ETH - Can Shiba Inu Reach $1?
2023-12-19 13:58:40 ET
More than two years after the peak of meme coin mania, Shiba Inu (CRYPTO: SHIB) remains a favorite target of crypto investors in search of the ultimate low-cost, high-upside investment. Despite the fact that it is still trading for the unbelievably low price of just $0.000010, many investors remain bullish that Shiba Inu can one day reach the $1 mark.
But just how realistic is that price target? Shiba Inu is still up just 25% for the year amid a sharp crypto rally that has seen the price of Bitcoin (CRYPTO: BTC) soar by more than 150%. So if you are thinking about investing in Shiba Inu, here are two important things to keep in mind.
Shiba Inu's stubbornly low price can be traced back to one primary factor: a huge circulating supply of 589 trillion coins. To put that number into context, meme-coin rival Dogecoin (CRYPTO: DOGE) has a circulating coin supply of 142 billion. Ethereum (CRYPTO: ETH) has a circulating supply of 120 million. And Bitcoin has a circulating supply of only 20 million.
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Can Shiba Inu Reach $1?