Will Shiba Inu (SHIB) Reach 1 Cent?
Shibas were first bred in the Japanese city of Shibayama. A Shiba Inu is a very energetic and friendly breed that comes in many different colors, including sesame, white and apricot. The current price tag for one Shiba Inu is $2,000 on average. Will shibas ever reach $1?
The “will shiba inu reach 1 cent” is a question that has been asked before. The answer to the question is unknown, but it is likely that Shiba Inus will never reach one cent.
According to several publications, YouTube videos, and forum discussions, the Shiba Inu (SHIB) cryptocurrency might be worth $0.01. Unfortunately, such statements are not just deceptive; they also put individual investors at risk. We’ll explain why SHIB will never reach 1 cent in this essay.
Because it is financially ludicrous and irrational, Shiba Inu (SHIB) will never hit $0.01 or $1. SHIB’s entire market value will be $5.89 trillion at a $0.01 valuation, which is 5 times that of Bitcoin, 10 times that of Ethereum, 3 times that of Apple Inc. (AAPL), and 5 times that of Tesla is a well-known inventor (TSLA).
Let’s get into further detail.
As investors, we must be passionate about our investments. Being an emotional investor taints our judgment and causes us to make poor financial judgments.
Dogecoin is a cryptocurrency that exists independently of Bitcoin. There is a mining mechanism in place for these cryptos. Thousands of mining machines (rigs) are used by independent miners across the globe to keep the network functioning.
SHIB, on the other hand, is a cryptocurrency based on ERC20 tokens. It indicates that the Shiba Inu (SHIB) currency has no autonomous mining network. It’s an Ethereum-based smart-contract cryptocurrency, comparable to Binance Coin (BNB), Tether (USDT), Chainlink (LINK), USD Coin (USDC), TRON (TRX), and others.
As a result, the SHIB coin is not a novel concept. On the Ethereum network, it’s another ERC20 token. However, credit must be given where credit is due. On Reddit, Twitter, Facebook (Meta), YouTube, and other social media sites, the SHIB community is active.
We can safely assert that a cryptocurrency’s long-term viability is mostly dependent on technology and community, based on our experience. That is why Bitcoin is the most popular cryptocurrency. It is not only the first but also the most popular cryptocurrency in the world.
Despite the fact that SHIB is identical to other ERC20 token currencies, the community is what sets it apart.
There are presently 589 trillion SHIB coins in circulation, according to CoinMarketCap. Trillion is correct. There were 1000 trillion SHIB (1 quadrillion) in the start, but 411 trillion have been sealed up for all time.
To get Shiba Inu (SHIB) to $0.01, the entire market value of SHIB would have to be $5.89 trillion x $0.01. Let’s see how this market cap stacks up against other financial products.
- The United States’ entire Gross Domestic Product (GDP) is about $20 trillion, whereas China’s GDP is roughly $14 trillion, according to the Federal Government.
- The Federal Reserve estimates that there are around $8 trillion in coins in circulation across the globe.
- The global GDP is estimated to be over $80 trillion. (source)
- According to the US government, the country collects $4 trillion in taxes each year.
The market capitalization of different prominent stocks and metals throughout the globe is shown in the table below.
|Microsoft is a company that specializes in (MSFT)||$2.48 trillion dollars|
|Apple (AAPL)||$2.47 trillion dollars|
|Tesla (TSLA)||1.1 trillion dollars|
|Amazon is a company that sells books (AMZN)||1.7 trillion dollars|
|Google is a search engine (GOOGL)||1.9 trillion dollars|
|Gold||$11.3 trillion in debt|
|Silver||1.3 trillion dollars|
|Bitcoin||1.1 trillion dollars|
|Ethereum||0.52 trillion dollars|
|US GDP||$20 trillion is a huge sum.|
|China GDP||a total of $14 trillion|
|World GDP||$80 trillion is a huge sum.|
|The Total Market Capitalization of the World’s Stock Exchanges||97 trillion dollars|
According to the figure above, for SHIB to achieve one cent, the entire market capitalization of Shiba Inu must be $5.89 trillion x $0.01 = 589 trillion.
SHIB is built on Ethereum’s ERC20 protocol. As a result, it is illogical to expect SHIB to outperform Ether, which has a market valuation of $0.5 trillion. Furthermore, the current total value of Bitcoin – the world’s most popular cryptocurrency – is about $1.1 trillion. As a result, basic logic dictates that the SHIB coin will never attain a value of $0.01 or one cent.
SHIB, like the US dollar, is a monetary token. Unlike Apple, Tesla, or Microsoft, it is neither a product nor a platform.
Apple, Tesla, Google, and other valuable firms provide good products that people use and enjoy. It’s why they’re a multibillion-dollar corporation. SHIB, on the other hand, is a currency rather than a commodity. Long-term, a currency has no intrinsic worth.
When SHIB is nothing more than an Ethereum-based ERC20 token, it’s ludicrous that its overall market value will be more than Bitcoin, Ethereum, Apple, Tesla, and other major enterprises.
In other words, Shiba Inu (SHIB) will never reach $0.01 or $1. Please make cautious investments.
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Shiba Inu (SHIB) is a cryptocurrency that has been around for a while. The coin price was at 0.00025 cents, but it hit a high of 0.00014 cents in January 2018. This indicates the potential to reach 1 cent soon. Reference: shiba inu coin price.
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