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CoinCodex Prediction: Will Shiba Inu Coin Aim for $1 or 50 Cents?


Despite its impressive performance in the past couple of years, Shiba Inu is very unlikely to reach $1 or 50 cents because its circulating token supply is simply too large. However, that doesn’t mean that Shiba Inu doesn’t have a lot of upside potential.

Although meme coins have been around since 2013, when Dogecoin was created, it was in 2021 that they became mainstream. Their popularity was mostly due to the promotion of Dogecoin by popular individuals such as Elon Musk and Mark Cuban. With the hype around Dogecoin, other meme coins enjoyed some interest. But at the end of the day, the significant winners were Dogecoin and Shiba Inu.

Key takeaways about the possibility of the Shiba Inu coin reaching $1 or 50 cents:

  • At the current circulating supply of 589 trillion Shiba Inu coins, the meme currency has a market cap of $4.17 billion
  • If SHIB reaches $1 at the current circulating supply, Shiba Inu would command a market cap of $589 trillion, which is just not feasible
  • The only way for the Shiba Inu price to reach $1 or 50 cents is if the circulating supply would decrease substantially through a token burn program
  • The Shiba Inu team recently launched Shibarium, which is a layer 2 solution that burns SHIB for every transaction, which could drastically reduce the SHIB supply over time
  • The CoinCodex price algorithm forecasts SHIB will increase by over +110% by 2024 and +700% by 2030

Shiba Inu token is a meme coin created in August 2020 by an anonymous individual called Ryoshi. Its name is based on the Shiba Inu dog on Dogecoin, and they both have similarities. The only significant difference was the creator built Shiba Inu on the Ethereum network. Although launched in 2020, it was in 2021 that it became popular after Vitalik sold 50 trillion SHIB tokens and donated the proceeds to the India COVID fund. SHIB rose by over 85,000,000% within a year and hit its all-time high on October 28, making it the most prominent example of a monumental bull run in crypto in recent years.

Its meteoric rise has made many speculate whether it could even rise higher. In this article, we’ll discuss the prospects of Shiba Inu hitting major price milestones and explore SHIB price predictions.

Will Shiba Inu coin reach ? Not very likely

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Shiba Inu's performance in 2021 was spectacular, and many expected it to continue the same run the following year. However, due to the general decline of the crypto market, that hasn’t come to pass. Almost every cryptocurrency lost more than half its value in the bear market of 2022 and 2023, and the price of SHIB dropped by about 80% during that time. 

However, with the crypto showing some bullish tendencies in 2023 and the next Bitcoin halving just around the corner, we’ve seen some renewed interest in crypto assets, including meme coins. This could make Shiba Inu one of the leading cryptos to explode in the future.

Why will the Shiba Inu coin not reach ?

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The decline in 2022 and 2023 is not why the Shiba Inu coin is unlikely to reach 1 dollar. Instead, this is due to several features unique to the token. Given that it is an ERC-20 token, i.e., it is compatible with the Ethereum blockchain, Shiba Inu already has some advantages over Dogecoin. But more than that is needed to reach $1 due to its humongous supply. Shiba Inu has a total supply of 1 quadrillion tokens. Its current circulating supply is about 589 trillion tokens.

By simple calculation, if the SHIB coin were to reach $1, that would mean that it has a market capitalization of $589 trillion. The possibility of such price action taking place is theoretically impossible, given that the global GDP for all countries is just around $100 trillion. At its peak, the total cryptocurrency market cap was just slightly above $3 trillion.

*using 589 trillion SHIB circulating supply as a basis
SHIB price Shiba Inu market cap*
$0.0001 $58.9 billion
$0.001 $589 billion
$0.01 $5.89 trillion
$0.10 $58.9 trillion
$0.50 $294.5 trillion
$1 $589 trillion

As we can quickly deduct from the table above, the likelihood of the Shiba Inu price coming anywhere close to $1 at current levels of circulating supply is simply not feasible. Even reaching lower price milestones, such as $0.01 or even $0.001, seems very difficult. While Dogecoin has a relatively high chance of reaching $1 in the future, we can't say the same for Shiba Inu, at least not in its current state.

Another point against SHIB reaching $1 is its supply inflation – according to our data, the supply of Shiba Inu increased over 7% year-over-year, which makes the prospects of SHIB hitting a $1 milestone all the more unlikely.

What could improve SHIB's chance of reaching

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Although the possibility of the Shiba Inu coin being worth $1 is slim, it is not impossible. It could happen if enough SHIB token is burnt. Burning the SHIB token is a way to reduce the total supply. So far, more than 410 trillion SHIB tokens have been burnt, most of which is due to Vitalik Buterin. If more tokens are burnt, it will increase demand as supply dwindles. But this would require burning a significant amount of the token for the price to rise to 1 dollar.

