|Will Shiba Inu Reach 1 Cent in 2022? Shiba Inu 1 Cent is a dream for many SHIB Investors. There are many ways in which Shiba Inu can reach 1 cent but the chances of this happening in 2022 are diminishing by the day given the macroeconomic conditions.|
Shiba Inu Coin Price
In the year 2021, Shiba Inu had risen 60 times in 6 months. So can Shiba Inu reach 1 cent in 2022?
Can Shiba Inu reach 1 cent? Let us do the Math first
Shiba Inu has risen in the last 24 hours and now the price of SHIB is over $0.000010. SHIB has managed to shed off one ‘0’ from its price. However, SHIB needs to get support from the SHIB Army in order to keep the price of SHIB over $0.000010. Here are the calculations of how SHIB can reach 1 cent:
|Price as of June 23rd||$0.000010|
|How many times will the price have to rise to become 1 cent?||1000|
|Market Cap as of June 23rd||$5659 M|
|How much are 1000 times $5659 M?||$5659 Billion|
|If Shib were to rise 20% a year, how many years will it take to reach 1 cent?||39 Years|
|If Shib were to rise 50% a year, how many years will it take to reach 1 cent?||17 Years|
|If Shib were to rise 50% a year and also Burn 50% of the Coins||9 years|
It will take $SHIB 9 years to reach 1 cent if it grows 50% every year for 9 years and the community also burns 50% of the coins during that period.
Will Shiba Inu reach 1 cent? Shiba Inu Performance 2022
Shiba Inu since January 2022 has lost nearly 20% of its value. It is one of the worst-performing cryptocurrencies this year.
In the last 5 days, SHIB has gained around 30% in its value. In the last 24 hours, SHIB is up but the problem for SHIB is decreasing trading volume.
Will Shiba Inu Reach 1 Cent: Factors Against Shiba Inu
Shiba Inu’s price has dropped below $0.000010 and it is following the crypto market trend which fell below the $1T market cap. Bitcoin is down and it is on the verge of sliding below $20,000. It is at its lowest level since December 2020.
Talking about Shiba Inu, it is now trading below its October 5th, 2021 value. In the last 24 hours, SHIB is up over 3%.
Things that are not working for Shiba Inu currently are:
- Trading Volume: We have noticed in the past that when the price crashes, there has been a rise in trading volume as more investors try to take advantage of the lower price. This time things are different. Despite the price of Shiba Inu falling below $0.000010, there is the least interest among the investors. The trading volume in the last 24 hours is down over 30%.
- Whales: Shib price in the past has been mostly driven by the Whales. The Whales have come to the rescue of Shiba on many occasions. This time, the whales seem to have deserted Shib and allowed to price of SHIB to have a free fall. However, one data shows that SHIB is the biggest altcoin or the favorite altcoin among the ETH whales.
- YTD Performance: Crypto market is down and almost all the cryptos are lower and this has been the case since January 2022. But what is more concerning is that SHIB is one of the worst-performing crypto this year. SHIB has lost nearly 80% of its value this year.
- Social Media Sentiment: The Social media sentiment for SHIB is worse. The buzz is highly negative and there seems to be no improvement in it. Even the search volume of SHIB has crashed.
- Technicals: The technicals for SHIB are highly worrying. The support is even below $0.000007 and even for the next one month, the signal is SELL.
Will Shiba Inu reach 1 cent? Latest News Updates
In the last 24 hours, 75,737,142 SHIB tokens have been sent to the dead wallet. It is estimated around 316 million SHIB tokens have been burned in the last 2 days.
- Shiba Inu Market Cap Rank Crashes
SHIB’s price has been trading below $0.000010 and the market cap of SHIB has been massively hit. Now the problem for SHIB is that its market cap rank which has now gone down to 19th from 17th as per the crypto.com.
Will Shiba Inu Reach 1 Cent: Last One Year Rise and the Responsible Factors
On Paper, Shiba Inu has risen 403x in the last year. There are various factors which are listed below:
- The Shiba Inu came into the limelight since its launch as investors were looking for the next bitcoin (BTC) to invest in, but the real push was in May when it rose 2405% in just a span of three days and hit a fresh peak of $0.0000388 on 10th May. The rally was primarily due to an interview of Elon Musk where he termed DOGE as a “hustle”, which triggered a sell-off in DOGE and fresh buying in SHIB.
- The prices of meme tokens are so reactive to Elon Musk’s tweets that they jumped after the Tesla CEO tweeted a photo of a Shiba Inu puppy in a Tesla vehicle on 4th October. Other similar currencies like Dogecoin and Shiba Floki (FLOKI) had met a similar fate.
