This article was last updated on November 21, 2022
Shiba Inu, or as the project calls itself – “the Dogecoin killer” – is one of the most advanced memecoins on the market right now. As such, many are sniffing around, wondering if it is any good. With the spike in price prediction requests, this brings an even more interesting question. Will the price of Shiba Inu Coin ever reach 1 cent?
Well, this actually is a question that’s been around for a while, ever since the price of SHIB had five zeroes past the coma. Currently, the price of SHIB is around $0.000008637, which is quite far away from the projected mark. And what’s even more, it is a memecoin, right? Well, yes, it started off as one, but it definitely is far ahead of any of the competition.
- There is a total of only 28% of investors in SHIB who are currently in the green zone and are up on their investment. The overwhelming majority, which accounts for 66%, is now incurring significant losses, while just 6% are breaking-even. The fact that Shiba Inu has difficulty retaining gains makes it harder for investors to believe in the project.
- Shiba Inu Coin (SHIB) has many catalysts that will allow it to grow over time. As such, we believe that Shiba Inu Coin (SHIB) is a good investment, especially in the long run. However, there’s also the chance that something unexpected will happen, and Shiba Inu Coin (SHIB) and the rest of the crypto market will crash completely.
- Shiba Inu Coin (SHIB) cannot reach $1. There are many reasons why it is nearly impossible, but first, let’s talk about the elephant in the room.The current Shiba Inu Coin (SHIB) market cap is around $6.82 billion, while the price is around $0.00001247. In order for Shiba Inu Coin (SHIB) to reach $1, it will need to grow more than 80,000x times. Now, if we multiply the market cap by the multiplier, we will get the new market cap that SHIB will have if it reaches $1. After some calculations, we see that the number here is $545,305,600,000,000. This is nearly $550 trillion. That is more than nearly all types of markets together.
The team behind SHIB managed to develop the project to heights that other memecoins can only wish for. At this moment, the Shiba Inu ecosystem consists of multiple cryptocurrencies, a decentralized exchange (DEX), a charity organization, an NFT incentive, and more.
Just like any other crypto project, SHIB also has its competition. It is the bigger dog in the neighborhood – Dogecoin. Of course, Dogecoin, as the first memecoin ever, is not going to give its place in the market this easily. We can look at the two as a mirror to Bitcoin and Ethereum, even if on a smaller scale. Although BTC doesn’t have that much utility, it is still the first cryptocurrency ever, giving it an eternal advantage.
Before we get to the point, let’s see what the Shiba Inu Coin does and what its potential to reach 1 cent is, with a quick how-to-buy section just before that.
Table of Contents
- What Is Shiba Inu Coin (SHIB)
- Shiba Inu Catalysts To Reach 1 Cent
- Can Shiba Inu Reach 1 Cent
- When Will Shiba Inu Reach 1 Cent?
- Is SHIB A Good Investment
- How To Buy SHIB – eToro
- How To Buy Shiba Inu Coin (SHIB) – In-Depth
- Best Crypto Wallets For Shiba Inu Coin (SHIB)
- Final Words
What Is Shiba Inu Coin (SHIB)
The Shiba Inu Coin is the native, Ethereum-based token of the Shiba Inu ecosystem. It is the biggest competitor of the infamous memecoin Dogecoin. The whole point of the token and network is to, at some point, be run 100% by its community.
Originally, the Shiba Inu network had only SHIB as a token. The token is mainly used within the ecosystem and it seems that its utility will be expanded with time. Aside from SHIB, there are two more tokens, used for various purposes – LEASH and BONE.
LEASH was first introduced as a re-base virtual token, but after the team removed the rebase, it was released publicly. What is unique about LEASH is that there are only 107,646 tokens. Following SHIB, it was the second token to be incentivized on the ShibaSwap DEX, offering numerous rewards to those who stake.
BONE is a governance token that allows owners and supporters of the network to partake in voting for development proposals in the Doggy DAO, which we will be talking about in a moment. It has a total circulation supply of 250,000,000.
