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Will Shiba Inu Coin Reach $1? How To Buy Shiba Coin - Investment - Nairaland

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Will Shiba Inu Coin Reach $1? How To Buy Shiba Coin by SpockFederation: 8:35pm On May 27
ALSO READ:

>>> How To Buy and Sell Shiba Inu Coin Online on Binance, Trust Wallet and Huobi (Step-by-Step Tutorial) With Screenshots <<<


Shiba inu coin is one of the newest community cryptos that has soared a whopping 2,000,000% this year!

Shiba Inu's mission is to be the Dogecoin killer.

And since increasing over 2,000,000% this year,…. who knows… it might actually end up growing quite substantially.

It already has a market cap of 8 billion which is more than what Dogecoin was trading at for ages until recent surge this month to about 60 billion US dollars.

So it's not that far behind Dogecoin went from eight to 60 in just a few days.

So it's a force that shouldn't be underestimated. And in the whitepaper, they say that the coin is a deflationary coin - which means they start with a maximum circulation of One quadrillion tokens, which is 1000 trillions, and they burn it down.

They gave half of it to Ethereum, founder Vitalik Buterin - which they've called a "burn".

And the other half was handed over to Uniswap with the keys thrown away mean that no dev holds any tokens.

Vitalik did something amazing, but it also created a market panic at the same time.

He donated a billion dollar worth of Shiba Inu into the India COVID relief fund, but he did that before announcing what he was doing.

So this triggered a market panic and sell-off the cryptocurrencies.

So he does have the ability and it is shown that he can move Shiba Inu around, even if it's for a good cause that is still circulation that can move around the world.

And it's that additional circulation that I think will prevent Shiba Inu from hitting 1 cent, or $1, because you need the circulation to go down to then increase the price based on the average crypto market caps that we see at the moment.

So why did it increase?

Well, the Shib coin lived in relative obscurity from August until earlier this year; when a surge in interest for Dogecoin drove traders to find the next big thing.

Shib’s rise has obviously been due to Dogecoin's success - which is a mixture of Elon Musk, Twitter, Reddit, YouTube and numerous news articles talking about the coin and mentioning Shiba Inu as a copycat coin to the almighty Doge.

And to be fair, Dogecoin's astronomical rise can be traced in part to the fallout of the GameStop saga in March - which is when all of the individual retail traders who fueled the game speak short, turned to the joke cryptocurrencies to find the next big thing and started focusing on Dogecoin.

Ever since then, the price has continued to increase from an average market cap of about 7 billion all the way up to around 70 billion at the time of writing this with lots of movements from Elon and Tesla at the moment removing Bitcoin rumors are saying as well as Elon Musk tweeting the question whether Tesla should start accepting Dogecoin as payment for Tesla cars.

If that happens, then we'll likely see lots of growth ahead.

So with the Shiba Inu coin and Dogecoin somewhat tied together in popularity one could help the other, but also on the other hand if Dogecoin does flop a little bit it might create opposite effect for Shiba as investors look for a new coin that isn't Dogecoin to try and get into the price that might go up.

Obviously that's all speculation, but also an interesting theory.

So why is it going down at the moment?

Well, the Sheep token has had a huge surge from pretty much zero up to 0.000030 which does not sound like much but in one month that is 30,000%, which is just bonkers.

So with anything that rises that quickly, and by that much with the seven to 8 billion being pumped into it in a really short amount of time naturally some of that hype will calm down to find a new normal or a new baseline.

So this is where we start to see what is known as the correction which is exactly what's happening at the moment.

It happens in any stock crypto or investment that is traded in a public market.

So that's factor one.

The second factor, I think is the recent controversy that hit the news for about 24 hours where we saw the Ethereum co-founder of Vitalik Buterin, who was given 50% of Sheep's circulation to hold on to transferred over a billion dollars-worth of coins.

This caused a huge market panic and a large sell-off of Shiba Inu.

But it was later announced that because this money was supposedly given to him without his consent, he wanted to put some of it to good use and transferred it to the India virus relief fund for the current crisis that they're going through.

It's a really nice move on his part, but also we can't ignore that with the value being over 1 billion - which is 1/7 of the current market cap, that's one of the world's largest donations to compare this in 2020 Jeff Bezos, the CEO of Amazon, one of the richest men on the planet gave away 10 billion pounds to charity across the entire year.

