Cryptocoin

According to experts, it is highly impossible that Shiba Inu will reach US$1 in 2020.

The dog days for Shiba Inu are over. It has been on the top all through 2021 and is now rallying to gain 15% in March. Shiba Inu has been ruling the charts with a whopping 2,50,00,000% price surge last year. SHIB was the talk of the town for its dramatic increase in price. The steep hike in price created many millionaires in 2021 in spite of the fluctuations in its price. As this Dogecoin competitor is expected to gain a 15% hike by the end of February, it might create a price rally in March.

In 2021, this dog-based meme coin could eat into the userbase of Dogecoin by acquiring many new investors. It could manage to reduce Dogecoin’s price by five decimal zeros in a very short period. With this vibe, there is speculation rife that Shib might reach US$1in value in 2022 touching a market value of US$549 trillion. But, according to experts, it is very unlikely to happen. To reach that value it has to grow by at least 4,7000,000% which would be synonymous with a revolution in the global economy. On the other hand, SHIB’s supply in the market is equal to zero. With 549 trillion tokens in circulation, for SHIB to reach US$1 in value, it should gain 200% of the current market cap which is near to impossible. Still, there is a ray of hope as SHIB is maintaining a moderate price in spite of the market fluctuations.

 

What is causing Shiba Inu’s Price Rally?

The most recent scenario that helped Shiba Inu experience a 50% price surge in the first week of February was its acceptance as a payment method in a fast-food chain. On the other hand, speculation around SHIB entering the metaverse has also created a buzz. But Shiba Inu is not making a straight line in the price graph. Its value keeps swinging back and forth. After reaching a record high last October, SHIB’s price declined drastically. Therefore, to understand Shiba Inu from the core, we should look at its price oscillations.

Shiba Inu was launched in 2020 after the success of the first meme coin, Dogecoin. Similar to DOGE, SHIB also maintained a low profile for a long time after its inception. The cryptocurrency went mainstream only in May 2021, after experiencing a 2,405% spike. The rally was triggered by Elon Musk, the CEO of Tesla and a SHIB enthusiast. Following this, many celebrities and familiar people started showing interest in the meme coin.

Towards October, Shiba Inu started gaining massive prominence. A petition on ‘demanding Robinhood at accepting SHIB’ in Change.org has gained over 3 lakh signatures. Along with this, the NFT debut and FOMO (Fear Of Missing Out) among investors triggered a massive price rally. It eventually led Shiba Inu to make it into the top 10 cryptocurrency list and remarkably, SHIB also stomped over Dogecoin briefly.

 

Do Metaverse and NFTs Matter for SHIB’s Growth?

Metaverse and NFTs are the recent trending topic among tech and blockchain enthusiasts. Therefore, not just Shiba Inu, every cryptocurrencies’ presence in the disruptive ecosystem is important for its growth.

Remarkably, Shiba Inu announced that it will be entering into the metaverse space with a planned launch of ‘Shiberse’ in 2022. On the other hand, it released 10,000 digitalized ‘lovable creatures’ for sale.

 

What can be expected from Shiba Inu?

At the time of writing, Shiba Inu was valued at US$0.00002183 with a market capitalization of US$11.99 billion. Since its peak at US$0.88 at the end of October, SHIB has listed more than 75% of its value and other cryptocurrencies have also fallen sharply. Although US$1 is way out of the radar, Shiba Inu could record impressive growth in 2022.

According to CryptoPredictions.com, Shiba Inu is expected to return to its previous highs. The prediction suggests that SHIB will touch US$0.000084 in Q1 2022 and continue to grow to US$0.000088 by Q3 2022.