Also, developing more utility for the Shiba Inu coin will help its value. Generally, the burning mechanism for SHIB depends on its usage. The more it is used for transactions, the higher the burn rate. The team behind SHIB has already tried to create more utility for the token with other related projects, such as Shiboshis (Shiba Inu NFTs), ShibaSwap DEX, and a Shiba Inu Metaverse

However, Shibarium, an Ethereum Layer-2 solution for the Shiba Inu ecosystem, probably holds the most promise for actually succeeding in reducing the circulating supply of SHIB. Here's a brief description of its key features:

  • Off-chain processing: Shibarium processes transactions off-chain, meaning that they are not recorded on the Ethereum blockchain until they are finalized. This significantly reduces the gas fees associated with transactions.
  • Rollups: Shibarium uses rollups to bundle multiple transactions together and process them as a single batch. This further reduces the cost and time of transactions.
  • Shibarium burn: A portion of the transaction fees on Shibarium is used to burn SHIB tokens. This helps to reduce the overall supply of SHIB and potentially increase its value over time.

Will Shiba Inu coin reach 50 cents?

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Again, as with the $1 price milestone earlier in the article, the short answer to whether the Shiba Inu coin can reach 50 cents is ‘no’. Like before, the main restrictive factor is SHIB’s circulating supply, which would, at current amounts, produce a market cap of nearly $295 trillion if the meme coin were to reach the $0.50 mark.

We will concede that this answer could change dramatically in the future. Some believe that the circulating supply of SHIB will increase drastically with the increased usage of the Shibarium Layer 2 network, which burns SHIB for every transaction. There is little indication to believe that the burn rate will be sufficient to propel the price of Shiba Inu to 50 cents. However, the SHIB burn could still contribute to making SHIB a good investment.

Shiba Inu price prediction for 2023 and 2024: Will SHIB reach 1 cent?

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Shiba Inu price prediction 2023-2024

Our algorithm predicts a +115% price increase over the next 12 months.

While the answer to whether Shiba Inu can reach 1 dollar is likely a “no,” the possibility of the coin reaching 1 cent is much higher than $1 dollar of 50 cents. This does not mean it is a certainty. In fact, it is still very unlikely but at least theoretically possible. 

This could be similar to the run of Dogecoin itself. In 2015, Dogecoin was also worth $0.00008690. But it took until 2021 before it was worth a cent. There is a 0.977 correlation between the price of Dogecoin and Shiba Inu in the last seven days, and as meme coins, both tokens have had similar price performances. So, it is possible for Shiba Inu also to reach 1 cent.

Given that it is currently worth $0.000007086, closing all that decimal points will require extraordinary market performance. It could even take years of sustained positive performance for that to happen. CoinCodex’s SHIB prediction does not see it being worth 1 cent by 2024. In the best-case scenario, it projects that SHIB's price could reach $0.00001531 by October 2024, accounting for the technical analysis data aggregated on October 17th.

However, price predictions are not set in stone, as market conditions can change radically. The volatility of crypto markets makes it impossible to determine what SHIB would be worth even in the next 24 hours. So, the meme token could defy the SHIB price predictions and reach 1 cent earlier than expected.

Shiba Inu price prediction for 2030

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Our algorithm predicts that SHIB will reach $0.00005681 by 2030. While that would represent about a +700% increase compared to SHIB's current price levels, that's still a very long way off from the $1 or even 50-cent mark. 

shiba inu coin price prediction chart 2030

Based on the current date, the algorithmic price prediction for SHIB forecasts a +698% price increase by 2030.

However, the Shiba Inu coin price could increase to $0.001978 by 2030 if we model its growth based on Bitcoin's past market performance (BTC has increased on average 92% per year in the last 5 years and over 740% per year since 2010). Using Bitcoin as a measure of the Shiba Inu coin's potential over the long term is not optimal, but it still provides valuable insights as the success of the broader crypto market has historically been strongly correlated with the performance of Bitcoin.

Shiba Inu price prediction 2030

Using our Shiba Inu profit calculator and accounting for past market activity, Shiba Inu could increase by over 270x by 2030.

If the Shiba Inu coin were to reach $0.001978 by 2030, that would mean that SHIB would trade a whopping 27,814% above its current price of $0.000007086. For additional long-term forecasts, check our Shiba Inu coin price predictions for 2040 and 2050.

It is worth noting that Shiba Inu won't reach these price levels without a significant change in its circulating supply. Luckily for SHIB holders, Shibarium could be a major reason why the circulating supply of Shiba Inu coins decreases over time.

Can Shiba Inu reach ? Here's the bottom line

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Unless something fundamental, such as its volume, changes, Shiba Inu cannot reach $1, or even 50 cents for that matter. But it might reach 1 cent after some years of token burns and deflationary mechanics. In any case, Shiba Inu is one of the best cryptos under 1 cent to buy, thanks to its vibrant ecosystem and robust community.

When it comes to cryptocurrencies, the unpredictability of the prices is always an important factor. So, it is essential to research any cryptocurrency before you decide to invest in it.

Sources


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