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Can Shiba Inu Coin ($SHIB) Reach 1 Cent?

I write for a crypto blog and do cryptocurrency research all day so that you don't have to.

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Shiba Inu Coin is a cryptocurrency that has been very popular. You've seen its price probably skyrocket, and you've probably heard about the people who have invested a few hundred dollars, and they've come out with a few thousand dollars.

Shiba has been in everyone's mouth lately. And their wallets.

One big thing that Shiba investors claim is that Shiba is guaranteed to hit a penny someday. Shiba haters, they'll say, "That's impossible, bro. It's never gonna hit a penny, bro!"

Well we'll see about that.

What Is Shiba Inu Coin?

Shiba Inu is a memecoin. It's actually a memecoin based on another memecoin called Dogecoin.

Dogecoin was the very first memecoin and was pretty much copied from Bitcoin. Shiba, on the other hand, is an Ethereum token. So they slightly differ in that way. An Ethereum token can be used to build apps and do other cool things, while Dogecoin cannot.

The developers who created Shiba saw the crazy potential of a memecoin like Dogecoin, which was skyrocketing already. Shiba devs wanted a piece of that, and here we are.

Ways Shiba Can Reach 1 Cent

Before we look at ways that Shiba can reach one cent, we have to first look at the market cap that would be needed for the price per $SHIB to be 1 cent.

Market cap is the total value in a cryptocurrency. It is calculated by multiplying the price per token by the number of tokens in the circulating supply.

Shiba has 549.1 trillion tokens in its circulating supply. I can't even count that high!

That's a lot of tokens! For Shiba to hit a penny, that means that its market cap would have to be 5.491 trillion dollars!

So you can see that this will be pretty difficult considering even at bitcoin's all-time high, its market cap was only 1.3 trillion. Shiba would need to be about five times that to hit a penny.

But Shiba can still reach one cent, and here is how.

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Businesses

Shiba claims that it can be used as a digital currency to buy and sell goods. I want to walk into a restaurant and buy a cheeseburger with $SHIB, and I think all Shiba holders would agree with me.

There are some businesses who agree too.

In fact, so far, Shiba is accepted by over 40,000 merchants! And there are some legit companies who accept it. These include AMC Theatres, Twitch, Newegg, Sling TV, and over 39,996 more.

This might be the snowball that Shiba needs to grow large enough to be the bottom of the snowman in the crypto world. And you know what I mean by that if you're a $SHIB holder.

Projects

Shiba is built on Ethereum, which means that applications can be built on it. Shiba actually has quite a few projects in the works.

These projects include ShibaSwap and Shibaverse.

ShibaSwap is a decentralized exchange that allows you to trade cryptocurrencies with your blockchain wallet instead of an account. Users can use a token called $BONE to vote on the future of the project or stake it to keep the blockchain running and receive rewards.

The Shibaverse is a digital metaverse where users can buy and sell NFTs, play to earn games, and experience a world in virtual reality.

If Shiba's projects get big, then a massive demand for its tokens could occur, which would raise its market cap and its price.

Supply Burns

Since Shiba has such a massive supply of tokens, it could really benefit from burning cryptocurrency. There is a lot to know about burning cryptocurrency, but for this article, all you need to know is that burning crypto tokens is when you send them to a wallet address to be permanently destroyed.

There are a few reasons why Shiba can benefit from a burn, but the main reason is that it creates a deflationary event.

Remember, market cap is the price times the number of coins. If the market cap stays the same but the amount of coins decreases, then the price will go up. This is what Shiba can aim to do with a burn of their tokens.

Shiba has already had a few successful crypto burns in the past, but these have been mostly community-led and haven't really taken too many coins out of circulation for it to be noticeable. There is a lot of interesting economical advantages of burning cryptocurrency and can learn more if you are interested.

Summary

Shiba Inu is a memecoin that gained popularity due to its massive increase in price, but now it wants to be a legit coin with all the others. Many Shiba investors believe that it can reach one penny someday; others are skeptical.

There are ways Shiba could reach 1 cent, though.

More and more businesses are accepting Shiba as a way to pay for stuff. There are projects that could get big being built with Shiba. Shiba could also benefit from a burn of their supply since there is such a large number of circulating coins.

Every day we hope to see Shiba reach a penny.

This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.

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