- A crypto analyst explores the possibility of Shiba Inu hitting $1 in the next few years.
- According to him, hitting this price point would make it the most valuable coin on the planet based on market cap, which is unlikely.
The possibility of Shiba Inu hitting $1 has currently become a topic of discussion as investors explore the next possible entry point. As of press time, the meme coin was trading at $0.000007 with a neutral market sentiment. This implies that it would have to surge by 13,760,000 percent to hit $1.
To many, this is impossible considering its trillion circulating supply. However, its 700,000 percent run in 2021 alone is enough to get others to believe that a $1 trading price is possible in several years. In the latest report, an analyst and long-term investor known as Neil Patel has examined this possibility.
According to him, the success of Shiba Inu depends on transitioning from being a tool for financial speculation to having a greater utility in the real world. Based on the current status, the meme coin is not yet ready. He further pointed out that the asset was initially created to have more functionality than Dogecoin.
Also, its adoption largely hinges on its potential exposure with regard to exchanges and wallets by being compatible with Ethereum. However, only 772 global merchants currently accept the asset as a method of payment according to Cryptwerk. Compared to the likes of Ethereum, this is disappointing according to Patel. While acknowledging the effort to speed up transactions at a lower fee with the Shibarium launch, the analyst believes that it is too early to call it a success.
More on the Shiba Inu Journey to $1
Patel also stated that investors may consider alternatives like Ethereum.
Of course, there’s Ethereum, the most valuable blockchain with smart contract functionality. It’s a leader when it comes to attracting developers and bringing out new applications. And its $193 billion market cap trounces Shiba Inu’s $4 billion. Investing some money into Ethereum seems like a much wiser decision.
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According to Patel, Shiba Inu may have a market cap of $590 trillion if it miraculously skyrockets to $1. This would make it the single most valuable entity on earth. Currently, Apple is recognized as the most valuable business of all time with a market cap of $2.7 trillion.
To Patel, it is almost impossible for Shiba Inu to be worth more than Apple which is known for its impact on society through its hardware and software products. To be clear on this, Patel stated that Shiba Inu is not going to hit $1.
It’s easy to get caught up in the narrative of Shiba Inu, hoping that the community will rally again and attract heightened investor enthusiasm that can push the token’s price to another level. Speculators who missed out on the crazy rally in 2021 are probably wishing that a repeat performance is on the horizon. But that’s impossible to predict with any level of certainty. And there’s no way to invest your hard-earned savings.
Shiba Inu is currently the 16th largest crypto by market cap after declining by 2.8 percent in the last seven days. The asset has a 24-hour trading volume of $74,594,680 and a safety score of 32/100.
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