RELATED ARTICLE: “Shiba Inu Price Prediction 2022-2030”
Overall, the whole point of the Shiba Inu ecosystem is to make it a community-operated network, allowing for numerous benefits. However, a mere 3 tokens are not going to be enough for SHIB to ever reach 1 cent. In this case, what else does the team behind SHIB need to do in order to surge in adoption? Let’s find out.
Shiba Inu Catalysts To Reach 1 Cent
Whenever we are looking for the next big thing in the crypto world, we must research what the potential of a network is. Of course, we disregard memecoins as they are simply unpredictable and fully based on speculation.
However, for the projects that do have utility, we must see what their catalysts are. In this case, catalysts are the features of the project that will lead it to adoption or, at least, to consideration and spotlight.
Since the Shiba Inu team has no official roadmap released to the public, we’ve gathered all the information we have from multiple official sources. All of these updates are an important factor in our discussion of whether or not the Shiba Inu Coin will reach 1 cent. Let’s explore each catalyst the ecosystem has to offer.
Perhaps the most exciting upcoming upgrade of the Shiba Inu ecosystem is the Shibarium L2. This will allow SHIB owners to avoid the transaction fees of the Ethereum network. The Shibarium L2 is going to be the network’s Layer-2, which will definitely attract a whole lot of new supporters. At this moment, we have no official release date, but it is expected the update to go live in Q4 of 2022.
A Discord official stated that there is going to be a lot of testing done before the launch. Additionally, they mentioned that the Shibarium launch will definitely come before Ethereum 2.0, which also is expected to come between September 10th and September 20th.
ALSO READ: “Bitcoin (BTC) Price Prediction”
The reason why this is important is that it gives the Shiba Inu network independence, which will be quite useful for future projects as well.
Before the official release, we can expect the team to give an update or a heads-up, so be on the lookout for that.
ShibaSwap is the ecosystem’s decentralized exchange (DEX) platform, which has been around since 2021. The goal of the DeFi platform is to be a safe haven to trade tokens in a fully decentralized space. This is the reason why it is suggested that SHIB and LEASH are traded on ShibaSwap.
The ShibaSwap 2.0 is an upcoming upgrade of that system. There isn’t much information covering that, but we do know that it will bring a bunch of new features, including a UI overhaul assisting its transition to become a “crypto portal” where burning coins will be a major component.
There is no information regarding the official release date of the upgrade.
Doggy DAO (Decentralized Autonomous Organisation) launched on the 18th of February, 2022. It allows BONE owners to vote on pairings in the ShibaSwap DEX. This is the first phase of enabling the community to partake in the governance of the Shiba Inu ecosystem. The Doggy DAO is quite important and will remain so for the future development of the network.
The ShibArmy will be distributing their voting power by tBONE, which is the staked version of BONE. In order to abstain from making changes, the developers decided to give the community full power of the rewarded Liquidity Pools (LPs).
According to the latest official blog post, people can consider this a “beta” version of the DAO. The article states that future development and updates of the DAO will enable the ShibArmy to have more influence. However, as of now, there are no official statements as to when such developments will be made.
Many crypto enthusiasts believe that DAOs are the future because they will be allowing communities to be making the changes they want to see within a network.
Shiberse (Shiba Inu Metaverse’s temporary name)
With the hype around the metaverse, there is no way the Shiba Inu network is not becoming part of it. The Shiberse (a temporary name) will be the Shiba Inu metaverse about which we don’t know much. We only got one tweet showing the Shiba Inu mascot holding a hammer in its mouth in a jungle. If we let ourselves speculate, then we can expect building and exploration.
However, we can also anticipate the Shiba Inu NFTs to be part of the whole thing. There is a total limit of 10,000, at least in the first set of NFTs. It is stated that each Shiboshi is unique and has unique properties. These properties will be coming to use in the upcoming Shiboshi game, which we expect to be part of the Shiberse.
Although there is no information on a release date, we can probably expect updates in the upcoming months and an eventual release by Q3 of 2022. LEASH owners will have priority when it comes to access to the Shiberse.
