Shiba Inu coin is a ‘meme’ coin that was created for fun last year as a spin-off of another popular coin Dogecoin. Just last month, it was listed on Coinbase and Coinbase Pro, but the price didn’t see a huge gain.
It was only a few days ago that Elon Musk’s tweet caused the coin’s price to rise by more than 700% in a single day. The SHIB coin traded for as high as $0.000034.
However it was not just Elon Musk’s tweet that did it. The team behind the coin is reportedly building a project and adding utility to the coin. There are also rumors that the Shiba Inu coin will soon be listed on the popular trading platform Robinhood.
At the time of writing this article, SHIB has a market capitalization of 11.7 billion dollars. What’s surprising is that its trading volume in the last 24 hours is more than $12 billion. Currently, the coin is trading at $0.0000298, just shy of $0.00003. It has soared by more than 35% in the last 24 hours.
Will the SHIB Shiba Inu Coin reach $0.0001?
For the SHIB coin to have a trading price of $0.0001, its market capitalization would have to be $50 billion, nearly 5 times more than the current market cap. Now, if it will reach that point is very speculative. SHIB coin is attracting a lot of new people because of its low price and simplicity. Given that it has no real-world utility, people are buying it mostly because they don’t want to miss ‘another Dogecoin’. At this point, nobody can say if the price will tumble down or soar again.
Will the SHIB Shiba Inu Coin reach $0.001?
For the SHIB coin to have a trading price of $0.001, its market capitalization would have to be a whopping $500 billion. That’s more than the market cap of Ethereum. It’s unlikely that a coin that has no real-world utility as of yet would be as valuable as Ethereum.
Will the SHIB Shiba Inu Coin reach $0.01?
For the SHIB coin to have a trading price of $0.01, its market capitalization would have to be a whopping $5 trillion. That’s more than two times the total market capitalization of the cryptocurrency market, and nearly 10% of the world economy. If this does happen, it’s safe to say that such a future will be run completely with cryptocurrency.
It’s very important to understand how coin prices work. There are some people who believe that SHIB will reach $0.1 soon. That’s realistically impossible because that’d mean SHIB would have a market cap of $50 trillion. The world’s economy is estimated to be a total of $60 trillion.
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