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, SHIB skyrocketed in popularity. But will Shiba Inu Coin reach £1? A more apt question in the short term might be, “Will Shiba Inu Coin reach 1 pence?” More on that in a bit.
Is It Possible for Shiba Inu Coin to Hit £1?
Can Shiba Inu reach £1? 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 UK debt is almost £35 trillion. SHIB at £1 could pay off the UK 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 is 589.27 trillion SHIB tokens. SHIB at £1 could retire the UK debt nearly 17 times over based on the current supply.
Shiba Inu’s market capitalization is now £9.57 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 £1.3 trillion. This means SHIB’s market capitalization would be 460 times higher than Bitcoin’s current market cap or almost 250 times the value of the entire cryptocurrency market (£2.41 trillion).
£1 SHIB is out of reach. But how high can Shiba Inu go? Will Shiba Inu coin reach 1 pence? That may be more plausible.
$SHIB currently trades at £0.00001827 SHIB by the thousand because the low price makes handling the token unwieldy. To reach £0.01, SHIB would need to increase its current value by 615 times. On the 1-year chart, SHIB has outperformed Bitcoin following a surge in Shiba Inu’s price in March 2024. However, even with SHIB showing a +136.99% gain in the past year, £1 SHIB seems unattainable in the foreseeable future. Although SHIB rocketed by 8,766,010% in its first year, minting millionaires from small investments, performance on that level is unlikely, given the market cap required.
Can Shiba Inu Coin Hit £1 in 2030?
$SHIB ’s supply remains the main obstacle to reaching £1. The number of tokens would need to be reduced dramatically. Given the current supply of 589.52 trillion SHIB, even burning 99% of the supply gives you a market cap of £5.8952 trillion, which is still larger than Bitcoin’s current £1.3 trillion market cap. Instead, let’s look at some Shiba Inu price predictions that are within reach, assuming conservative token burns. Our analysis for SHIB puts the trading range much lower than £1, or even £0.01, but still indicates significant potential gains for 2030:
Can Shiba Inu Coin Hit £1 in 2050?
Whether 2030 or 2050, SHIB is unlikely to hit £1 due to the amount of tokens in circulation. Although the community is actively burning tokens, it remains doubtful that 99% or more of the supply will ever be burned. As of October 2024, Shiba Inu’s burn rate has surged by 450%, removing nearly 3 million SHIB from circulation in a single day. This uptick in burning has fueled optimism for price growth, with SHIB gaining 32% over the past month.
However, the supply would need to be reduced by 99% for a market cap below £6 trillion. 2050 is a long way off, and a pound likely won’t be worth as much by then. Despite recent increases, the current burn rate still doesn’t approach the level needed for SHIB to reach £1 — even in 2050. Let’s look at the Shiba Inu price predictions for some key dates moving forward, ending with 2034. We didn’t project as far out as 2050 because the industry changes quickly, making it impossible to predict prices more than two decades away.
