Price forecast for Shiba Inus: Will SHIB reach $1 by 2025?
Despite being one of the newest cryptocurrencies on the market, SHIBA INU, dubbed the “Dogecoin killer,” has done unexpectedly well. Is it possible for SHIB to reach $1 by 2025?
The SHIB token, which was launched by a group of anonymous cryptocurrency users in August 2020, is based on the same Shiba Inu dog meme as rival dogecoin, which was also created as a joke or meme coin. Shiba Inu is described by its creators as “an experiment in decentralized spontaneous community development.” SHIB is an ERC-20 token based on the Ethereum blockchain that will be the first to be listed on the ShibaSwap decentralized exchange (DEX).
According to Capital, SHIB has a total supply of one quadrillion tokens, which is meant to allow users to retain billions or even trillions of tokens.
Because of the volume, SHIB’s value can remain much below one penny while still generating higher returns for its holding investors.
According to Coin Market Cap, there are 394.79 trillion tokens in circulation, with a total market capitalization of $3.6 billion at the time of writing on June 29.
SHIB’s price skyrocketed on May 8 after Tesla (TSLA) and SpaceX CEO Elon Musk appeared on Saturday Night Live, causing a selloff of Dogecoin after he referred to it as a “hustle.”
On May 10, SHIB reached an all-time high of $0.0000388, but on May 19, it fell to a low of $0.00000642.
On May 24, the price rose to $0.00001195 before dropping to $0.00000732 just five days later.
SHIB was trading at $0.00000928 at the end of May, and was trading at $0.000007281 at the time of writing on June 18.
However, given the volatility of the crypto market and the fact that most alt-coins surge fast upon launch before quickly losing value, this is thought to be a relatively average level of fluctuation.
Some analysts believe SHIB will eventually hit $1, while others are pessimistic about the future.
Market Realist outlined one strategy for getting the coin to the dollar benchmark, which is a major goal for investors.
To reach $1, SHIB would have to increase by nearly 12 million percent.
Since January, the currency has increased by roughly 2 million each month, implying that it might – in principle – reach $1 by the end of 2021 if current trends continue. “Brinkwire News in Condensed Form.”