SHIB is not performing to the satisfaction of its holders. The token is currently trading at $0.000008621, a decrease of 6.65% over the last 24 hours. Shiba Inu has been in the market since 2020 and has seen a gain of 10,000,000% and then a loss of 89% from its all-time high value. A portion of this is normal in the crypto world. What’s not normal is over-optimism, which some members of the Shiba Inu community are demonstrating. However, it could be true eventually.
One side believes that SHIB has the potential to touch the milestone of $0.01 by the end of 2024. That would bring its market cap to $5.9 trillion, making it more valuable than some of the big names in the American corporate sphere. Also, that would mean holders have been fetching returns beyond anyone’s imagination. Simply put, going closer to that milestone would be a big achievement for SHIB in itself, even if it fails to get listed at $0.01.
Experts have said that it is unrealistic for Shiba Inu to reach that valuation. That makes sense, considering SHIB has not demonstrated utilities better than Solana, Ethereum, and Cardano. Huge bets are on Shibarium, a layer-2 scaling solution. This still brings a lot of responsibilities to a single project, not precisely what an ideal situation looks like where risks are distributed evenly.
Shiba Inu is an upgrade from Dogecoin with the ability to read smart contracts and enhanced compatibility with decentralized applications (dApps). That comes in handy courtesy of its architecture over the Ethereum network.
Yet it does not provide a competitive advantage for holders who would rather invest in other tokens that are more strongly tipped to yield positive outcomes. In addition, developer activity is a factor. Less effective has been the endeavor to paint a vivid picture. The dog-themed meme token is far from realizing the goal of $0.01.
Robinhood, an American trading platform, has begun accumulating SHIB tokens in its portfolio. The current number reflects that SHIB is the third largest token on the list, just behind Bitcoin and ETH. This is part of the strategic move where Robinhood, which was third in line with BTC holders in August 2023, is lowering its holdings in BTC. So far, Robinhood has added a total of 36.825 trillion SHIB tokens against 130.928k BTC tokens.
Robinhood is now the third-largest holder of SHIB, with Crypto.com and Binance leading the charts. This has sparked bullish sentiments among the fanatical holders of SHIB, believing that the token does have a better future after all. Any comment about touching the $0.01 is unavailable, but members of Shiba Inu believe that it is not far from becoming a reality.
This may or may not be a good time to invest in Shiba Inu. It basically depends on the plans set by traders and the risk they are willing to take. The cryptocurrency market as a whole is characterized by extreme volatility, and SHIB is no exception. It is positioned to deliver satisfactory returns this year, if not surpass the expected threshold.