Shiba Inu ($SHIB) broke into the limelight in 2021 after the meme coin eliminated six zeroes. The rally earned $SHIB a spot on the list of best meme coins to buy. Since then, Shiba Inu has hit several major milestones.
However, one milestone that has eluded $SHIB is the 1 cent valuation. Entering into another bull market, can the meme coin pull this off? Meanwhile, Galaxy Fox ($GFOX) has topped the best altcoins to buy list, with the potential to surpass this price target.
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Can Shiba Inu ($SHIB) Break the 1 Cent Barrier?
The price of Shiba Inu ($SHIB) recorded its highest value of $0.0000881 in October 2021. Even at this level, $SHIB would have needed another 113x price surge to hit a price of $0.01. Since then, its price has dropped to $0.000008148 – more than 90% down from its ATH.
The Shiba Inu team has been actively working to push the price of $SHIB higher. The project has launched a layer 2 network, token burning, a decentralized exchange, and an identity network. With more projects scheduled to launch, can $SHIB finally break the $0.01 target?
To trade at this level, the price of $SHIB must increase by more than 124,000%. Shiba Inu recorded gains of this magnitude when it was ranked among the best meme coins to buy. However, its current market cap makes it significantly more difficult.
If the number of $SHIB tokens in circulation remains the same, the Shiba Inu market cap will rise to $6 trillion – currently more than 4.2x the entire crypto market. This means that it would take a massive amount of token burn, more than 90% of its circulation supply from $SHIB to reach $0.01.
Can Any Other Meme Coin Break the $0.01 Barrier?
While it is difficult for Shiba Inu to hit 1 cent, Galaxy Fox (GFOX) is already on its way there. $GFOX is a new ICO crypto that has gained a massive following in the crypto space over its unique new model. The project has created a blend of meme coins and blockchain gaming.
The intergalactic Web 3 runner game is the central theme of the Galaxy Fox ecosystem. Players will embark on an amazing journey where they will conquer the cosmos with their own special Foxes. The top players will receive in-game assets and $GFOX tokens as a reward for their skills and achievements.
The $GFOX token is the ERC 20 coin that powers the gaming ecosystem. Holders can use it to participate in governance activities. $GFOX can also be staked for rewards. The $GFOX has remained bullish despite the recent retracement in the crypto market.
The price of Galaxy Fox has surged by more than 30%, rising from $0.00066 to $0.000877. Given its current trajectory, top market analysts have projected a potential 100x surge before the year ends. This will see $GFOX trade above 8 cents.
Final Thoughts
The utility that Galaxy Fox possesses over Shiba Inu has earned it the title of the best cheap crypto to buy right now. $GFOX is a dual utility project launching into one of the fastest-growing sectors in the cryptocurrency market. Still in its crypto presale, now is the best time for early investors to snap up $GFOX tokens.
Learn more about Galaxy Fox ($GFOX) here:
Visit Galaxy Fox Presale | Join The Telegram Group | Follow Galaxy Fox on Twitter
Source: https://www.analyticsinsight.net/can-shib-reach-1-cent-what-coins-will-follow-suit/