There are rumors that between $15 and $30 million will go into the project.
Some other plans that the Shiba Inu ecosystem has, include the ShibaNet, SHI stablecoin, ShibaCon, a SHIB-based fast food restaurant, and a fashion collaboration with a famous designer. There are no official statements or updates regarding any of the aforementioned projects.
Can Shiba Inu Reach 1 Cent
The current price of SHIB is around $0.00001247, which is quite far away from $0.01. In order for it to reach 1 cent, it will need to go up by nearly x1000. Realistically speaking, this is quite the multiplier. The only way for SHIB to see this growth is by massive adoption through utility and hype, and some special push.
If the abovementioned catalysts come to fruition, we will definitely see a surge in the price of the token. With the expansion of the Metaverse, games such as the one the Shiba Inu team has the potential to develop will definitely pick up a lot of momentum.
Truthfully, SHIB will need a lot more than just these catalysts and massive adoption. It will need to support of credible people. What we are referring to here is how Elon Musk boosted the price of DOGE from $0.06 to $0.68 in a couple of days. This was possible because of his massive following and influence. Of course, it was nothing more than a fad, which is why the current price of DOGE is about $0.065.
The point here is that even with the support of the giant that is Musk, the price only went up by 10x. We cannot overlook the fact that SHIB is in the top 15 cryptocurrencies by market cap as well. Its current market cap is around $8.16 billion. If it goes up by x1000, it will go over 6.9 trillion in market cap, making it the biggest crypto asset, outperforming the market itself by 6x.
If we consider this, then we can clearly say that the price of Shiba Inu Coin will never reach 1 cent. However, there is another option. It is to burn supply in order to reduce the total SHIB in circulation, thus raising the price, without raising the market cap.
A group of thirty-six experts in the field of fintech says that Shiba Inu (CRYPTO: SHIB) will have no value whatsoever by the year 2030.
When Will Shiba Inu Reach 1 Cent?
Taking into account the supply burn, we can actually try making a timeframe prediction here, although quite vague. For the section, we will assume that all of the SHIB projects are live and doing great. Additionally, we will take that the project is seeing massive adoption.
Burning tokens is not an easy task, but as we mentioned earlier, it will be part of the features introduced to the ShibaSwap 2.0 update. The “crypto portal” will also be a “burning portal”. This space will ensure burning SHIB will be a seamless process, effectively reducing the circulation supply. The procedure is quite popular with most of the popular cryptocurrencies.
If SHIB keeps the high demand but lowers the supply, this naturally leads to a rise in the price. In the network’s Reddit AMA, a team member of the project made sure to remind the ShibArmy to stay realistic about the burn and not expect it to reach 90%.
So when will Shiba Inu reach 1 cent, if ever? Well, if we assume that reaching 1 cent for Shiba Inu Coin is a given, then we will need to wait a couple of years. Quite vague, yes, but SHIB will really need that supply burn to start working before it takes off. If that happens, we can expect the price of SHIB to gradually keep moving up, reaching $0.01 by 2030 at the earliest.
If you are looking for a more accurate prediction, we suggest reading our dedicated SHIB price prediction article here.
Is SHIB A Good Investment
Deciding whether an asset is worth investing in or not is not an easy task. One must either believe in the project or the project has to have potential, objectively speaking. It is very important to do extensive research when exploring a new cryptocurrency or network. However, most of the information that this article covers should be sufficient to get a general idea about the Shiba Inu network.
We cannot overlook the fact that SHIB is considered a memecoin, which can negatively impact its status in the long run unless it redeems itself through utility. Happily, the projects that will be coming out will do exactly that, or at least that is what the developers promise. Without being too speculative, you can see why SHIB will be “the DOGE killer” and how it’s going to surpass it by market cap in a 1-2 years time period.
As you can see in the graph above, the moment is perfect for investing in Shiba Inu Coin if you trust it will develop.
There are typically two situations that an owner of a token will come across. Short-term and long-term investment. We will be covering both of them below.