- In late November, a couple of positive news like a listing on the Kraken exchange and an announcement by e-commerce retailer Newegg that it will accept SHIB as payment buoyed the price. Another positive factor is the appointment of gaming veteran William Volk.
- On 8th December, Shiba Inu revealed that a strategic work-for-hire contract is signed with Playside, the Australian video game developer. The plan is to develop a multiplayer Collectable card game. Luckily, on the same day of exchange Bitstamp announced to list SHIB, the following day on its platform. These factors contributed to taking the upside of the price.
Can Shiba Inu reach 1 cent? Impact of Shiba Inu Burn
Burn involves sending coins to a ‘dead’ wallet.
A large number of Shib tokens need to be burned to reduce the Tokens in Circulation. In theory, this should increase the value of each remaining coin. Every day several million coins are burned but the burn rate is very low. On the 14th of February, a burn party was organized to burn millions of Shib Tokens.
While Burn alone is not enough, such events sustain the interest of investors Shiba Inu. There are 549 Trillion SHIB Coins in circulation at the moment.
Shib Inu 1 Cent – Understanding Market Cap implications
Shiba Inu will reach 1 cent only if Trillions of Shiba Inu Coins are Burnt and Shiba Inu will be able to execute its plans around Shibarium, Shibverse, etc. There are other challenges –
- At a $0.01 value, the market cap of Shiba Inu will be roughly $5.89 trillion, which is approximately 10 times more than Ethereum itself, on whose blockchain it is dependent. The market cap will 3 times more than Apple (AAPL) and 5 times more than Tesla (TSLA), 10 times more than Bitcoin.
- If Shiba Inu reaches 1 cent valuation with a market cap of $5.89 trillion, it will be more than what US government raises in annual taxation ($4 trillion). As SHIB is based on Ethereum ERC20, it does not make sense that Shiba Inu’s market cap can surpass Ether’s market cap. To meet the $0.01 target, a significant number of SHIB coins will have to be burnt.
- Cryptocurrencies like Bitcoin and Dogecoin have their independent blockchain and are standalone currencies, they have a mining system, backed by thousands of mining computers that are keeping the system alive and running. But SHIB is an ERC 20 token-based cryptocurrency similar to Binance Coin and Tether. So SHIB token is not offering anything new to investors to push its market cap to such huge levels.
Will Shib reach 1 cent? Updates on various developments
- Shib’s Burn rate has increased according to Watcher.Guru
- There is an update on Shibarium
Will Shiba Inu reach 1 cent? How Lack of Long-Term Shib Holders has halted the Rise of Shiba Inu
- The Shib Army along with different independent organizations have been putting an effort to burn a large number of Shib tokens. However, their effort is proving to be insufficient as there has been very little change in price after every burn.
- The main reason behind this lack of a good number of long-term Shib holders. As per the data by IntoTheBlock 80% of Shib holders are within a 1-12 months time frame while 5% of the SHIB holders are less than 1 month old. There are 15% of SHIB holders older than 1 year as of now as per the data.
Will Shib reach 1 cent?: Why Shiba Inu Should be Part of Your Long-Term Investment
The lack of long-term Shib token holders has been a major roadblock in rising of Shib Inu’s price. Shiba Inu is down by over 50% this year, yet it is advisable to have Shiba Inu as a part of a long-term investment.
- There has been news of Ethereum whales purchasing Shiba Inu tokens in bulk. Whales are the ones who own a great deal of cryptocurrency. If the ETH whales are shifting to Shiba Inu, it is evidence of increasing trust for the Shiba Inu ecosystem.
- The fact that Shib Inu developers are transforming Shiba Inu into more than a “Meme Token” is attracting the big whales towards it. This year Shiba Inu is believed to be launching launch a layer-2 scaling solution and also entering the world of the metaverse.
- The growing acceptance of the Shiba Inu token as a mode of payment can be considered as the other reason why one should have a Shib token in their crypto wallet for the long term.
Will Shiba Inu Reach 1 Cent? Conclusion
Currently, Shiba Inu is at a very important level and it could see a major upward or downward movement in 2022. Also, it should be kept in mind that Shiba Inu’s market cap is much smaller than Bitcoin and Ethereum and that makes it much more volatile if it has witnessed a steep sell-off in the last couple of weeks, upside potential is also similar and it is a matter of time before Shiba Inu will march towards an all-time high. But for all practical purposes, investors should not be disillusioned that Shiba Inu will touch 1 cent.
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.