Take a look at the volatility that cryptocurrency investors have experienced if you think the stock market has been through a bad year. As of the evening of December 1, the total value of all crypto currencies fall by more than 70% to $853 billion, after the aggregate valuation of more than 20,000 digital currencies peaked at $3 trillion approximately 13 months ago.
2021-2022 has been a wild ride for cryptocurrencies, but the Shiba Inu coin has benefited from this situation. Despite its low current value, the Shiba Inu Coin has attracted attention for a variety of reasons. Nevertheless, the coin is establishing itself as an excellent investment option and taking over a significant portion of the crypto market. However, what exactly is Shiba Inu coin and will it be able to reach $1 in 2023? Let’s figure it out!
Chances of Shiba hitting $1:
Only 659 merchants accept the token as payment for goods and services at the moment, and if that number does not significantly rise, Shiba Inu will remain on the margins of the financial industry.
To help make the token more useful, Shiba Inu developers are developing new technologies like a complete metaverse. Although the Shiba Inu is not yet available for purchase, some brand-new concept images were made public in the month of November, resulting in some buzz on social media. Owners of virtual land within the virtual world will be able to rename their plots by paying a fee in Shiba Inu tokens when it finally launches.
The price of each Shiba Inu token will naturally rise in proportion as a result of the tokens’ burning or permanent removal from circulation. The burning system is a component of numerous Shiba Inu-themed projects, including the Shiba Coffee Organization, pointed toward decreasing the token’s tremendous supply of 589 trillion units.
So, can it hit to $1?
Well, with 589 trillion tokens in circulation, the Shiba Inu’s total value would rise to $589 trillion at a price of $1 per token, making it the world’s most valuable asset. Unfortunately, even the most optimistic crypto investors don’t think that’s possible, so the only way to get that price is to cut back on supply.
It is highly unlikely that novelties like the metaverse will cause the supply of Shiba Inu to decrease by 99.99998% in order to mathematically bring the price to $1. In fact, as of this writing, only 30 million tokens have been burned in the last 24 hours. It would take over 64,000 years to reduce the supply enough for Shiba Inu to reach $1 if that rate is maintained at 10.9 billion tokens per year. Therefore, it is likely that investors will be disappointed if they anticipate Shiba Inu is going to rise up to $1 in 2023. To make it happen, the burn rate would have to swell by a ridiculous amount.