If you are looking to invest in SHIB, then you have to take the ongoing global events in mind because they highly affect the crypto market. The reason for them to affect it is because, during a time of uncertainty, many sell their tokens for cash, which is completely understandable.
In this case, we’ve got the ongoing Ukraine invasion, which saw the crypto market crash immensely. Altcoins, especially, were highly affected. However, most tokens are already bouncing back, which is great for new investors.
Some people are looking at the current crypto market situation as an opportunity to buy cryptocurrencies at a “discount”. This is not a bad idea, but some traders make the mistake of not buying on time while waiting for the price of a token to drop even lower. For this reason, many prefer using the dollar-cost averaging (DCA) method. The strategy consists of investing in cryptocurrencies in periodic purchases, thus reducing the risk of loss due to volatility.
Overall, short-term investing in SHIB is definitely not a bad idea, but you should be careful and always monitor the market. This includes global news, politics, and even, preferably, the stock market. Additionally, it is certainly impossible for the Shiba Inu Coin to reach 1 cent in such a time frame.
Long-term investing is a bit tricky, although it can be quite rewarding. Just to give a quick example, which you probably already know: If you were an owner of 1 BTC in 2017, you could potentially have made a profit of 68x in 2021. However, we have to keep in mind that Bitcoin is one of a kind.
So what about SHIB and in the long run? Well, the current roadmap we are seeing for the Shiba Inu ecosystem is quite attractive. If the team follows the plan all the way through, we will almost certainly be seeing growth in the price and adoption of SHIB.
The DCA strategy is even more effective here. A lot of investors have a certain amount that they invest every week/month into a cryptocurrency. This is quite useful because it further reduces the risk and impact of the volatility surrounding the crypto market.
When “long-term” is used, it usually means one of two things. Either that you will be putting in a sum and leave it there for a long period of time. Or you will be investing using the DCA strategy and even selling and re-buying your asset for a profit from time to time.
However, the most important part about investing for the long term is to make sure the project resonates with you. This includes believing and understanding the project.
What Else Is Happening With Shiba Inu
Shiba fans are excited about Shiba Eternity. William Volk, one of the Shiba Eternity project developers, confirmed the September debut. Such a development should boost investor optimism, but the token’s price keeps falling.
Volk revealed a number of interesting things about Shiba Eternity in addition to the debut date of the game, which was previously known.
“We wanted to do it in 3D and look good on mobile as well as other devices. We tried to be clever with the cards to make them fit the world and the mythology of the Shiba world.”William Volk
Volk mentioned that in addition to SHIB, Shiba Eternity was also influenced by the game Hearthstone. He referred to Hearthstone as the best collectible card game available. He also mentioned that the team working on the game intends to go beyond the 10,000 Shiboshi characters that are currently featured in it.
More than 45% of Shiba Inu’s initial circulating token supply has been burned
48% of the initial supply of circulating Shiba Inu tokens has been burned.
Shiba Inu has approximately one quadrillion total supply, which explains why the project is continuously burning its token to get rid of its abundant supply.
How To Buy SHIB – eToro
In this short guide, we will go through all the steps required to purchase SHIB through the major trading platform – eToro.
- Create an account – This sounds simple, and it actually is, aside from the fact that you will need to wait up to a couple of days for the eToro team to verify your identity before you can make any transactions.
- Link a debit/credit card – Once your identity has been verified, you can add attach a card to your account.
- Fund your account – Add funds to your account’s balance. This will allow for an easier swap from fiat to crypto. You can also directly exchange fiat for crypto without making any deposits.
- Buy SHIB – Choose the amount of SHIB you wish to purchase and confirm the transaction. Or, you can choose the amount of fiat you wish to exchange for SHIB, and the platform will calculate how much SHIB you will get. All crypto assets will be stored on the eToro platform by default.
If you did follow these steps, you are now an owner of SHIB.
How To Buy Shiba Inu Coin (SHIB) – In-Depth
If you are interested in becoming an owner of SHIB, we’ve got you covered. In this short and simple guide, you will see all the necessary information to purchase SHIB.
