvement. SHIB’s search volume also crashed.
- Technical data: the technicians for SHIB are very worrying. Support is also below $0.00007 and even for the next month, the signal is SELL.
Will Shiba Inu reach 1 cent? Latest News Updates
- Burn Shib
In the last 24 hours, 75,737,142 SHIB tokens have been sent to the dead wallet. It is estimated that in the last 2 days about 316 million SHIB tokens have been burned.
- The rank of the Shiba Inu market capitalization collapses
The price of SHIB was trading below $0.010 and SHIB’s market cap was hugely affected. Now the problem for SHIB is that its market capitalization rank has now fallen to 19th from 17th place according to crypto.com.
Shiba Inu will reach 1 cent: the increase of the last year and the factors responsible
On paper, Shiba Inu has risen 403 times in the last year. There are various factors that are listed below:
- The Shiba Inu has come to the fore since its launch as investors were looking for the next bitcoin (BTC) to invest in, but the real boost was in May when it rose 2405% in just one three-day span and reached a new peak of $0.0000388 on May 10. The rally is mainly due to an interview with Elon Musk in which he called DOGE a “hustle”, which triggered a sell-off of DOGE and new purchases in SHIB.
- Token meme prices are so responsive to Elon Musk’s tweets that they jumped after Tesla’s CEO tweeted a photo of a Shiba Inu puppy in a Tesla vehicle on Oct. 4. Other similar currencies such as Dogecoin and Shiba Floki (FLOKI) had met a similar fate.
- At the end of November, a couple of positive news such as an announcement on the Kraken exchange and an announcement from ecommerce retailer Newegg that it will accept SHIB as payment supported the price. Another positive factor is the appointment of game veteran William Volk.
- On December 8, Shiba Inu revealed that a strategic rental work contract is being signed with Playside, the Australian video game developer. The plan is to develop a multiplayer trading card game. Fortunately, on the same trading day Bitstamp announced to list SHIB, the following day on its platform. These factors helped to take the price rise.
Can Shiba Inu reach 1 cent? Impact of Shiba Inu Burn
Burn involves sending coins to a “dead” wallet.
A large number of Shib tokens must be burned to reduce the tokens in circulation. In theory, this should increase the value of each remaining coin. Several million coins are burned every day, but the burning rate is very low. On February 14, a burn party was organized to burn millions of Shib tokens.
While Burn alone is not enough, such events support the interest of Shiba Inu investors. There are currently 549 trillion SHIB coins in circulation.
Shib Inu – Understanding the Implications of Market Capitalization
Shiba Inu will only reach 1 cent if trillions of Shiba Inu coins are burned and Shiba Inu will be able to execute his plans around Shibarium, Shibverse, etc. There are other challenges –
- With a value of $0.01, Shiba Inu’s market capitalization will be about $5.89 trillion, which is about 10 times higher than Ethereum itself, on whose blockchain it depends. The market capitalization will be 3 times more than Apple (AAPL) and 5 times more than Tesla (TSLA), 10 times more than Bitcoin.
- If Shiba Inu reaches a valuation of 1 cent with a market capitalization of $5.89 trillion, it will be more than what the U.S. government increases in annual taxation ($4 trillion). Since SHIB is based on Ethereum ERC20, it makes no sense that Shiba Inu’s market cap can exceed Ether’s market cap. To reach the $0.01 goal, a significant number of SHIB coins will have to be burned.
- Cryptocurrencies such as Bitcoin and Dogecoin have their own independent blockchain and are autonomous currencies, they have a mining system, supported by thousands of mining computers that keep the system alive and running. But SHIB is a cryptocurrency based on ERC 20 tokens similar to Binance Coin and Tether. So the SHIB token offers nothing new to investors to push its market capitalization to such huge levels.
Will Shiba Inu reach 1 cent? How the lack of long-term shib holders stopped the rise of Shiba Inu
- The Shib army along with several independent organizations have made an effort to burn a large number of Shib tokens. However, their effort is proving insufficient as there has been very little price change after each burn.
- The main reason for this lack of a good number of long-term Shib holders. According to data from IntoTheBlock, 80% of Shib holders are within a period of 1-12 months, while 5% of SHIB holders are less than 1 month old. There are 15% of SHIB holders over the age of 1 year as of now according to the data.
Shib will reach 1 cent?: Why should Shiba Inu be part of your long-term investment
The lack of long-term Shib token holders has been a major obstacle to rising the price of Shib Inu. Shiba Inu is down more than 50% this year, but it is advisable to have Shiba Inu as part of a long-term investment.
- There have been reports of Ethereum whales buying Shiba Inu tokens in bulk. Whales are those that own a large amount of cryptocurrency. If PF whales are moving to Shiba Inu, it is evidence of a growing trust in the Shiba Inu ecosystem.
- The fact that the developers of Shib Inu are turning Shiba Inu into more than one “Meme Token” is attracting big whales to it. This year it is believed that Shiba Inu is launching a layer-2 scaling solution and is also entering the world of the metaverse.
- The growing acceptance of the Shiba Inu token as a payment method can be considered as the other reason why you should have a Shib token in your long-term crypto wallet.
Shiba Inu Will Reach 1 Cent? Conclusion
Currently, Shiba Inu is at a very important level and could see a major upward or downward movement in 2022. In addition, it should be borne in mind that the market capitalization of Shiba Inu is much smaller than Bitcoin and Ethereum and this makes it much more volatile if it has witnessed a strong sell-off in the last two weeks, the upside potential is also similar and it is a matter of time before Shiba Inu will march towards an all-time high. But for all practical purposes, investors should not be disappointed that Shiba Inu will touch 1 cent.