Shiba Inu is one of the largest cryptocurrencies by market capitalization.
A look at how much optimism Benzinga readers have that Shiba Inu coin will hit 1 cent by the end of 2025.
SHIB/USD
is one of the cryptocurrencies that have traded higher sinceDonald Trumpwon the2024 presidential election.
The cryptocurrency trades well off of all-time highs, but Benzinga readers think the coin could go higher over the next year.
While Bitcoin
BTC/USD
hit new all-time highs and continues to trade higher after the 2024 election, Shiba Inu lost momentum. The cryptocurrency, which is the 11th largest by market capitalization, is down 10.5% over the past seven days with a current trading price of $0.00002457.
What Happened: Shiba Inu continues to see a high burn rate, an event that can increase the price of the cryptocurrency with a lower supply available.
Given the coin's low price currently, a move to one cent would drastically increase the valuation of the coin and is not likely without some increased burning to the supply.
For context, a $1 investment today could buy 40.700.04 SHIB. If Shiba Inu coin hit one cent, the $1 investment would turn into $407 and be up 40,600%.
Why It's Important: Shiba Inu launched as a similarly themed cryptocurrency to Dogecoin
DOGE/USD
in August 2020.The coin leveraged the Ethereum network and created a decentralized exchange calledShibaSwap, which includes other tokens likeBONEandLEASH.
Shiba hit an all-time high of $0.00008845 in October 2021. The coin was helped by the inclusion on several major cryptocurrency platforms like Coinbase, Kraken and Robinhood in 2021 and 2022.
Prior to then, it was harder for investors to buy Shiba Inu.
In September, Shiba Inu coin had a rally on news that a stablecoin called SHI could be launching. The launch of a stablecoin and the increasing burn rate of SHIB could point to increased attention on the meme coin in the coming months.
Another recent Benzinga poll didn't have the same optimism for Shiba Inu coin compared to some other cryptocurrencies. Shiba Inu was picked last of the coins Bitcoin, Ethereum, Dogecoin, Shiba Inu and Pepe coin for which cryptocurrency would have the best return between now and the end of 2025.
Bitcoin won that poll with 40%, followed closely by Dogecoin at 36%. Shiba Inu coin ranked last at 7%.
