Despite the cryptocurrency market going through a rough patch, a number of crypto traders and investors have made a fortune buying them and then selling for a profit at the right time, including Bitcoin (BTC) and Dogecoin (DOGE), and some are wondering if Shiba Inu (SHIB) could produce millionaires as well.
As it happens, Shiba Inu first spurred these hopes when it skyrocketed by over 1,069% to its all-time high (ATH) of $0.00007924 back in late October 2021, only to drop 86.75% since then, at press time changing hands at the price of $0.00001137, as per data retrieved on March 3.
Upcoming developments
Despite its low price per unit, Shiba Inu has surpassed 1.3 million unique addresses, demonstrating increased interest for the dog meme token as the release of its Layer-2 network Shibarium is looming, promising to allow users to develop chain-specific non-fungible tokens (NFTs), as well as increase the asset’s presence in the metaverse and gaming decentralized applications (dApps).
In another potentially impactful event for the ecosystem, the SHIB team has announced an exclusive preview of the Shiba Inu-themed metaverse experience called SHIB: The Metaverse, as well as the first of its 11 hubs, called WAGMI Temple, at the 2023 SXSW festival that will be held in Austin, Texas, between March 10 and 19.
In this context, it is safe to assume that these events will provide SHIB a boost, giving it a chance to reach the price of $0.00000361 by the end of 2023, as earlier estimated by CoinCodex’s machine self-learning algorithm using the artificial intelligence (AI) technology.
Although not as bullish as CoinCodex, optimistic projections have also been made by CoinPriceForecast, another finance prediction platform relying on the machine self-learning technology, to set the price of Shiba Inu at $0.00001474 by the end of 2023, as well as at $ 0.00003547 by July 28, 2024.
When asked repeatedly, OpenAI’s text-based AI platform ChatGPT has been vague on the Shiba Inu predictions for 2030 but has highlighted network upgrades, the number of smart contracts and crypto wallets, as well as the regulatory policies, global economy, and competition from other cryptos, as major influences on its price.
Conclusion
As things stand, Shiba Inu’s price at press time represents a decrease of 4.64% on the day, in addition to losing 13.79% over the previous week and 4.01% across the past 30 days, although its year-to-date (YTD) gains remain, amounting to 39.70%.
Although the numbers for Shiba Inu may look minuscule, it ultimately boils down to carefully observing the market conditions, how much money one is willing to invest in it, as well as how much the token was worth at the time of selling.
Considering its historical movements and network developments, Shiba Inu indeed has the potential to increase its price and even make a careful investor a millionaire, although it might be a long way before it reached the likes of Bitcoin and Ethereum (ETH) in value per unit.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
To date, the token has appreciated about 2,000,000%. That's enough to turn $100 into $2 million. So yes, Shiba Inu
Shiba Inu
Shiba Inu token (ticker: SHIB) is a decentralized cryptocurrency created in August 2020 by an anonymous person or group using the pseudonym "Ryoshi". It is inspired by the Shiba Inu (柴犬), a Japanese dog breed, which also serves as the mascot for Dogecoin, another cryptocurrency with meme origins.
https://en.wikipedia.org › wiki › Shiba_Inu_(cryptocurrency)
Therefore, it's unlikely that investing $1,000 in Shiba Inu will turn you into a millionaire. In fact, you might be better off investing that money in the stock market instead.
According to Changelly, Shiba Inu (SHIB) could reach a maximum price of $0.0000389961 in 2024, which is about 53.8% higher than the current level. To get $1 million worth of SHIB at $0.0000389961 per coin, you would need approximately 25,641,025,641 tokens (25.6 billion).
This is the case of another Shiba Inu (SHIB) trader who turned into a Shiba Inu billionaire in one year. Shibtoshi purchased $8,000 worth of Shiba Inu (SHIB) tokens in 2020 and held them for approximately one year.
Shiba Inu's highest trading price in 2050 is expected to be about $0.0084. According to our calculations, Shiba Inu might reach an average price of $0.0077 by 2050. Shiba Inu may also face short downturns, with the minimum price level hanging around $0.0074.
If SHIB claims a $0.0001 price, an investor must hold 10,000,000,000 (10 billion) tokens to sit on a $1 million investment. These 10 billion tokens are worth $102,600 at current prices. Similarly, if Shiba Inu rallies to $0.001, an investor holding 1,000,000,000 (1 billion) SHIB tokens would be sitting on $1 million.
Bitcoin's upcoming rewards halving and the ETF approvals in early 2024 could drive a bullish market sentiment in the long run, indirectly benefiting Ripple. All things considered, Ripple's path to $1 by 2025 is based on solid developments and strategic growth.
A crypto investor bought about $8,000 worth of shiba inu coins in August 2020. Just over a year later, the $8,000 trade has morphed into a value of about $5.7 billion.
At its absolute peak, BTC had a market capitalization of $1.31 trillion. If SHIB were to reach $0.01, it would have a market capitalization of approximately $5.89 trillion, which would be more than 4x larger than Bitcoin at its very peak.
Simple math dictates that at $1 per token, Shiba Inu would have a market cap of $589.29 trillion. In other words, it would be worth 196 times more than Microsoft, the most valuable company in the world.
Two brothers from New York who lost their jobs during the COVID-19 lockdowns in 2020 combined to put $7,900 in SHIB. The brother duo cashed out $9 million in May 2021 as their investment spiked 120,000% in six months. The two now live comfortable lives without the need for a paycheck to meet their needs.
Because of this, the largest holder of Shiba Inu is a dead wallet containing the contents of his Shiba Inu burn. The wallet holds 41% of the SHIB supply and has been topped up by further burns. The 2nd largest holder belongs to an anonymous investor who holds 48 trillion SHIB, or 8% of the total circulation.
⚡️Will Shiba Inu Coin Reach 50 Cents? The FULL Truth⚡️ Despite its impressive performance in the past couple of years, Shiba Inu is very unlikely to reach $1 or 50 cents because its circulating token supply is simply too large. However, that doesn't mean that Shiba Inu doesn't have a lot of upside potential.
Currently, SHIB has a total supply of 589.53 Trillion SHIB. So, for one SHIB price to reach $1, the market cap of Shiba Inu needs to hit $589.53 trillion, which seems highly unlikely in any scenario. Since the total crypto market is only $2.55 trillion, such a big jump is impossible for SHIB.
Address: 55021 Usha Garden, North Larisa, DE 19209
Phone: +6812240846623
Job: Corporate Healthcare Strategist
Hobby: Singing, Listening to music, Rafting, LARPing, Gardening, Quilting, Rappelling
Introduction: My name is Foster Heidenreich CPA, I am a delightful, quaint, glorious, quaint, faithful, enchanting, fine person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
