The price of Shiba Inu (SHIB) could be US $ 1 is the desire of the devotees. A number of experts have opinions, as well as conditions in order to achieve the dream price. He said impossible!
October 1, 2021 to 7 days after, is a historic episode for loyal supporters of this digital token. This is because, after several months of “stuck”, the SHIB price rose more than 300 percent, less than 32 percent from its highest peak, US $ 0.00000388 (May 10, 2021).
It was observed this evening, Sunday (10/10/2021), SHIB slumped in the range of US$0.00002621, down 10.42 percent in the last 24 hours. The previous high rose, bringing the SHIB at $0.00003523, according to Coinmarketcap.com data.
The price of Shiba Inu (SHIB) is US $ 1, this is what the experts say
Don Guo, CEO of Broctagon told Express.co.uk , Thursday (7/10/2021), Although the previous increase was an attractive sentiment, given the large purchases of US$6 trillion, for him it was unlikely that Shiba Inu (SHIB) would reach US$1.
Guo did not consider the burn mechanism via SHIB's first NFT which is scheduled to launch next week , including the market value on ShibaSwap and NFT games in the coming months.
"The reason behind this is that there is not enough money in the world to do it, for SHIB to reach one dollar, it requires a market cap of one quadrillion US dollars," Guo said.
Since its initial launch in August 2020, the number of SHIBs issued has been 1 quadrillion SHIBs.
About 41 percent have been destroyed by Vitalik in the past few months. Listed on Coinmarketcap, the circulating supply is 394,796 billion SHIB. This is still a very large number.
“By comparison, the overall US National Debt is US$23.3 trillion, and even that staggering amount is less than three percent of the amount required for SHIB to reach that price point,” Guo continued.
Guo compared SHIB with DOGE which both have the title as a crypto meme in the top 30 based on market value.
“Given the current trend, it is very likely that SHIB will remain in the range of less than a fraction of a penny. With DOGE's market capitalization reaching US$32.3 billion, SHIB will most likely reach this value, which translates to around US$0.000065 per SHIB,” he said.
With the current price, the market value of SHIB is only US$ 10,341,936,593, still far from DOGE, which in principle even has "unlimited supply" or does not have a maximum supply at all. SHIB itself has not added the number of SHIB units since August 2020.
DOGE itself does not have its own DEX project and is not even serious about working on the NFT market and crypto games, even though Vitalik and Elon Musk are part of the Dogecoin Foundation .
Guo said again, if we compare with the peak price of DOGE, we can even expect to see an increase of almost 600 percent, this will bring SHIB's market cap to over US$69 billion, ranking higher than USDT and making it third behind Bitcoin (BTC). ) and Ether (ETH). "That uncertainty combined with the fact that SHIB investors are also largely speculative in nature contributed greatly to its volatility and in turn mistrust from the market," said Guo.