Step 1: Find a CEX that trades SHIB.
First of all, you will need to find a crypto exchange platform that has SHIB as part of its listed cryptocurrencies. With the popularity of SHIB, this is an easy task. Currently, you can purchase SHIB through Binance, eToro, Coinbase, FTX, Kraken, KuCoin, and many others.
Step 2: Create an account
This might sound easy, and it actually is, if we disregard the fact that you need to confirm your identity. Most platforms require pictures of your ID or Passport, after which you might need to wait up to a couple of days for the platform to verify your identity.
Step 3: Add funds to the account
You will need to add funds to your account’s balance (although most platforms allow for direct purchase as well). Before this, you will need to add your card details, which will speed up the process. Having a balance will make exchanging fiat for crypto quite fast.
Step 4: Choose the amount of SHIB to buy
Now that you have funds added to your balance, you will need to exchange them for SHIB. You can either choose an amount of fiat you wish to exchange for SHIB, or you can choose an amount of SHIB you want to buy. Once you do this, you will need to confirm the transaction, after which you will become an owner of SHIB.
Step 5: (Optional) Transfer SHIB to an external crypto wallet
Most of the aforementioned CEXs have their own integrated crypto wallets. This means that once you purchase any crypto asset on the platform, it will remain on the platform in your account’s dedicated crypto wallet. However, many prefer transferring their crypto assets to external crypto wallets. Such wallets can be either software (Metamask, TrustWallet, Exodus, etc.) or hardware (Ledger, Trezor, Ngrave, etc.).
How To Buy Shiba Inu Coin (SHIB) – Summary
Follow these simple steps to purchase SHIB:
- Find a crypto exchange (CEX) platform that has SHIB listed.
- Open an account with the CEX.
- Add funds to the account.
- Choose the amount of SHIB you want to buy and confirm the trade. Voila.
- (Optional) Transfer SHIB to a third-party crypto wallet.
Best Crypto Wallets For Shiba Inu Coin (SHIB)
Cryptocurrency wallets are digital wallets used to store, send, and receive digital currencies such as Bitcoin, Ethereum, Shiba Inu Coin, etc. They act as a bank account/physical wallet for cryptocurrencies. There are many different types of wallets, each with its own set of features and security measures.
Some wallets are designed for specific types of cryptocurrency, while others can be used for multiple types. When choosing a wallet for Shiba Inu Coin, it’s important to consider how you’ll be using it.
For example, if you’re looking to use cryptocurrency for everyday purchases, you’ll want a wallet that’s easy to use and has low fees. This would be a software wallet, which is usually free to use but requires internet
On the other hand, if you’re primarily interested in holding cryptocurrency as an investment, you’ll want a wallet that offers more security features. This would be a hardware wallet that is purchased and can be used offline. However, these can get expensive – from $50 up to $500.
No matter what your needs are, there’s a cryptocurrency wallet out there that’s right for you. For the sake of this article, we give the three best software examples which you can easily use.
MetaMask is a cryptocurrency wallet that allows users to store, send, and receive cryptocurrencies. The wallet is designed to be intuitive and user-friendly, with a focus on security and privacy. It is arguably the most widely adopted crypto wallet on the market right now.
To use MetaMask, you must first create an account after downloading the app or extension for Chrome. Once an account has been created, users can then send and receive payments using MetaMask’s built-in exchange.
Overall, MetaMask is a convenient and secure way to store, send, and receive digital assets.
Exodus is a desktop wallet designed for cryptocurrency users. It is available for Windows, Mac, and Linux operating systems. The wallet is free to download and use. Exodus provides a secure environment for storing cryptocurrencies, as well as a user-friendly interface for buying, selling, and exchanging them.
The wallet supports numerous cryptocurrencies, including Shiba Inu Coin. It also allows users to track their portfolio value in real-time. In addition, Exodus provides a built-in exchange service that makes it easy to convert one type of cryptocurrency into another.
