Is it Possible for Shiba Inu Coin Price to Hit $0.001 in 2022?
2022-02-18 10:08:15
2021 was an important year for Shiba Inu Coin (SHIB), the meme coin . It began to break through in April and rose sharply in October from $0.000007 to $0.0008 in just 25 days, with an increase of more than 1000%.
Since then, Shiba Inu Coin has fallen by about 50% in price. Currently, it is sitting around $0.000038. According to data, the total market cap of all digital currencies grew more than 1,450% during the period of March 2020 and December 2021.
The crypto market has made investors rich in a very short time, especially for those who invested Shiba Inu Coin
But Whether the price of Shiba Inu Coin will keep rising in 2022remains a mystery. Recently, there has been a debate on if the Shiba Inu Coin will hit $0.001 in 2022 across the coin circle.
How Much Is Shiba Inu Coin Today?
Each Shiba Inu was worth only a small amount of one cent when it was first created but its value has grown by a thousand percent now. Currently, SHIB is ranked 14th on Coinmarketcap, with a live market cap of $17,684,271,265 and a 24-hour trading volume of $1,398,607,363.
According to the data from Gate.io, the second largest exchange to trade SHIB, the Shiba Inu price today is $0.000032, up by 4.85% in the last 24 hours.
Shiba Inu Price Prediction For 2022: Will It Hit $0.001?
It is traditionally very difficult to attribute value or make accurate price predictions for meme coins such as DOGE and SHIB, as their growth is very much linked to the amount of hype the project can generate and there is no doubt that Shiba Inu Coin generated incredible hype in 2021. However, with its price waning, will Shiba Inu Coin lead to new highs and hit $0.001in 2022?
The answer is highly impossible, which can be explained with the four main reasons below:
•Lack of Genuine Competitive Advantage or Differentiation
As an ERC-20 token built on the Ethereum blockchain, Shiba Inu Coins also suffer from the same processing lags and high transaction fees. Although Shibarium may reduce its transaction cost disadvantage, Shiba Inu Coins still have no defining characteristics that could make it the preferred choice for merchants and users who want to pay by digital currencies.
• Diluted by Other New Projects
Due to lack of a competitive edge, Shiba Inu Coins are under attack by new blockchain-based projects that offer faster processing times or low transaction fees. Although many blockchain projects may achieve nothing, some of them will provide operating advantages over Shiba Inu Coins, which will make SHIB diluted in the crypto space.
• Lack of Real-world Utility
There is a fatal flaw in Shiba Inu Coins, that is, Lack of real-world use, which prevents it from being accepted by most merchants as a form of payment. Cryptwerk shows that only around 600 global merchants accept SHIB as a payment, among which 44 merchants are nothing more than exchanges. That means only a little over 550 mostly obscure online businesses accept SHIB, which is only a very small portion of over 500 million entrepreneurs worldwide. As you can see, it’s almost useless outside of a crypto exchange.
• Coin Burned
Last year,Vitalik Buterin, the Ethereum co-founder, was given about half of Shiba Inu Coins in circulation. Then he sent more than 410 trillion tokens to a dead blockchain address. With these coins now removed from circulation (i.e., burned), each remaining token is regarded to be more worthwhile.
The problem is that the amount of token burned will not be close to 410 trillion by 2022 or at any time in the future. Besides, fewer SHIB Coins in circulation will not improve network efficiency in terms of transaction costs or block terminations. Burning won’t bring any tangible benefits to investors who buy Shiba Inu Coin. So, there is no reason to believe Shiba Inu Coin will come anywhere close to $0.001 (a $549 billion market value) in 2022.
Since then, Shiba Inu Coin has fallen by about 50% in price. Currently, it is sitting around $0.000038. According to data, the total market cap of all digital currencies grew more than 1,450% during the period of March 2020 and December 2021.
The crypto market has made investors rich in a very short time, especially for those who invested Shiba Inu Coin
But Whether the price of Shiba Inu Coin will keep rising in 2022remains a mystery. Recently, there has been a debate on if the Shiba Inu Coin will hit $0.001 in 2022 across the coin circle.
How Much Is Shiba Inu Coin Today?
Each Shiba Inu was worth only a small amount of one cent when it was first created but its value has grown by a thousand percent now. Currently, SHIB is ranked 14th on Coinmarketcap, with a live market cap of $17,684,271,265 and a 24-hour trading volume of $1,398,607,363.
Shiba Inu Price Prediction For 2022: Will It Hit $0.001?
It is traditionally very difficult to attribute value or make accurate price predictions for meme coins such as DOGE and SHIB, as their growth is very much linked to the amount of hype the project can generate and there is no doubt that Shiba Inu Coin generated incredible hype in 2021. However, with its price waning, will Shiba Inu Coin lead to new highs and hit $0.001in 2022?
The answer is highly impossible, which can be explained with the four main reasons below:
•Lack of Genuine Competitive Advantage or Differentiation
As an ERC-20 token built on the Ethereum blockchain, Shiba Inu Coins also suffer from the same processing lags and high transaction fees. Although Shibarium may reduce its transaction cost disadvantage, Shiba Inu Coins still have no defining characteristics that could make it the preferred choice for merchants and users who want to pay by digital currencies.
• Diluted by Other New Projects
Due to lack of a competitive edge, Shiba Inu Coins are under attack by new blockchain-based projects that offer faster processing times or low transaction fees. Although many blockchain projects may achieve nothing, some of them will provide operating advantages over Shiba Inu Coins, which will make SHIB diluted in the crypto space.
• Lack of Real-world Utility
There is a fatal flaw in Shiba Inu Coins, that is, Lack of real-world use, which prevents it from being accepted by most merchants as a form of payment. Cryptwerk shows that only around 600 global merchants accept SHIB as a payment, among which 44 merchants are nothing more than exchanges. That means only a little over 550 mostly obscure online businesses accept SHIB, which is only a very small portion of over 500 million entrepreneurs worldwide. As you can see, it’s almost useless outside of a crypto exchange.
• Coin Burned
Last year,Vitalik Buterin, the Ethereum co-founder, was given about half of Shiba Inu Coins in circulation. Then he sent more than 410 trillion tokens to a dead blockchain address. With these coins now removed from circulation (i.e., burned), each remaining token is regarded to be more worthwhile.
The problem is that the amount of token burned will not be close to 410 trillion by 2022 or at any time in the future. Besides, fewer SHIB Coins in circulation will not improve network efficiency in terms of transaction costs or block terminations. Burning won’t bring any tangible benefits to investors who buy Shiba Inu Coin. So, there is no reason to believe Shiba Inu Coin will come anywhere close to $0.001 (a $549 billion market value) in 2022.
Popular News
