Will Shiba Inu token ever reach one cent?

One of the newest community cryptos has soared a whopping 2,000,000% this year, which is a meme coin with the name of the Shiba Inu coin, and also the Shiba token or SHIB.

And in this blog, we're going to explore the potential whether the Shiba Inu coin is a good boy or a bad boy.

I've already covered a separate blog about the history of Shiba Inu in more detail, which you can check out in this corner here, and then ask the almighty question whether Shiba Inu could beat Dogecoin.

After all in the whitepaper they branded as a Woofpaper, they call themselves the Dogecoin killer.

So let's separate the monkeys from the barrels and deep dive into what's possible for this token.

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And with that out the way, let the dog see the bone.

All right, so let's explore

• what the Shiba Inu token is?
• Why it increased 2,000,000% this year?
• Why it's going down at the moment?
• What could it be worth and will it be bigger than Dogecoin?

- What is the Shiba Inu token?

Well, the Shiba Inu token was created back in August 2020, but recently surged to extreme highs after riding a lot of the attention of Dogecoin.

With Elon Musk championing the wave for Dogecoin, a lot of investors have been looking again for the next big coin.

And with a lot of alt coins and meme coins riding the coattails of the bigger cryptos, it spawned off a lot of copycat-style coins.

Some of them genuinely have interesting technology, though.

So far, Shiba Inu has a community on Reddit of around 30,000 people and it's growing every single day.

Remember that Dogecoin was built as a bit of a joke.

The creators never intended for Dogecoin to get this big.

And there's no future for major plans or exchanges, meaning that in theory for the meme coin space, there is room, I think, for a token to take the top spot that has a good technology underneath it, which is one of the reasons that I think we're seeing a lot of Altcoins flood the market.

Some of them can be categorized as scams, but there are some really interesting ones with great technology emerging.

After reading the Woofpaper, or whitepaper for Shiba Inu, under the hood, it does seem like a better version of Dogecoin with a bit more purpose.

It's only downfall with it not being the first mean coin in the crypto space.

It might not have that power of being the first of the market.

But with all of that being said Shiba Inu's mission is to be the Dogecoin killer.

And since increasing over 2,000,000% this year, who knows it might actually end up growing quite substantially.

It already has a market cap of 8 billion which is more than what Dogecoin was trading at for ages until recent surge this month to about 60 billion US dollars.

So it's not that far behind Dodgecoin went from eight to 60 in just a few days.

So it's a force that shouldn't be underestimated.

And the whitepaper, they say that the coin has a deflationary coin which means they start with a max circulation of one quadrillion tokens which is 1000 trillions and they burn it down.

They gave half of it to Ethereum, founder Vitalik Buterin which they've called a "burn".

And the other half was handed over to Uniswap with the keys thrown away mean that no dev holds any tokens.

I'm still a bit confused at the Vitalik Buterin bit because giving him the coins doesn't mean that they're effectively burnt.

In fact, just this week, Vitalik did something amazing but it also created a market panic at the same time.

He donated a billion dollars worth of Shiba Inu into the India COVID relief fund but he did that before announcing what he was doing.

So this triggered a market panic and sell-off the cryptocurrencies.

So he does have the ability and it is shown that he can move Shiba Inu around, even if it's for a good cause that is still circulation that can move around the world.

And it's that additional circulation that I think will prevent Shiba Inu from hitting 1 cent or $1 because you need the circulation to go down to then increase the price based on the average crypto market caps that we see at the moment.

- Why did Shiba Inu coin increase 2,000,000% this year?

Well, the Shiba Inu coin lived in relative obscurity from August until earlier this year when a surge in interest for Dogecoin drove traders to find the next big thing.

Shibs rise has obviously been due to Dogecoin's success which is a mixture of Elon Musk, Twitter, Reddit, YouTube and numerous news articles talking about the coin and mentioning Shiba Inu as a copycat coin to the almighty Doge.

And to be fair, Dogecoins meteoric rise can be traced in part to the fallout of the GameStop saga in March which is when all of the individual retail traders who fueled the game speak short, turned to the joke cryptocurrencies to find the next big thing and started focusing on Dogecoin.