As a result, Exodus is a popular choice for cryptocurrency users who are looking for a simple and convenient way to manage their investments.
Trust Wallet is a mobile wallet for Android and iOS devices that users can utilize store a variety of cryptocurrencies. The wallet comes with a design that is user-friendly and extremely secure, and it offers a variety of features that make it a great choice for both beginners and experienced cryptocurrency users.
One of the most unique features of Trust Wallet is its support for “atomic” swaps, which allows users to exchange one cryptocurrency for another without the need for a central exchange. In addition, Trust Wallet offers an in-wallet Exchange allowing users to instantly convert their cryptocurrencies into other supported assets.
Trust Wallet also provides support for limit and stop-limit orders, as well as margin trading. Overall, Trust Wallet is a powerful and user-friendly wallet that offers a wide range of features for both beginners and experienced cryptocurrency users.
Whether we are talking about SHIB or any other currency reaching a particular price, there is a lot of speculation involved. Of course, it is always fun to make predictions. However, aside from speculations, you have to also do a deep dive into the cryptocurrency’s network and potential. This is the reason why we believe the information in this article to be useful.
The catalysts we got to discuss earlier are only the current projects that we can expect to see in the near future. Actually, most of them should be live by the end of 2022 or early 2023. After that, the team behind SHIB is most likely going to add new and better projects. It is important that they are looking to expand, disregarding the status of a memecoin and the public interest for Shiba Inu to reach 1 cent.
Although DOGE is in the lead of memecoins, it doesn’t necessarily have any utility, which ultimately will be its downfall unless things change. That is not the case with the Shiba Inu ecosystem, as we discovered earlier.
So does that make SHIB a good investment? Depends on whether you understand and believe in the project. It is almost always a bad idea to invest in projects you do not care about or do not like.
Despite the low chances of SHIB reaching that 1 cent mark, it is more likely than not going to keep growing as a project. This will naturally lead to better adoption amongst not only crypto enthusiasts but also the general crypto audience. Overall, it looks like the saying “all bark, no bite” cannot apply to SHIB, in a good sense, of course.
The answer, sadly, is not as simple as yes or no. Although it seems impossible for SHIB to reach 1 cent right now, if the project begins burning more and more supply, it will certainly be possible. So yes, it is possible for Shiba Inu Coin to reach 1 cent; however, it will be very difficult.
Yes, Shiba Inu Coin (SHIB) has many catalysts that will allow it to grow over time. As such, we believe that Shiba Inu Coin (SHIB) is a good investment, especially in the long run. However, there’s also the chance that something unexpected will happen, and Shiba Inu Coin (SHIB) and the rest of the crypto market will crash completely.
According to our price analysis and dedicated price prediction article, Shiba Inu Coin (SHIB) is going to be worth around $0.00013 to $0.00016, while by 2030, Shiba Inu Coin (SHIB) can reach a price point of $0.0001 or a bit more. However, if the supply burn comes into play, don’t be surprised to see Shiba Inu Coin (SHIB) reaching 1 cent.
No, Shiba Inu Coin (SHIB) cannot reach $1. There are many reasons why it is nearly impossible, but first, let’s talk about the elephant in the room.
The current Shiba Inu Coin (SHIB) market cap is around $6.82 billion, while the price is around $0.00001247.
In order for Shiba Inu Coin (SHIB) to reach $1, it will need to grow more than 80,000x times. Now, if we multiply the market cap by the multiplier, we will get the new market cap that SHIB will have if it reaches $1.
After some calculations, we see that the number here is $545,305,600,000,000. This is nearly $550 trillion. That is more than nearly all types of markets together.
As such, we can conclude that unless we see a significant SHIB supply burn, reaching $1 is 99.99% impossible.
If you are into analytics, then you probably already know what a “cup-and-handle” is. Shiba Inu Coin (SHIB) is currently going through a “cup-and-handle” pattern. We won’t be getting into more detail, but just know that the price of Shiba Inu Coin (SHIB) will go down post this cup-and-handle period.