Is a $1 Price Point Realistic for Shiba Inu (SHIB) in the Long Run? Let’s Evaluate

Of late, various crypto outlets and media have been forecasting a massive rally for Shiba Inu (SHIB). In the latest development, a leading finance firm projected that SHIB could hit a $1 market worth before the year runs out.

Also, a story titled “3 Cryptos to Hit $1 in 2023” was released recently. The published narrative predicted massive profits for Shiba Inu (SHIB) holders.

Another leading finance enterprise maintained that Shiba Inu would hit a $1 selling price by the end of 2023. In one of our previous reports, top crypto analysts assessed the possibility of SHIB hitting $0.01. Unsurprisingly, none of these experts could assert that the coin would reach a $0.01 market worth. What could then be the reason for the sudden $1 price projection for Shiba Inu?

Assessing The Possibility of A $1 Market Value For SHIB

From a realistic point of view, the chances of Shiba Inu reaching a potential $1 price high is very slim. In our books, the anticipated launching of projects like Shibarium and ShibSwap 2.0 will not be effective enough to skyrocket SHIB’s token price to the predicted $1 worth.

In addition, Shiba Inu’s enormous supply of about 589,344,419,307,184 needs to drastically reduce if a forecasted $1 selling price is to become a reality for Shiba Inu. So far, no burn mechanism is available to ensure that SHIB’s massive pool is minimal.

Ideally, the only realistic fate for SHIB coins is to delete only a zero or two with the onset of the crypto bull market. Deletion of single or double zero(s) depends on how rapidly the Shibarium will make SHIB tokens scarce.

Present Market Standings For Shiba Inu (SHIB)

Per CoinGecko, Shiba Inu’s price during press time was $0.00000883; SHIB was up by 1.1% and ranked 16th on CoinGecko’s cryptocurrencies standings. Last week, SHIB recorded a minimum price of $0.00000843 and a maximum price of $0.00000905.

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Chinedu Agbakwusi

Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.