Ever since then, the price has continued to increase from an average market cap of about 7 billion all the way up to around 70 billion at the time of filming this with lots of movements from Elon and Tesla at the moment removing Bitcoin rumors are saying as well as Elon Musk tweeting the question whether Tesla should start accepting Dogecoin as payment for Tesla cars.

If that happens, then we'll likely see lots of growth ahead.

So with the Shiba Inu coin and Dogecoin somewhat tied together in popularity one could help the other, but also on the other hand if Dogecoin does flop a little bit it might create opposite effect for Shiba Inu as investors look for a new coin that isn't Dogecoin to try and get into the price that might go up.

Obviously that's all speculation but also an interesting theory.

- Why is Shiba Inu Coin is going down at the moment?

Well, the Shiba token has had a huge surge from pretty much zero up to 0.000030 which does not sound like much but in one month that is 30,000%, which is just bonkers.

So with anything that rises that quickly, and by that much with the seven to 8 billion being pumped into it in a really short amount of time naturally some of that hype will calm down to find a new normal or a new baseline.

So this is where we start to see what is known as the correction which is exactly what's happening at the moment.

It happens in any stock crypto or investment that is traded in a public market. So that's factor one.

The second factor, I think is the recent controversy that hit the news for about 24 hours where we saw the Ethereum co-founder of Vitalik Buterin, who was given 50% of Shib's circulation to hold on to transferred over a billion dollars worth of coins.

This caused a huge market panic and a large sell-off of Shiba Inu.

But it was later announced that because this money was supposedly given to him without his consent, he wanted to put some of it to good use and transferred it to the India virus relief fund for the current crisis that they're going through.

It's a really nice move on his part, but also we can't ignore that with the value being over 1 billion which is 1/7 of the current market cap, that's one of the world's largest donations to compare this in 2020 Jeff Bezos, the CEO of Amazon, one of the richest men on the planet gave away 10 billion pounds to charity across the entire year.

Since this payment took place the price hasn't recovered as much yet but the relief fund who received the payment promised on Twitter, that they would treat the money with care and sell it off carefully as to not cause damage to Shibs and its value.

But at the end of the day, that was a huge payment and has done a few things, mainly a lot of press and attention about the donation, but also helps solidify Shiba Inu is not just another meme coin.

So it'll be really interesting to see how the Doge does settle on this one, either way we're definitely at a reflection point at the moment since the correction over the past week the coin has been reasonably stable and it hasn't served nor crashed.

So depending on what happens next could define a future moves for the coin.

If it goes up in value and goes to another surge I can imagine that there would be lots more news articles and blogs, just like this one covering the coin which will fuel some of the growth further and put it onto the map.

Likewise, if it crashes, although a great time to buy it might end up putting Shiba Inu in the shadows for quite a long time.

- What could Shiba Inu coin be worth?

Well, the Shiba inu coin has some really interesting plans in its whitepaper and on the surface.

And the fact that Shiba was created with more purpose than Dogecoin, technically and under the surface, it's probably a better coin but the real test is whether over time it can hold its value and media attention to keep climbing.

They have plans for an art NFTA exchange a wallet and lots more.

So this could make the coin very commercially viable which when compared to Dogecoin was created as a joke by its creators.

And both of them have admitted that they never anticipated or meant for the coin to get this big.

It's also worth mentioning that the hype around the flood of meme coins, such as Shiba isn't naturally caused, but instead it's a social phenomenon arise against Viet currency.

And that makes it incredibly exciting in a world where Bitcoin is over $60,000 for one coin everyone is looking for the next big thing.

And with meme coins all under $1 it does make them incredibly appealing.

And that's how meme coins work to create a community who are incredibly loyal and stick by the coin.

And over time its value rises just like Dogecoin, even without having super clever technology like smart contracts or sleek payment technology at the moment.

One of the big challenges for the Shiba Inu token is the current circulation.

As we've mentioned, the coin is a deflationary coins.

So they start with a quadrillion tokens and they're slowly being burned down.

But the big risks that I think will hinder a lot of this coin is the fact that they gave 50% of the circulation to Vitalik Buterin, that means 50% of the coins are controlled by one person.

And that massively goes against what cryptocurrency is meant to be.

It's meant to be a decentralized and not controlled by one particular government person or entity but for the moment with Shiba Inu, that's what we have.

