🔥👀Can the Shiba Inu Reach the $1 Price Target in the Future?

Shiba Inu (SHIB) remains the second most popular cryptocurrency after Dogecoin (DOGE), and whether it will reach $1 is still unanswered.
Shiba Inu became the center of attention during the COVID-19 pandemic and rose in the rankings after rising from the lowest price point of $0,000,000,000.8165 to 12,596,217%.

Shiba Inu has made unprecedented progress since its establishment, but the large supply of 589,317,789,321,770 SHIBS has created a significant bottleneck in front of potential steps towards growth. Shiba Inu has performed relatively poorly so far this year, growing by only 22.61% in the period from New Year's Eve to Today (YTD).

From Shiba Inu to $1: Ambitious Goal Or Wishful Thinking?
At the time of writing, the price and market capitalization of Shiba Inu have fallen by 0.75% to $0.00001034 and $6,093,133,839, respectively. The trading volume also shows a sentiment that decreased by 16.88% to $175,439,494.
At this price level, Shiba Inu needs to rise by up to 9,671,079.88% for it to rise to $1. Although this is an extraordinary and almost unrealistic goal, the fact that SHIB has achieved a growth rate exceeding this figure in the past shows that this achievement is achievementable.

But the emergence of new meme coins posed a significant threat to SHIB's ambitions. The Meme coin ecosystem is very dynamic, and new investors usually prefer new entrants with a higher chance of growth than established ones. This sentiment explains why new competitors such as PEPE and BONK are outperforming SHIB in terms of price increases.

Although their innovation and transformative spirit help to combat the influence of competitors, supply constraints are largely unsolvable problems. At the current supply ceiling, reaching the $1 price target would give SHIB a market capitalization of $589 trillion, an unrealistic figure considering that the entire global financial market is worth about $112 trillion.
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