Why Shiba Inu Will Not Hit $1
Cryptocurrency analyst Zack Humphries believes that the price of SHIB, the native token of the Shiba Inu ecosystem, will not reach $1 anytime soon. According to Humphries, if SHIB were to hit $1, it would become the most valuable cryptocurrency asset and the largest company by market capitalization. This is an almost impossible task considering the dominance of Bitcoin in the digital asset market and companies like Apple Inc. in terms of market capitalization.
SHIB’s Recent Price Performance
While reaching $1 may be unlikely, Shiba Inu has been experiencing steady gains recently. There has been a significant increase in whale movements and large holder inflows, indicating interest from long-term investors. Additionally, the cryptocurrency has displayed signs of a bullish recovery and could see a 73% rally in price. However, it is important to note that SHIB’s highest price since its inception is $0.000086.
SHIB Burns and Innovative Projects
The Shiba Inu team has recorded impressive token burns, with 9.35 billion SHIB burned in January alone. Furthermore, the upcoming automated SHIB burn mechanism is expected to lead to additional token burns, reducing the circulating supply and potentially increasing its value through scarcity.
Hot Take: Shiba Inu’s Price Potential
While SHIB may not reach $1 anytime soon due to various challenges and industry benchmarks, it continues to gain momentum with its recent price performance and ongoing developments within its ecosystem.
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