And it will always create a risk.

I can only assume that they gifted him the 50% of the circulation thinking that Vitalik Buterin will never do anything with it but unless I've missed something they should have just burned the tokens because it goes against the value of a cryptocurrency.

With that being said over time if the circulation does drop a few more hundred trillion then it will help the price rise somewhat.

If Shiba inu had the same market cap as Dogecoin at the moment, which is about $70 billion then for the value of the coin, take 1 cent.

We would need the circulation to go down to about 7 trillion coins and to hit $1, we need it to go down to just 70 billion in circulation.

I say just 70 billion is still huge compared to Bitcoins 21 million, but it would mean to go from today's 400 trillion down to 7 trillion, that's a 98% reduction of coins in supply.

What's not as clear at the moment is how fast the Shiba inu will be burned over time because only then will we be able to work out and truly understand how long it's going to take to burn down that supply?

I suspect that a lot of this will require a lot of people using the Shiba exchange to bury their tokens which creates these different sets of new tokens.

- Will Shiba Inu be bigger than Dogecoin?

Well, possibly it would be impossible for me to sit here and say yes or no but it's all a gas and nobody really knows.

All we can do is look at their theories about the art of the possible. And what is realistic for both coins.

Dogecoin is struggling to hit $1 but it's creeping up slowly and might be on the brink of being announced as the next Tesla currency by Elon Musk.

On the other hand, investors might turn their backs on Dogecoin after a while and look for the next big thing, built on best technology

which I think Shiba Inu does have going for it.

The white paper does have loads of interesting plans in it and they're building some really cool tech amongst the Shiba Inu token.

So it could quite easily move out of meme, coin territory and it had into a real commercially viable token.

At the end of the day, just making sure wherever you invest your money into you're not putting in more than what you're willing to lose.

*Quick tip

For me is just a bit of fun. I don't invest too much into it. So just making sure you're sensible.

And if you're unsure chat to an accredited professional because this blog isn't financial advice and you shouldn't make any decisions off the back of this.

Do your own homework and just make sure you don't put yourself at risk by dumping your entire life savings onto a crypto or any investment that could crash the next day.

If you enjoyed this blog, you can check out my other blogs

• "what would happen if you invest in $50 into Shiba Inu?" (upcoming)
• "What would happen if you invested $50 into the new Safe coin?"(upcoming)

So feel free to choose one of these. And I will see you in the next blog.

Frequently Asked Questions (FAQs)

Q- What will Shiba Inu coin be worth?

Ans- Shiba Inu Coin Increased by 1000% last past months, if shiba inu coin maintains its monthly momentum then Shiba Inu Coin will be worth $1 till 2024.

Q- What is Shiba Inu coin used for?

Ans- Shiba Inu coins will be used for many purposes. In future you can use it to exchange crypto currencies on ShibaSwap, to buy NFT, to donate / help to charity in any difficult sittuation and many more. You can check out their official website www.Shibatoken.com .

Q- What is Shiba Crypto? How is Shiba Inu coin? What are meme coins?

Ans- Shiba Inu coin is also called as meme coin as Shib is a dog breed which was very famous in Meme community for hilarious actions and expressions.

Q- How many shiba inu coin are there in the world?

Ans- There are more than 400 Trillion Shiba Inu Coins out their in the world.

Q- Who is the founder of Shiba Inu coin? Who is the founder of Shiba Inu?

Ans- Siba Inu coin was made by Ryoshi in august 2020 and he was the founder of Shiba Inu coin.

Q- Where is Shiba Inu listed?

Ans- Shiba Inu coin was first listed in uniswap crypto exchange platform and in india it was first listed in WazirX crypto exchange platform. If you are indian, you can buy or sell crypto currencies on WazirX easily. Just you have to Sign Up into WazirX or you can visit WazirX's official website for more information.

Q- When was Shib coin created?

Ans- Shiba Inu coins were created in august 2020.

Q- How can I buy Shiba coin? Where can I buy shiba inu coin in India?

Ans- If you want to buy crypto currencies then you need a crypto exchange platforms. One of them is WazirX which is Indias biggest crypto exchange platform. Sign Up to WazirX to start buying and selling crypto or you can visit its official website to get more about WazirX.