Can Shiba Inu reach $0.01? • Price analysis • Benzinga

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Shiba Inu is a memecoin that has seen unprecedented price increases in 2021. It has risen rapidly through the crypto ranks due to both price increases and celebrity attention. A celebrity investor bought $5,000 Shiba Inu at the end of 2020, which was worth over $5 billion at its peak. That being said, that same investor is now barely a billionaire — Shiba Inu has depreciated nearly 75% from all-time highs.

With a large trading volume even in a downtrend, investors wonder if Shiba Inu will ever reach 1 cent. It can’t be that hard if Dogecoin reaches $0.70… can it? Let’s see if it is actually possible for Shiba Inu to reach a penny.

What is the Shiba Inu?

Shiba Inu (SHIB) is an ERC-20 token, which means it runs on the Ethereum blockchain. It was launched in August 2020 by the anonymous Ryoshi. Half of the initial supply was offered to the creator of Ethereum, Vitalik Buterin. However, Buterin sold his stake early on and donated it to charity. If he held his tokens, they were currently worth over $10 billion.

Shiba Inu is based on Dogecoin (DOGE.) A Shiba Inu is a breed of dog and is the mascot of Dogecoin. Shiba Inu was created in response to the crazy popularity of DOGE and hopes to capitalize on the hype.

Shiba Inu is used to power the decentralized exchange (DEX) called ShibaSwap. Users can stake their holdings, provide liquidity, and swap SHIB with other tokens on the exchange. However, ShibaSwap hasn’t gained much popularity due to its newness and is less secure than its competitors. While it doesn’t bring a ton of new features to the DeFi space, it still adds value to SHIB.

SHIB is also used as a payment method. SHIB can be sent to anyone else on the channel for a small fee. This is used by retailers as some accept SHIB as a form of payment. Although few retailers currently accept SHIB as a payment method, the list may grow as the token becomes more popular.

Shiba Inu Market Cap

SHIB is currently trading around $0.000023 with a market capitalization of almost $15 billion. That’s a huge departure from its lows of $0.00000516 in 2021 and its market cap below $1 billion. SHIB has consistently shed 0s in its price, up over 90,800,000% on the year. It has been one of the most profitable investments not only in the past year, but in the history of the economy…through the end of 2021. After its peak in October, Shiba Inu fell a astonishing (or predictable) 70%. This means that an investment made in October of $100,000 is now worth only $30,000.

Can Shiba Inu Touch $0.01?

If Shiba Inu has taught us anything, it’s that nothing is out of the question. Shiba quickly knocked DOGE down in market capitalization, something few investors saw coming. However, a price per token of $0.01 would imply a market capitalization of several trillions of dollars. If Shiba Inu reached a penny, the cryptocurrency would be worth several times more than Bitcoin. Due to the huge amount of capital required for SHIB to reach a dime, this is very unlikely to happen.

How to Buy a Shiba Inu

Shiba Inu quickly gained momentum in 2021 thanks to a large community of investors. Many crypto exchanges have taken notice and are now offering the token for trading. The easiest way to buy SHIB is through a crypto brokerage. While a handful of crypto brokers offer the token, 3 in particular stand out for their ease of use, security, and focus on education.

Coinbase, eToro, and Webull are great options for anyone looking to buy SHIB quickly and securely. To register, you only need an email and a password. The brokerage may also require some basic personal information in order to know your client’s laws (KYC). Once you have an account, you can fund it with an ACH or wire transfer. Access the SHIB profile using the search bar and make your trade.


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Is Shiba Inu a bubble?

Due to the rapid rise in price and popularity of Shiba Inu, some say memecoin is a bubble, destined for a dramatic drop in price. Those who claim SHIB is a bubble say that there is essentially no reason for the price to rise so much. The token does not offer breakthrough features and does not have many major projects. For this reason, some believe that the price will eventually go down and the “bubble” will burst.

While some say the token is a doomed bubble, proponents of the token believe in the community of investors it supports. The token bolsters 1.5 million Twitter followers and has a large number of extremely loyal fans. These fans may have no intention of selling, waiting for the price to rise even more.

What are Memecoins?

Memecoins are cryptocurrencies that use social media jokes or sarcasm to gain popularity. One of the first memecoins was DOGE, and many more followed. Other examples of memecoins are Tiger King Token and Poo Coin. These tokens rely on jokes and irony to attract investors.

Memecoins often offer no real service. For this reason, they can often be extremely risky. Memecoins are among the most volatile investments available to retail investors, so it is important that you invest the money you are willing to lose in Memecoins.

Is the Shiba Inu a good investment?

While Shiba Inu have already seen historic price increases this year, many don’t see the hype stopping anytime soon. Conversely, others see it as a bubble, ready to burst at any moment. The price of Shiba Inu will ultimately depend on the investors in the project. Although a price target of $0.01 may be too high a target to reach, there may still be an upside for the digital asset given the huge hype surrounding the coin. If there are massive sell-offs in the near future, however, the price may crash.

Can Shiba Inu reach a penny?

Technically speaking, Shiba Inu could reach a dime if enough capital started investing in dog-themed cryptocurrencies. But since Shiba Inu would need trillions in capital to reach $0.01, institutions and governments would have to buy SHIB, which seems highly unlikely.

Will Shiba Inu reach new all-time highs?

In 2017, Dogecoin made massive gains and crashed. It then made a comeback in 2021, so if Dogecoin is any indicator, Shiba Inu could yet hit new all-time highs. However, Dogecoin is unlikely to be a good indicator of whether SHIB will stick around or not.


Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
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