The digital currency Shiba Inu has astonished investors with its surge in the rankings. Currently, it holds the 13th position in terms of market value.
Its ascent this year is staggering, surpassing 44,000,000%. At present, it would need to escalate by a much smaller percentage – approximately 2,000,000% – to achieve the $1 milestone.
Currently, Shiba Inu is trading for a fraction of a cent. Consequently, a modest investment could potentially yield substantial gains if the cryptocurrency continues its advancement.
Therefore, the pressing question is whether you should invest in this dynamic digital currency while it remains below $1.
Is Reaching $1 Feasible?
First, let’s consider a more crucial query: Is it feasible for Shiba Inu to attain $1? On one hand, it appears attainable.
As indicated, this digital asset has already demonstrated its ability to captivate investors and skyrocket. However, there are two reasons why reaching a dollar might pose a challenge for Shiba Inu.
One of the reasons relates to simple arithmetic. Currently, there are approximately 549 trillion Shiba Inu coins in circulation.
If the coin were to increase to $1, the market value of Shiba Inu would amount to $549 trillion. In comparison, the market value of the online retail giant Amazon is only $1.74 trillion.
Thus, it seems improbable for this to occur with the existing number of coins in circulation. Nonetheless, there have been recent reports of an imminent reduction in supply through a coin burn.
The creator of Shiba Inu, known solely as Ryoshi, introduced the cryptocurrency in August of last year. It is a token based on the Ethereum blockchain.
Investors have the option to buy or sell Shiba Inu as an investment, and they can also stake their tokens to generate passive income.
Approximately 500 merchants accept Shiba Inu as payment. Nevertheless, these attributes do not differentiate Shiba Inu from the multitude of other cryptocurrencies available.
If you aim to excel in cryptocurrency investments, you should be able to generate profits regardless of the movement of any particular token on any given day.
