No one knows the worth Noone knows the worth of the Shiba Inu coin until reaches the panicle of its position. There is always vitality in the market for some of the reasons. As None of the markets stays static with its pricing scenario since its launch in August 2020, Shiba Inu has turned pocket change into millions of dollars. Shiba Inu is powered by Ethereum, meaning it’s compatible with a thriving ecosystem of DeFi products. Some Shiba enthusiasts are forecasting a price of $1 by 2025.
Despite the recent sell-off, Shiba Inu (CRYPTO:SHIB) is still the 13th most valuable cryptocurrency, with a market value of nearly $19 billion. That’s impressive in its own right, but the story becomes the stuff of legend when you dig a little deeper. Since hitting a low in November 2020, the token price has skyrocketed 60,000,000%, meaning a mere $17 invested in Shiba Inu last year would be worth $10 million today.
Very few (if any) assets have ever generated so much wealth in so little time. And after Shiba Inu fell 60% from its high, many investors are hoping for a repeat performance. In fact, some Shiba supporters are forecasting a token price of $1 by 2025. That implies another 2,965,500% upside from its current price of $0.00003372 that’s an annualized return of 1,212% over the next four years, which is relatively mild compared to its historical performance.
So, could Shiba Inu really hit $1? Let’s dive in.
Why Shiba is unpredictable?
In August 2020, the pseudonymous Ryoshi created Shiba Inu, co-opting the mascot popularized by Dogecoin. To that end, Shiba Inu has earned a reputation as “the Dogecoin killer,” a nickname that Ryoshi attributes to its greater publicity and utility.
Specifically, Shiba Inu is an ERC-20 token, a type of smart contract built on the Ethereum blockchain. Theoretically, that does make it more functional than Dogecoin, because the token is compatible with Ethereum’s thriving ecosystem of decentralized finance (DeFi) applications.
However, that compatibility hasn’t actually translated into utility. Shiba Inu has not been incorporated into popular DeFi protocols like Aave or Compound, nor is it a widely accepted form of payment. In fact, there is very little you can do with the token, and Shiba Inu’s soaring price can be attributed to two things: aggressive marketing on social media and brilliant branding.
Past prominent and unexpected moves of Shiba Inu coin
In other words, with the rise of Dogecoin, still fresh in the minds of cryptocurrency investors, a name like “Shiba Inu” was sure to turn some heads. After that, the hype generated on social media platforms took care of the rest.
In addition to that, On 28 October, the coin reached $0.00007004 at 00:01:43. Hence, its journey didn’t stop and it flourished a lot on that day. Price reached $0.00007903 at 02:04:39. On this day, a huge upsurge occurred at 09:03:48 when the coin hit $0.00008612. But, at 11:02:09 the coin dropped down its price and fell to $0.00006953. That’s why, in the last seven days the coin’s price has moved up by 156.6%, while in the last hour it has lowered to -1.8%.
This literature is for the purpose to drag you people to invest in this platform. The only goal is to put forth the appropriate and current analysis of the coin. So, the aforementioned words are something related to the current market data. The decision is going to be your own will. from the above-mentioned information do you still think Shiba will hit the big time hitting $1?