If the price of doggy-themed crypto Shiba Inu (SHIB) rocketed to the $1 mark, millions of holders would turn into millionaires and billionaires overnight. However, SHIB hitting that milestone is unlikely to happen this year, according to one crypto analyst.
SHIB Unlikely To Reach $1 Milestone
Shiba Inu most probably will not touch the coveted $1 mark anytime soon.
According to cryptocurrency expert Zach Humphries, predictions calling for $1 SHIB are “garbage”. Humphries posited in a YouTube video that the self-proclaimed Dogecoin killer will never be valued at $1 per coin. In his words:
“It’s not going to happen.”
The analyst based his argument on the fact that If SHIB were to hit $1, it would not only become the most valuable crypto asset but end up being worth more than the entire world economy. “Nothing is bigger than Apple on the stock market side of things. Nothing is bigger than Bitcoin on the crypto side of things,” he summarized.
An Insurmountable Obstacle
Since it popped up in 2020, SHIB has jumped by an impressive 600,000%, making it the 20th largest crypto on the crypto leaderboard. Although Shiba Inu is still considered a joke cryptocurrency, its community and dedicated developers are doing their best to help it shed the memecoin status. As of February 2024, the price of Shiba Inu sits at $0.000009629, down roughly 88.8% from its all-time high of $0.00008616 set in October 2021.
The canine-themed crypto has remained firmly under the grip of bears for over a year despite Shibarium updates and ongoing SHIB token burns. Shibarium, initially touted as a key Ethereum-based Layer-2 solution for the Shiba Inu network, is currently facing challenges in maintaining user interest and remaining relevant in the evolving crypto landscape as new alternatives emerge.
Techniques like token burning, aimed at propelling SHIB past the $1 region by reducing circulating supply, could offer a short-term price boost but cannot ensure growth in the long term without meaningful ecosystem developments and mainstream adoption.
No matter how parabolic the next bull run might be, there is zero chance Shiba Inu will reach $1. But that doesn’t mean the token won’t erase a few zeros and send a major glimmer of hope to the SHIBArmy currently hoping for a new all-time high.
from ZyCrypto https://ift.tt/nxU1dOW
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