Why Shiba Inu WON’T reach $1 – experts speak out as SHIB spikes
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Shiba Inu coin (SHIB) this year became one of the world’s most sought after cryptocurrencies. Novice traders have helped disrupt the market by buying up stocks of the altcoin, pushing it to the stratosphere with record speed. The unusual development has blindsided experts, who are now scrambling to predict where it could end up next.
Investors can currently buy Shiba Inu coin for $0.00002661 (£0.000020), following a week-long rally that saw it gain more than 350 percent of its value.
The token has travelled on winds cast by favourable market conditions and a tweet from Elon Musk that welcomed the arrival of his Shiba Inu puppy.
Over the last 24 hours, it has grown by a further 10 percent, with a fully diluted market cap of $26,605,974,760 (£19,543,817,849).
The progress means that it has cracked the top 20 most popular cryptocurrencies within 14 months, beating out more seasoned altcoins such as Dogecoin – which reached the milestone in 88.
Shiba Inu’s goal is the same as its compatriots on the market; to reach the $1 mark.
But experts are torn over whether or not it can follow other established currencies such as XRP, which recently hit the $1.06 (£0.78) mark.
Omkar Godbole, a market reporter for cryptocurrency platform Coindesk, found SHIB’s recent popularity doesn’t rival the “frenzy” earlier this year.
Writing on the site, he observed it hasn’t yet cracked the top 100 mark on Google Trends, which gauges interest by ranking the number of searches behind a particular item.
SHIB racked up an interest rating of 10 this week, meaning it hasn’t caught the attention of retail investors.
Another expert, David Hsiao, CEO of crypto magazine Block Journal, said the coin has a significant community that could keep it afloat.
According to the developer site, Shiba Inu has more than 585,000 community members behind it.
But this community can’t sustain it forever, at least not alone.
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Speaking to Fortune.com, Mr Hsiao said the “dog-coin hype” is dying down.
Coins with “far more substance”, will likely take over, leaving SHIB in their dust.
Mr Hsiao added: “The price effect from hype and rumour can only last so long.”
Kris Marszalek, CEO of Crypto.com, also opened up about the future of SHIB to Future.
He said it is tricky to understand exactly what direction the token could take.
Mr Marszalek blamed Shiba Inu’s youth and low price, which makes it tricky to “draw conclusions about its staying power.”
He also touched on the community, as continued activity blossoming behind SHIB could provide “future growth.”
Other coins, most notably DOGE, have thrived off community, but even the older doge breed coin hasn’t cracked the $1 mark yet.
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