Last year, the number of Shiba Inus sold increased by 45,000,000%. Is it possible for crypto SHIB to continue to climb in the long run? Nowadays, however, the emphasis is more on achieving a goal than on increasing one’s chances of success. The token is now only worth a tenth of a penny. However, Shiba Inus could potentially reach a $1 value if it continues this trend.
There are a number of things that need to transpire before this may happen.
First and foremost, a sizable burn or several large burns must take place. Furthermore, a higher price is supported by a reduced supply. Shiba Inu (SHIB) tokens in circulation are just too many to allow a $1 value at this point. At the time of writing, there are 549 trillion tokens in existence. Over $549 trillion in value would be derived from Shiba Inu if each token had a value of $1.
Compared to the total bitcoin market, this one is massive. Apple and Amazon aren’t even in the same league as this. In fact, they have a combined value of $2.7 trillion and $1.5 trillion!
A bitcoin entertainment firm, Bigger Entertainment, has held “burns.”
More than 370 million SHIBs were actually burned on Valentine’s Day. In a progressive direction, this is a good step forward. However, it’s not enough to cut down on the massive amount of supplies. On change.org, there is a petition calling for the burning of a massive portion of the token supply. A total of around 18,000+ signatures have been gathered thus far.
This is a critical factor in achieving $1: the number of tokens must be significantly decreased. Shiba Inu’s market worth would not soar if it were to reach $1 this way. We’re presented with a choice between two possibilities here.
This first step would be to make Shiba Inu stand out from its competitors.
Because let’s be frank, it doesn’t stand out and that’s an issue. It can only be used for exchanges or payments at a restricted number of merchants. For instance, Shiba Inu is unable to host decentralized apps. This restricts its potential to influence the development of cryptocurrencies.
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Earlier this month, Shiba Inu revealed a Tier 2 development initiative. This is to speed up the transaction and save money. This method might thrive if Shiba Inu moves tokens to this network and expands its usage.
Another alternative is to achieve significant progress in the metaverse.
It was recently announced that Shiba Inu was also planning on launching their metaverse project.
Only a few pieces of information are available – users will be able to purchase land in this virtual world, though. Looks a lot like The Sandbox and Decentraland already. Nonetheless, if the Shiba Inu project receives widespread acclaim and a following of devoted users, the value of the dog may skyrocket.
The key issue now is whether or not all of this is going to triumph.
There is always that chance. However, it’s doubtful if this will be the case, for now. At the very least, it’s not a good idea to invest in this extremely volatile cryptocurrency at this time. The token supply of Shiba Inu has not yet been reduced in a definite manner.
As for the next initiatives, they didn’t provide anything out of the ordinary. The finest cryptocurrency investors are those that are already changing the business and entertainment landscapes.
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Do you think SHIB will reach a $1 value in the future? Feel free to share your thoughts in the comments below. For more content, stay with us, here at Spiel Times.
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I think investing a small amount having a reoccurring purchase every payday is smart for the long run. Right now you can purchase a lot of SHIB for very little money. If you have over 20 or 30 years before you reach retirement age. Then your Small investment In shib may pay off big.