Memecoins like Shiba and Pepe often struggle to reach $1 USD, and here are some reasons why:
1. Large supply: Memecoin usually has a huge supply. For example, the Shiba Inu has billions and billions of tokens in circulation. If Shiba reaches $1 per token, its market capitalization will far exceed the total market capitalization of all existing cryptocurrencies.
2. Lack of utility: Memecoins often lack real-world support or significant utility. They are often created as a joke or to commemorate an event. So achieving a price of 1 USD per token is difficult.
3. Market sentiment: Memecoin often depends on market sentiment and the distribution of investors. Price increases and decreases are typically not based on technical or fundamental grounds, but instead depend on community interest and non-technical factors.
However, it is not always possible to predict accurately. There are cases where memecoins have seen significant price increases, like PEPE, but achieving a price of $1 per token remains a major challenge. This also depends on the market situation and community interest in the future. 🚀