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Shiba Inu investors have to wait 10,000 years for the crypto to reach the US$1 resistance
Shiba Inus are mostly cute and lovable dogs that are massively tangled in the cryptocurrency domain. Quite recently, the eyes of the entire crypto market have been on SHIB as it got listed in the reliable Robinhood exchange. But Shiba Inu’s price action has always been quite slow, which demotivates investors to buy the coin. Shiba Inu emerged as a part of a joke and did not necessarily hold any inherent value to it. But as its popularity grew, more and more investors joined the SHIB community. The meme coin was created in response to the wild popularity of DOGE and hopes to capitalize on the hype. But with investors’ aggressively buying the token and using it as a form of payment, the developers also decided to build a Shiba Inu ecosystem, which will in turn generate massive amounts of profits for its buyers. These initiatives include entering the metaverse, creating a decentralized exchange, and also introducing SHIB’s own stablecoin in the market. But even after such developments, Shiba Inu’s current price movements are worrying investors. Experts are now saying that Shiba Inumight takes more than 10,000 years to reach US$1!
SHIB was released on the Ethereum blockchain as an ERC-20 token with a total supply of one quadrillion coins. But as the project grew, the creators of Shiba Inu wanted to turn it into a full-fledged decentralized ecosystem and transfer 100% of the rights to the community to manage the protocol without a governing body. The token is available on several major exchanges, including Binance, Coinbase, FTX, and WazirX, to name a few. But its most convenient and popular success has been SHIB’s acceptance in the Binance and Robinhood Exchange Shiba Inu’s popularity among crypto investors might impress some crypto investors, but its lack of real-world utilities might become a negative factor for several others. Probably, this is one of the many reasons why analysts believe that SHIB might not reach the US$1 mark anytime soon!
Why are analysts still so skeptical about Shiba Inu’s future?
Currently, the entire crypto market is burning due to the increased regulations, due to sturdier tax reporting requirements, and a general decline in investor appetite to trade cryptocurrencies. But one problem that the analysts are quite worried about is SHIB’s enormous supply. To alleviate this issue, developers are coming up with several ways to burn tokens, removing massive amounts of coins from circulation forever. But even this initiative could not aid Shiba Inu’s price. Experts believe that currently, with over 150 million Shiba Inu tokens in circulation, it would take a lot of time for the developers to adjust its value through the burn mechanism, and hence it might take more than 10,000 years for the crypto to reach the US$1 resistance.
Nevertheless, Shiba Inu is still a popular cryptocurrency investment in the market. While SHIB has already witnessed historical price surges in 2021, its volatility is what stopping the crypto from becoming a robust investment asset of the future. SHIB’s value inherently depends on the investors of the project. Hence, its developers and community members have to work hard to make SHIB a profitable investment asset of the future.