Shiba Inu, just like Dogecoin, is a cryptocurrency based on an internet cartoon (meme). With the slogan “DOGE killer”, SHIB faced serious interest, especially after May 2021, when it was listed on Binance. Some subsequent developments gave rise to speculation that SHIB had ceased to be a "memecoin" status. It is also known that there is a great interest in Shiba Inu in Turkey. Can Shiba Inu rise to $1? In order for the Shiba Inu to reach $1, it must increase by over 4,000,000% from its current price. Although this number does not seem impossible for SHIB, which rose 49,000,000 million% in 2021, some reasons show that the 1 dollar target for SHIB is close to impossible. Shiba's current total supply is approximately 550 trillion. So, there are currently 550 trillion SHIB tokens in circulation all over the world. The total market value of Shiba Inu is close to 13 billion dollars. If SHIB reaches $1, the total market value of the Shiba Inu will rise to $550 trillion. For you to compare; Let us remind you that the total value of the cryptocurrency market is currently 1.92 trillion dollars. To reach $1, Shiba needs to be 230 times more valuable than all cryptocurrencies combined. To make another comparison, the total GDP of all countries in the world in 2020 was 85 trillion dollars. SHIB needs to roughly 6-fold this amount on its way to reach $1. The math is clear, but what do the other reasons say?
1- Elon Musk effect and support from other famous names There were some obvious triggers for the Shiba Inu's rise in 2021. As with most memecoins, we have seen these triggers be short-term factors that can create a firestorm effect. Chief among these was the "Elon Musk effect". Today, although Musk is still one of the most influential names on the cryptocurrency market, it seems that he cannot maintain his influence last year. Although investors' boredom played an important role in reducing Musk's influence, it is also worth remembering that Elon Musk did not tweet about crypto as much as last year. If the Tesla CEO decides to take action again, the "Elon Musk effect" phenomenon may also awaken again. However, we should also point out that many people who are devoted to the cryptocurrency market are very reactive to Elon Musk because he can create an impact as a powerful figure in this market, whose main feature is decentralization. 2- ShibArmy lost power In addition to the support of famous names, let us also remind you that SHIB has a huge community called "ShibArmy". It was not safe in the past to speak negatively about the future of SHIB when there was such a great power behind it. However, it seems that this important mass has not been able to maintain its influence in recent days.
3- “Memecoin” or not? Although joke-based cryptocurrencies caused havoc in 2021, they seem to have lost the days when they created great excitement among investors because they could not provide credibility in the eyes of investors. The "memecoin" craze, perhaps interpreted as an extension of the "memestock" wave that started with the GameStop craze, has therefore become a question mark in 2022. With their latest project, Shiba Inu developers tried to change the image of cryptocurrency from a powerless memecoin without a project to an asset that follows trends and develops. Investors and volunteers also participated in this effort. The fact that some companies have started burning SHIB manually and the developments in the Metaverse field support this image. However, public opinion was ambivalent about how successful this would be. Investors who showed interest and mass in SHIB because it was a memecoin began to empty their ranks as this status disappeared and the excitement died down. But on the other hand, very large companies began to trust the Shiba Inu more and accepted cryptocurrency as a payment method.
4- Can't using it as a payment method save SHIB? Large companies such as Newegg, Tesla, GameStop and AMC Entertainment are among the giants that accept SHIB. However, the Shiba Inu is not unique in its ability to be used as a form of payment. Other cryptocurrencies, such as Bitcoin, are accepted by many more merchants and are much more popular with consumers as a means of payment. This means it will be very difficult for the Shiba Inu to overtake Bitcoin or other popular cryptocurrencies as the dominant payment method. Without achieving this, it seems difficult for any cryptocurrency to continue gaining value. Is there no hope? The cryptocurrency market is perhaps one of the financial markets most open to surprises. In addition, a new trend emerges every year and can attract investors. That being the case, what path a highly explosive cryptocurrency like Shiba Inu will follow is a great mystery due to its potential to make the impossible possible. In summary, although the 1 dollar target seems mathematically and logically impossible for the Shiba Inu, it is obvious that fluctuations will always be on the agenda.
Conclusion: What should we do? Experts say that investors should actually adhere to a very simple principle when evaluating cryptocurrency projects: "Get out of your mind if it reaches that price and focus on how useful it is." Investors who keep their distance from digital currencies because they are not physically tangible generally say that all crypto assets are empty and can be destroyed by "global forces" with the push of a button. For this reason, they claim that more familiar investments such as real estate and stocks should be preferred. Cryptophiles are often completely opposed to this idea. However, experts are of the opinion that the cryptocurrency market has a lesson to learn from this idea: It would be the right move to work just like researching a stock or a company and stay away from crypto assets that do not have a road map, are weak and have no project. So “Can X coin rise to $1?” Rather than the question, what should be wondered about are the benefits.
