Will Shiba Inu Coin Reach $1 in 2024 or in The Future?
Dogecoin brought the lovable Shiba Inu dog breed into the crypto-sphere when it launched in 2013. Shiba Inu Coin borrowed the mascot in 2020 with the launch of the Shiba Inu token (SHIB). Almost immediately, the SHIB token skyrocketed in popularity. Will Shiba Inu Coin reach $1? A more apt question in the short term might be, “Will Shiba Inu Coin reach 1 cent?” More on that in a bit.
In this guide, we’ll explore the tokenomics and use cases for Shiba Inu to learn more about the token’s long-term prospects. Unlike most other meme coins, SHIB has use cases on the recently launched Shibarium blockchain.
The Shiba Inu community is also burning tokens, reducing the still-staggering supply. Vitalik famously burned 90% of his SHIB tokens, donating the balance to aid Covid relief in India. Burning tokens sounds bullish. When will Shiba Inu coin hit 1 dollar, and is that even possible? Let’s find out.
Is it Possible for Shiba Inu Coin to Hit $1?
Can Shiba Inu reach 1 dollar? Probably not. The number of tokens helps answer the question. Let’s look at the supply of SHIB tokens and do the math to find out why.
SHIB launched with one quadrillion tokens. By comparison, the US debt is about $35 trillion. SHIB at $1 could pay off the US national debt nearly 29 times over based on the initial supply.
However, the Shiba Inu community is actively burning tokens, and Vitalik Buterin burned almost half the initial supply. As of this writing, the supply of Shiba Inu remains at 589.26 trillion SHIB tokens. Given the current supply, SHIB at $1 could retire the US debt nearly 17 times over.
Shiba Inu’s fully diluted market capitalization is now $15.28 billion. To reach $1, SHIB’s market cap would need to increase to nearly $600 trillion. As the leading cryptocurrency, Bitcoin has a market capitalization of $1.4 trillion. This means SHIB’s market capitalization would have to be 420 times higher than Bitcoin’s current market cap or 230 times the value of the entire cryptocurrency market.
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