This past year, Shiba Inu rose by 45,000,000%. As of Wednesday, the focus is more on achieving a huge milestone than on making future percentage increases.
SHIB remains active, with a current price of $0.00002498, a 24-hour low of $0.00002357, and a 24-hour high of $0.00002534.
At least two of the following events must occur for SHIB to achieve and break past the $1 threshold.
Burning Shiba Inu
A large currency burn must occur. Crypto coins are taken out of circulation by the process of burning.
Furthermore, a lesser supply supports a higher price. The simple fact is that there are just too many SHIB tokens in circulation today to make it past the $1 barrier.
The current circulation supply is 549 trillion tokens. The coin’s market value would be more than $549 trillion if each token were worth a dollar.
That is more than the whole cryptocurrency market. And it’s larger than tech giants Apple and Amazon. These two companies are each worth $2.7 trillion and $1.5 trillion.
SHIB coin burns is taking place. Bigger Entertainment has hosted Burns. On Valentine’s Day, nearly 370 million Shiba Inu tokens were burned.
But it’s not enough to decrease the vast supply since a significant decline in token supply is required to achieve $1.
SHIB total market cap at $14.716 billion in the daily chart | Source: TradingView.com
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Rebranding The Token
Shiba Inu may rebrand itself to compete effectively. The difficulty today is that it blends in. It’s an ERC-20 token, and it’s only used for dealing or paying at firms.
SHIB, for example, cannot host decentralized apps. This limits its influence on cryptocurrency’s future.
Shiba Inu is working on a layer-2 solution. This speeds up transactions and saves money. The player may shine if it can move its tokens to this network and expand their use.
Shiba Inu: Metaverse Foray
To make significant advancements, SHIB must make its presence felt in the metaverse.
Recent announcements from Shiba Inu have indicated that the company’s project in the virtual realm will be unveiled this year.
However, we know that the general public will be allowed to purchase land virtually. This is related to The Sandbox and Decentraland, among other concepts.
As a result, Shiba Inu isn’t producing anything in this situation. If the project takes off and garners a considerable following, the value of SHIB could increase exponentially.
The key issue now is whether or not it will all come to pass. It’s conceivable, but it’s pretty unlikely.
Quick Price Analysis
In the last 24 hours, SHIB transaction volume was $1,333,281,116.13, a 34.55 % increase over the previous day.
SHIB prices have grown by 4.74% in the last 24 hours, with a 7-day price change of -18.34%.
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Featured image from TheCryptoBasic, chart from TradingView.com
Source: https://www.newsbtc.com/crypto/shiba-inu/