Can Shiba Inu Hit $1? Hype Meets Hard Math as SHIB Builds Its World

Remember Shiba Inu (SHIB)? That meme coin everyone went wild for? People still buzz about it hitting a dollar.

Can Shiba Inu (SHIB) actually hit $1? As the hype around meme coins continues, we take a look at what's heating up in the crypto sphere. We'll also be examining whether or not Shiba Inu stands a chance of reaching the $1 mark.

Can Shiba Inu hit $1?

The price of Shiba Inu (CRYPTO: SHIB) has risen sharply in 2024, and with the meme coin's price now in the spotlight once again, many investors are wondering if it has a chance of hitting $1.

Shiba Inu is currently trading at around $0.00001, and with a circulating supply of 589 trillion SHIB coins, in order for the meme coin to reach $1, it would need a market cap of $589 trillion. For perspective, global GDP is in the $105-$110 Trillion range, Apple (NASDAQ:AAPL) has a market cap of around $3 trillion, and the entire cryptocurrency market has a market cap of around $2.8 trillion. Additionally, the world's gold reserves are valued at around $17-$21 trillion.

At current rates, it seems nearly impossible for Shiba Inu to hit $1.

Shiba Inu is also being actively burned, with a new report highlighting how a billion SHIB tokens were burned in a week.

Shiba Inu burns are designed to decrease the circulating supply of the coin, ideally increasing the value of each token. A recent report from ShibOnline highlighted how 843,422,915 SHIB were burned in a day, while another report from Burn Visualization noted that 15.8 million SHIB were burned in a day during a 4,833% rate spike.

However, even with the recent surges in the SHIB burn rate, these burns might not be making a large enough impact to influence the price of the meme coin.

The team behind Shiba Inu has launched Shibarium, a Layer-2 solution to the Ethereum (CRYPTO: ETH) blockchain that promises to offer faster and cheaper transactions. Shibarium is also designed to be more energy efficient than Bitcoin (CRYPTO: BTC).

Shiba Inu has also created its own decentralized exchange called ShibaSwap, where users can trade various cryptocurrencies and earn yield on their tokens through liquidity provision.

With several projects in the works, including a collectible card game called Shiba Eternity, an NFT project called Shiboshis, and a metaverse, the Shiba Inu ecosystem is rapidly expanding.

As the meme coin continues to heat up, here's a closer look at what investors need to know about Shiba Inu and its chances of hitting $1.

What happened: Despite being launched in August 2020, Shiba Inu quickly gained popularity in late 2021 and early 2022, becoming one of the most discussed cryptocurrencies among retail investors.

The strong interest in Shiba Inu led to a massive increase in the coin's price, and by March 2022, it reached a high of $0.00003, marking an incredible 999,999% gain from its initial price of $0.000000003.

However, like many other cryptocurrencies, Shiba Inu experienced a downturn in 2022, and its price dropped significantly from the March 2022 highs.

Despite the price decline, Shiba Inu remains a popular cryptocurrency among retail investors, who are keeping an eye on any potential price increases.

Related Link: Benzinga's Guide to Blockchain and Cryptocurrency Tokens

What to know: A recent report from ChainArgos highlighted how the price of Shiba Inu could be influenced by the activities of large cryptocurrency investors, also known as whales.

According to the report, the top 100 wallets currently hold 78.96% of the total SHIB supply, while whale wallets, excluding exchange wallets and the burn address, hold approximately 73.51% of the meme coin's supply.

The report highlighted how any large-scale buying or selling activity by these whales could have a significant impact on the price of Shiba Inu. For instance, when whales buy or sell in transactions exceeding $100,000, it could lead to noticeable price changes.

The report also noted that the amount of SHIB held by whales has increased slightly over the last 30 days, suggesting that some large, long-term players might be feeling more confident in the meme coin.

The report concluded by saying that if the burning process continues at the current rate, and if the price of SHIB increases, it could reach $1 in the next 75–80 years.

However, considering the magnitude of the task at hand, it might be more realistic to set smaller and shorter-term goals