Since this payment took place the price hasn't recovered as much yet but the relief fund who received the payment promised on Twitter, that they would treat the money with care and sell it off carefully as to not cause damage to Sheep and its value.

But at the end of the day, that was a huge payment and has done a few things, mainly a lot of press and attention about the donation, but also helps solidify Shiba Inu is not just another meme coin.

So it'll be really interesting to see how the Doge does settle on this one, either way we're definitely at a reflection point at the moment since the correction over the past week the coin has been reasonably stable and it hasn't served nor crashed.

So depending on what happens next could define a future moves for the coin.

If it goes up in value and goes to another surge, I can imagine that there would be lots more news articles and YouTube videos, just like this one covering the coin which will fuel some of the growth further and put it onto the map.

Likewise, if it crashes, although a great time to buy it might end up putting Shiba Inu in the shadows for quite a long time.

So what could it be worth?

Well, the Shibcoin has some really interesting plans in its whitepaper and on the surface.

And the fact that Shiba was created with more purpose than Dogecoin, technically and under the surface, it's probably a better coin but the real test is whether over time it can hold its value and media attention to keep climbing.

They have plans for an art NFT exchange a wallet and lots more.

So this could make the coin very commercially viable which when compared to Dogecoin was created as a joke by its creators.

And both of them have admitted that they never anticipated or meant for the coin to get this big.

It's also worth mentioning that the hype around the flood of meme coins, such as Shiba isn't naturally caused, but instead it's a social phenomenon arise against Viet currency.

And that makes it incredibly exciting in a world where Bitcoin is over $60,000 for one coin

everyone is looking for the next big thing.

And with meme coins all under $1 it does make them incredibly appealing.

And that's how meme coins work to create a community who are incredibly loyal and stick by the coin.

And over time its value rises just like Dogecoin, even without having super clever technology like smart contracts or sleek payment technology at the moment.

One of the big challenges for the Shiba Inu token is the current circulation.

As we've mentioned, the coin is a deflationary coins.

So they start with a quadrillion tokens and they're slowly being burned down.

But the big risks that I think will hinder a lot of this coin is the fact that they gave 50% of the circulation to Vitalik Buterin, that means 50% of the coins are controlled by one person.

And that massively goes against what cryptocurrency is meant to be.

It's meant to be a decentralized and not controlled by one particular government person or entity but for the moment with Shiba Inu, that's what we have.

And it will always create a risk.

I can only assume that they gifted him the 50% of the circulation thinking that Vitalik Buterin will never do anything with it but unless I've missed something they should have just burned the tokens because it goes against the value of a cryptocurrency.

With that being said over time if the circulation does drop a few more hundred trillion then it will help the price rise somewhat.

If SHIBA INU had the same market cap as Dogecoin at the moment, which is about $70 billion then for the value of the coin, take 1 cent.

We would need the circulation to go down to about 7 trillion coins and to hit $1, we need it to go down to just 70 billion in circulation.

I say just 70 billion is still huge compared to Bitcoins 21 million, but it would mean to go from today's 400 trillion down to 7 trillion, that's a 98% reduction of coins in supply.

What's not as clear at the moment is how fast the SHIB will be burned over time because only then will we be able to work out and truly understand how long it's going to take to burn down that supply?

I suspect that a lot of this will require a lot of people using the Shib exchange to bury their tokens which creates these different sets of new tokens.

Will Shiba Inu Be Bigger Than Dogecoin?

Well, possibly it would be impossible for me to sit here and say yes or no, but it's all a gas and nobody really knows.

All we can do is look at their theories about the art of the possible.

And what is realistic for both coins.

Dogecoin is struggling to hit $1. But it's creeping up slowly and might be on the brink of being announced as the next Tesla currency by Elon Musk.

On the other hand, investors might turn their backs on Dogecoin after a while and look for the next big thing, built on best technology which I think Shiba Inu does have going for it.

The white paper does have loads of interesting plans in it and they're building some really cool tech amongst the Shiba Inu token.

ALSO READ:

>>> How To Buy and Sell Shiba Inu Coin Online on Binance, Trust Wallet and Huobi (Step-by-Step Tutorial) With Screenshots <<<

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