Aiming Higher
Some fervent Shiba Inu bulls have their eyes set on a much higher price target – a massive gain of more than 1,000-fold from its current price.
Shiba Inu was designed to be more functional than its dog-themed rival, Dogecoin, as it operates on the Ethereum network with smart contracts and decentralized applications. The token enables users to send and receive payments, and it can also be used for select merchant transactions. However, Shiba Inu’s payment acceptance remains limited, with only 792 businesses currently on board.
In an effort to enhance transaction speeds and reduce fees, developers have launched Shibarium, a Layer-2 scaling solution.
Beyond Speculation
Despite efforts to increase usefulness, Shiba Inu remains primarily a speculative tool, much like other cryptocurrencies, including Bitcoin and Ethereum.
Shiba Inu believers are disappointed that the token hasn’t performed well in 2023, with a modest 20% increase compared to the booming overall crypto market, which has nearly doubled in value to $1.6 trillion. Both Bitcoin, Ethereum, and major tech stocks have seen significant gains this year.
Amidst renewed investor optimism, one wonders why Shiba Inu hasn’t fully capitalized on the current market rallies.
Considering Shiba Inu’s recent performance and potential for a 1,000-fold increase to reach $0.01, critical evaluation is necessary.
Personally, I don’t believe such an outcome is probable.
At a price of $0.01 per token and with a current supply of 589 trillion, Shiba Inu’s hypothetical market cap would be around $5.9 trillion – surpassing even the likes of Apple, valued at $3 trillion. It’s irrational to claim Shiba Inu could hold double the worth of such a successful enterprise.
It’s prudent to avoid getting caught up in the hype and allure of speculative investing.