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Will Shiba Inu ever be worth a dollar ?

Along with Dogecoin, it is one of the most popular meme cryptos. Will it ever be worth a whole dollar, though?
 
SHIB, which was created as a knowing gesture to the meme coin DOGE, quickly gained popularity among investors and major crypto exchanges, with Binance and Coinbase among the first to offer the small-cap altcoin. Following the craze, SHIB is now 85% below its all-time high of $0.000086.

What would it take to get Shiba Inu to $1? Is such an accomplishment even possible?
 
Shiba

The so-called "Dogecoin Killer" 

 
SHIB witnessed its first parabolic surge in value in early May 2021, which is unsurprising. During this time, countless meme tokens were created in an attempt to replicate the success of Dogecoin and rally in a similar manner to GameStop and AMC Entertainment on Wall Street.

During this time, we saw a flood of Dogecoin-themed tributes, if not outright forgeries, hit the market, with several makers adding incorporating DOGE cheerleader Elon Musk into their newly minted coins. 
 
With the advent of assets such as Dogelon Mars (ELON), Baby Doge Coin (BabyDoge), Samoyedcoin (SAMO), and Shiba Predator (QOM), investors now have a plethora of options for investing in meme-based securities. Yet, one year later, the only coin that has come close to Dogecoin's longevity is Shiba Inu, which presently ranks 14th in terms of cryptocurrency market valuation. Aside from DOGE and SHIB, no other meme coin comes among the top 100.
So, what makes Shiba Inu unique? And why were Coinbase and Binance so ready to list the asset?

Shiba Inu was founded on the Ethereum blockchain in August 2020, despite first being famous in May 2021. The asset's developer is completely unknown, and the terms of its creation are unknown. SHIB's sole aim was said to be to become the "Dogecoin killer," albeit this was more of a joke than a danger.

The SHIB Ecosystem is Described

Surprisingly, the Shiba Inu ecosystem includes cryptocurrencies such as LEASH and BONE in addition to SHIB. While LEASH has only 107,000 tokens in circulation, BONE, Shiba Inu's governance token, has a much bigger number of 250,000,000 tokens.

SHIB, on the other hand, has a total supply of 999.99 trillion tokens, making it significantly more common than DOGE's present circulation of around 133 billion tokens. It is worth noting, however, that in May 2021, half of Shiba Inu's token supply was handed to Vitalik Buterin, co-founder of Ethereum. Buterin chose to burn 90% of his tokens and donate the rest, reducing the circulating supply of SHIB to about 589 trillion.
 
Shiba Inu's price history demonstrates that the cryptocurrency has never been close to one cent, let alone one dollar. This low price is mostly determined by circulating supply. Because there are trillions of SHIB in circulation, there is simply no scarcity to give a higher USD value for the asset, despite the coin ranking higher than more expensive tokens such as AVAX, ATOM, and LINK.
 
Shiba Inu is practically useless in terms of practical application. The asset exists exclusively to be the world's most prominent meme token, which implies it is entirely dependent on market mood and pre-existing crypto cycles.

However, SHIB's popularity cannot be overstated, and positive feeling around the coin has already seen tremendous increase beginning in 2021 and continuing through 2022. Not only did the cryptocurrency perform an unlikely recovery to surge in late October 2022, but SHIB was also adopted by a variety of retail outlets such as GameStop, allowing us to make in-store transactions using SHIB.

Such accomplishments are unusual for meme tokens established in the aftermath of Dogecoin, and they serve as a warning that it is not always prudent to dismiss this specific meme coin entirely.
 

Could the Shiba Inu ever reach $1?

So, could Shiba Inu ever reach $1? The answer is almost definitely no—at least not at the current rate of circulation.

Bitcoin's current market value, which normally varies in the $10,000s, is dictated by the coin's fixed scarcity of just 21,000,000 tokens that can ever be created. To achieve a coin value of $1, SHIB's market capitalization would need to be $589 trillion at roughly 589 trillion tokens. Given that the Motley Fool recently claimed that total global wealth is about $500 trillion, this is a mind-boggling quantity to grasp.
 
However, if the circulation of Shiba Inu falls dramatically, like it did when Vitalik Buterin burnt half of the coin's total supply, more scarcity may have an impact on the coin's value.

There are a couple more encouraging indicators for investors. Because SHIB was created on the Ethereum blockchain, it is significantly more accessible than other small-cap meme tokens, and it has opened the path for Binance and Coinbase to easily add the asset to their respective offerings.
 

Despite its low value, SHIB adoption may increase

With such high levels of acceptance, it appears that investor sentiment has boosted SHIB's usability, and the fact that stores are starting to accept the cryptocurrency indicates that some type of utility has been constructed for the coin.

In terms of the journey to $1, consider a more rational circulation level. Polygon (MATIC), which has a value of $0.85 at the time of writing, is the closest asset to Shiba Inu in terms of market capitalization and proximity to a $1 value. The circulating supply of this currency is $7.44 billion. Using this as a guideline, SHIB's circulating supply would need to drop to nearly a 100,000th of its present level in order to experience the same pricing in the current crypto market.
 
We are mostly sure that a new bull crypto market will help to build a strong market-wide rally that will drive more prices upwards, but in terms of growth, it is highly rare for an established asset to surge 100,000% in this manner.
 

SHIB is still a coin to keep an eye on

Although Shiba Inu is an excellent example of a meme coin success story, SHIB's 589 trillion token circulating supply has made a rise to $1 all but impossible—barring a significant decrease in the number of coins in circulation.

Regardless, a surge of favorable emotion has created a layer of utility for the token. Investors may discover that SHIB can maintain momentum indefinitely, making it one of the most attractive and lasting meme-based investment choices.

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