‘Impossible’: Analyst asserts dog-themed cryptocurrency Shiba Inu price won’t hit $1 in 2024
If the price of dog-themed cryptocurrency Shiba Inu (SHIB) surges to $1, millions of holders will become millionaires and billionaires overnight. However, one cryptocurrency analyst said that it is unlikely that SHIB will reach this milestone.
SHIB unlikely to hit $1
Shiba Inu likely won't hit the coveted $1 mark anytime soon.
Cryptocurrency expert Zach Humphries says predictions that SHIB will hit $1 are “junk.” Humphries argued in a YouTube video that the self-proclaimed Dogecoin killer cryptocurrency will never be valued at $1 per coin. He said:
"it's out of the question."
The analyst’s argument is based on the fact that if SHIB reaches $1, it will not only become the most valuable crypto asset, but also exceed the value of the entire world economy. “In terms of the stock market, there is nothing bigger than Apple. In terms of cryptocurrencies, there is nothing bigger than Bitcoin,” he concluded.
an insurmountable obstacle
Since its emergence in 2020, SHIB has surged a staggering 600,000%, making it the 20th largest cryptocurrency on the cryptocurrency charts. Although Shiba Inu is still considered a joke cryptocurrency, its community and dedicated developers are doing their best to help it escape its meme coin status. As of February 2024, Shiba Inu’s price was $0.000009629, down approximately 88.8% from its all-time high price of $0.00008616 in October 2021.
Despite the ongoing Shibarium update and ongoing SHIB token burn, the dog-themed cryptocurrency has been firmly in the grip of the bear market for over a year. Shibarium was originally touted as an important Ethereum-based Layer-2 solution for the Shiba Inu network, but currently faces challenges in maintaining user interest and staying relevant in the evolving cryptocurrency landscape as new alternatives emerge. .
Technology like burning tokens is designed to provide a short-term price boost by reducing the circulating supply to push SHIB above $1 territory, but cannot ensure long-term growth without substantial ecosystem development and mainstream adoption.
No matter how parabolic the next bull run gets, there's no chance Shiba Inu will hit $1. But that doesn’t mean the coin won’t delete a few zeros and give major hope to the SHIB legions currently looking to hit new all-time highs.
