Can SHIB rise to $1?
The possibility of Shiba Inu (SHIB) rising to $1 is currently very low, mainly due to the following reasons:
1. Excessive circulating supply
The total supply of SHIB is as high as 589 trillion (as of 2024), which means that when its price reaches $1, the total market value will exceed $589 trillion.
Comparative reference: As of 2024, the total market value of Bitcoin (BTC) is less than $1 trillion, and the market value of all cryptocurrencies in the world is only around $1 trillion.
Conclusion: For SHIB to reach $1, its market value needs to exceed the total amount of the entire global economy, which is unrealistic.
2. Demand and scarcity
Insufficient scarcity: The huge supply of SHIB makes it difficult for it to achieve scarcity similar to Bitcoin or Ethereum.
Insufficient demand support: Although the SHIB community is huge, it is difficult to maintain the rapid growth of demand in the long term by relying solely on community hype.
3. Ecosystem limitations
Although the Shiba Inu team is building an ecosystem (such as Shibarium, ShibaSwap, etc.), these applications have not yet brought enough real value to attract more mainstream funds or corporate adoption.
4. Market conditions
Even if market sentiment drives SHIB to soar, this rise is usually short-term. The crypto market tends to turn to projects with more technical support or practical application value.
Can SHIB rise sharply?
The price of SHIB may still fluctuate when market sentiment or new features are launched, but the increase mainly depends on the following factors:
Large-scale token destruction (Burn): If SHIB can continue to destroy a large number of tokens and reduce the circulation, it can theoretically support price increases.
New ecological expansion or application scenarios: For example, the Shibarium chain can attract more users and developers.
Overall market bull market drive: When cryptocurrencies rise overall, SHIB may benefit.
Summary: Under the current supply and market value environment, it is almost impossible for SHIB to rise to $1. A more realistic goal may be to reach a smaller price range (such as $0.001). Investors should be cautious and make decisions based on market developments.