The last crypto bull run had many winners, including several meme coins. Perhaps the most prominent example of a monumental bull run in recent years was Shiba Inu (SHIB), which exploded in value in 2021. However, due to its large circulating supply, the possibility of the Shiba Inu coin reaching $1 is virtually zero.
Although meme coins have been around since 2013, when Dogecoin (DOGE) was created, it was in 2021 that they became mainstream. Their popularity was mostly due to the promotion of Dogecoin by popular individuals such as Elon Musk and Mark Cuban. With the hype around Dogecoin, other meme coins enjoyed some interest. But at the end of the day, the significant winners were Dogecoin and Shiba Inu.
Shiba Inu token is a meme coin created in August 2020 by an anonymous individual called Ryoshi. Its name is based on the Shiba Inu dog on Dogecoin, and they both have similarities. The only significant difference was the creator built Shiba Inu on the Ethereum network. Although launched in 2020, it was in 2021 that it became popular after Vitalik sold 50 trillion SHIB tokens and donated the proceeds to the India COVID fund. SHIB rose by over 85,000,000% within a year and hit its all-time high on October 28.
Its meteoric rise has made many speculate whether it could even rise higher. In this article, we discuss Shiba Inu coin price prediction.
Will Shiba Inu coin reach $1? Not very likely
Shiba Inu’s performance in 2021 was spectacular, and many expected it to continue the same run this year. But that has yet to happen due to the general decline of the crypto market. Almost every cryptocurrency has lost more than half its value this year, and SHIB has dropped by about 80%.
Why will the Shiba Inu coin not reach $1?
However, the decline over the last year is not why the Shiba Inu coin is unlikely to reach 1 dollar. This is due to several features unique to the token. Given that it is an ERC-20 token, i.e., it is compatible with the Ethereum blockchain, Shiba Inu already has some advantages over Dogecoin. But more than that is needed to reach $1 due to its humongous supply. Shiba Inu has a total supply of 1 quadrillion tokens. Its current circulating supply is more than 589 trillion tokens.
By simple calculation, if the SHIB coin were to reach $1, that would mean that it has a market capitalization of $589 trillion. The possibility of such price action taking place is theoretically impossible, given that the global GDP for all countries is just around $100 trillion. At its peak, the total cryptocurrency market cap was just slightly above $3 trillion.
| SHIB price | Shiba Inu market cap* |
| $0.0001 | $55 billion |
| $0.001 | $550 billion |
| $0.01 | $5.5 trillion |
| $0.1 | $55 trillion |
| $1 | $550 trillion |
As we can quickly deduct from the table above, the likelihood of the Shiba Inu price coming anywhere close to $1 at current levels of circulating supply is simply not feasible. Even reaching lower price milestones, such as $0.01 or even $0.001, seems very difficult. While Dogecoin has a high chance of reaching $1 in the future, we can’t say the same for Shiba Inu, at least not in its current state.
Another point against SHIB reaching $1 is its supply inflation – according to our data, the supply of Shiba Inu increased nearly 8% year-over-year, which makes the prospects of SHIB hitting a $1 milestone all the more unlikely.
What could improve SHIB’s chance of reaching $1
Although the possibility of the Shiba Inu coin being worth $1 is slim, it is not impossible. It could happen if enough SHIB token is burnt. Burning the SHIB token is a way to reduce the total supply. So far, more than 410 trillion SHIB tokens have been burnt, most of that is due to Vitalik Buterin. If more tokens are burnt, it will increase demand as supply dwindles. But this would require burning a significant amount of the token for the price to rise to 1 dollar.
Also, developing more utility for the Shiba Inu coin will help its value. Generally, the burning mechanism for SHIB depends on its usage. The more it is used for transactions, the higher the burn rate. The team behind SHIB has already tried to create more utility for the token with other related projects, such as Shiboshis (Shiba Inu NFTs) and ShibaSwap DEX. They are also working on an Ethereum Layer-2 solution Shibarium and a Shiba Inu Metaverse. All these developments will improve Shiba Inu’s functionality and could boost its price. But that would depend on the success of the projects and whether they increase the level of adoption for Shiba Inu.
Will Shiba Inu Coin reach 1 cent?
Our algorithm predicts significant up-and-down price movement in Shiba Inu’s future.
While the answer to will Shiba Inu reach 1 dollar is likely a “No,” the possibility of the coin reaching 1 cent is higher. This does not mean it is a certainty. In fact, it is still very unlikely, but it is theoretically possible. This could be similar to the run of Dogecoin itself. In 2015, Dogecoin was also worth $0.00008690. But it took until 2021 before it was worth a cent. There is a 0.977 correlation between the price of Dogecoin and Shiba Inu in the last seven days, and as meme coins, both tokens have had similar price performances. So, it is possible for Shiba Inu also to reach 1 cent.
Given that it is currently worth $0.00001244, closing all that decimal points will require an extraordinary market performance. It could even take years of sustained positive performance for that to happen. CoinCodex’s SHIB prediction does not see it being worth 1 cent by 2024. In the best-case scenario, it projects that SHIB’s price would be $0.000209 by January 2024, accounting for the technical analysis data aggregated on November 28. The algorithm predicts SHIB’s price to increase by 290% by April 2024 and reach $0.00003547.
However, price predictions are not set in stone, as market conditions can change radically. The volatility of crypto markets makes it impossible to determine what SHIB would be worth even in the next 24 hours. So, the meme token could defy the SHIB price predictions and reach 1 cent earlier than expected.
Can Shiba Inu’s price reach $1? Here’s the bottom line
Unless something fundamental such as its volume, changes, Shiba Inu cannot reach $1. But it might reach 1 cent after some years, especially if the current tokenomics model undergoes supply and burning-related changes. Generally speaking, when it comes to cryptocurrencies, the unpredictability of the prices is always an important factor. So it is essential to research any cryptocurrency before you decide to invest in it.
