Imagine investing $100 today in Shiba Inu and seeing the price of Shiba Inu reach $1 in 2023. To put it another way, your investment portfolio has grown to $10.8 million. Obviously, that’s a lot of money that could completely alter your future. And let’s not even discuss whether you should have spent $1,000 or $10,000 on Shiba Inu.
Is Shiba Inu going to be worth $1 in 2023?
As for a more concise answer, it’s probably not.
Does a Shiba Inu have the firepower to reach a dollar?
Shiba Inu could buy one dollar’s worth of SHIB with 589 trillion tokens sent to the burn address at today’s prices.
In 2021, Vitalik Buterin made a single transaction, sending 410 trillion SHIB tokens to the burn address. Is it possible that this could occur once more? Does a Shiba Inu have the firepower to earn a dollar?
I seriously doubt it. A total of 1,250,000 Shiba Inu owners hold a portion of the 589 trillion tokens in circulation. In addition, they are not using them as fuel. Only 661 million SHIB tokens, worth about $6,000 at the time, were destroyed in November.
If Shiba Inu ever wants to burn its way to a dollar, it might want to study up on alternative cryptocurrencies like EverGrow. It’s a token that generates its own burning mechanism through a transaction tax (2% of every buy/sell) and the creation of applications that funnel all of their earnings into EverGrow.
In November, EverGrow almost ran out of product because they burned over $250,000 worth of it.
In terms of market cap, do you think Shiba Inu will reach $1?
Here’s what has to occur for Shiba Inu to reach $1 just from investments.
A $590 trillion valuation for the Shiba Inu is essential. The entire cryptocurrency market is less than 0.5 percent of that size. This figure is nearly thirty times larger than the GDP of the United States.
In other words, we shouldn’t expect it in the year 2023.
Shiba Inu’s token could increase by 760%, from its current value of $0.00002 to its all-time high of $0.00008, if the cryptocurrency were to reach its previous high. On the other hand, it’s still a long way to go until you reach $1. While the cryptocurrency market is still bearish, it’s wise to focus on shorter-term goals.
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