There isn’t a doubt that Shiba Inu (SHIB) was the largest meme coin of 2021. The so-called Dogecoin killer went on to make so many individuals wealthy however has since misplaced a few of these features. Nonetheless, the massive query for most individuals has at all times been the street in the direction of $1 for SHIB. Is it even doable? Effectively, listed below are some highlights.
On the time of writing, SHIB was buying and selling at $0.0000217 with a market cap of round $11 billion.
For SHIB to hit $1, it might want to develop by almost 5 million % over the approaching years.
Whereas this may occasionally appear unattainable, the truth that SHIB grew by almost 26 million % in 2021 makes it fairly possible.
Information Supply: Tradingview.com
What must occur for SHIB to hit $1
The street to $1 for SHIB is not going to be simple and it’ll have quite a lot of ups and downs. In actual fact, the 2021 surge was pushed by many elements, most of which will not be obtainable for SHIB sooner or later.
For instance, when the meme coin was authorised to commerce in main exchanges, it merely mooned. However that’s now water below the bridge. In any case, SHIB is already in these exchanges.
Additionally, the crypto market seems to be correcting sharply in 2022. Memecoins like SHIB will get hit laborious. Nonetheless, Shiba Inu should cut back the circulating provide to get to that degree. Proper now, they’re about 550 trillion cash in circulation which is simply an excessive amount of.
Can you purchase SHIB now?
Most consultants will argue that the nice days of Shiba Inu are means gone. However there’s nonetheless sufficient upside for development, albeit not the large sharp rise we noticed final 12 months.
As an example, SHIB is presently buying and selling means decrease than its 2021 highs. You should purchase and hope to trip any restoration in the direction of that value earlier than you exit. Nonetheless, SHIB, like many meme cash, is extremely dangerous.