Shiba Inu, much like its rival Dogecoin, remains one of the best-performing meme tokens. The coin has garnered a much more dedicated user base due to its ventures like Shibarium.
However, the coin has been going through a slump for a while now. Despite the crypto industry gaining momentum, SHIB has failed to capitalize on it. Currently, Shiba Inu is trading at 0.000009638 dollars, marking a 0.12% daily dip.
The token has lost over 11% of its value in the past month, a concerning figure given the positive crypto market standing. Under the current market performance, Shiba Inu has to undergo a whopping 562,003% surge to reach the 5-cent mark.
Although the growth seems improbable at first glance, it is worth noting that SHIB has surged 721452.42% in price since its launch in August 2020. The token went as high as 0.0000884 dollars within a year of its launch.
Thus, there is a bright hope for the future of Shiba Inu among crypto traders. Experts believe that Shiba Inu will reclaim its all-time high at the end of 2024. At this rate, the coin is expected to reach the 1-dollar mark by 2050. Thus, the 5-cent mark becomes a possibility for SHIB by 2040.
While there is ever-lingering optimism and speculation surrounding Shiba Inu, the coin must undergo several hurdles before becoming a reliable investment option. Here are some of the factors it must consider and conquer for that:
- The real-world use cases for a coin determine how much Shiba Inu will fluctuate in its adoption rate.
- SHIB should also maintain a decent burn rate to create scarcity among token holders.
- Projects like Shibarium will be pivotal in helping Shiba Inu gain better market status.
If the Shiba Inu community manages to overcome these challenges, the coin might reach the 1-dollar mark much quicker.