The world of crypto is split between two forces at its core: Bitcoin and the rest of the coins. Over the years, BTC, the leading coin, has secured its title as one of the few stable participants in the market, with its performances impacting all the other coins’ trajectories. Conversely, many alternative coins, aka altcoins, have fought to continue the race. The titan surpassed its $69K all-time high registered in 2021, turning things upside down for the industry last March. As a quick refresher, this isn’t the only crypto taking investors by surprise – Shiba Inu, aka SHIB, has gained 388% in only 14 days, rising to $0.000046 from a humble $0.0000095. Shiba soared 246% against Bitcoin, putting one of its best-ever price performances on record.
At the time of writing, SHIB secures its 20th spot among top cryptos by market cap, with the figure standing at around $7.66BN. The daily trading volume is 202.127, which discloses how many SHIB coins are exchanged between sellers and buyers. As per the price, investors can buy one SHIB for around $0.000014.
Shiba’s story today is more about hope and optimism than a no-brainer moneymaker. The dog-themed meme coin has been fizzling out together with other market participants, losing ground to Bitcoin. Some investors reflect on exchanging SHIB for BTC, pessimistic about a potential flip like last year’s, while others stick with their SHIB investments, for this is the core rule of long-term investments. When zooming out on the picture, the market tends to follow a cycle that sees cryptos fall and rise. An in-depth examination of Shiba’s market dynamics, tokenomics, and current trends indicates that hitting another milestone is barely possible in the near future. So, for how long should an investor keep its SHIB in their portfolio? Should you learn how to buy Shiba Inu and consider a related investment? Let’s explore the possibilities and opportunities through its tokenomics, price performances, and so on.
Join The European Business Briefing
New subscribers this quarter are entered into a draw to win a Rolex Submariner. Join 40,000+ founders, investors and executives who read EBM every day.
SubscribeThe “1 dollar dream” goal
The Shiba Inu meme coin has piqued investors’ attention with the idea of a “1 dollar dream” goal – the hypothetical scenario where investors would pay 1$ for a token. Ever since the speculation’s launch, this utopia remains the subject of a heated debate at investors’ crypto table. According to industry experts, about 99.99998% of SHIB’s current supply would need to be burned to make it possible for a token to hit the $1 mark, predicated on the asset’s market cap by press time. In plain English, only 11.4BN tokens should be left in circulation out of the 589.2TN tokens going around now. Such a move would make every token left in circulation more valuable and, thus, more expensive, at least in theory. As SHIB’s lead developer himself explained in November 2024, burning 99% is doable, but more forces may need to fuse to push a token’s value to $1. Without progress like tech development within the ecosystem and greater crypto acceptance, burning tokens alone isn’t enough to trigger such massive price increases, let alone sustain them.
Given the current circumstances, seeing SHIB achieve such a milestone is difficult, if not impossible. Let’s continue our assessment by investigating the asset’s tokenomics.
SHIB’s tokenomics
Shiba Inu represents the innate token pertaining to the Shibarium ledger and is a means to pay transactions’ gas fees at its core. Notably, there are three tokens on the Shibarium blockchain:
- Shiba Inu
- Bone Token
- Leash Token
Bone Token serves as the whole Shiba ecosystem’s governance token and has a finite supply of 250MN tokens. At the same time, the Leash is used to recompense the community for its commitment and resembles Bone in that it also has a finite supply, this time standing at 107,646 coins. It’s worth mentioning that whoever receives Leash gets Bone as a reward, too, as well as early access to Shiba Inu’s Metaverse Land Sales and Shiboshi non-fungible tokens.
Diving deeper into Shibarium
The Shibarium blockchain was created by Shiba Inu’s developing team as a solution for the astronomical gas charges that users were encountering on the Ethereum blockchain. Moreover, the fact that the token previously lacked any real use case hindered its potential to evolve, making the blockchain fade away among other blockchains and her token seems unnecessary.
Soon after Shibarium’s debut in August 2023, the network collapsed because it encountered 16MN visitors – more traffic than potentially manageable. It’s important to note that it’s only the website that fell; the blockchain came through – something that Shibarium’s lead developer thanked the Polygon team.
Worth noting is that it was not Shibarium exclusively that faced challenges during those times but companies activating in the Web3 sphere, too, no matter their standing in the market. Difficulties were due to an interplay of culprits, from insufficient funding to the scepticism generated by the then-hypothetical Bitcoin exchange-traded funds and a few other market-related forces.
When SHIB shined the brightest
Shiba Inu spiked by an astronomical 43,800,000% in 2021 and hit a spectacular $0.00008845, stirring investors’ hearts as they envision the asset soaring further. While far from approaching the coveted $1, it’s safe to say that the impressive performance left its mark on the history of crypto. Nevertheless, the token’s value has retreated considerably ever since, making the most bullish forecasts seem like a lunatic’s dream. A few market analysts forecast a fresh ATH by the end of this decade at $0.00032; yet the muttered “$1” remains orders of magnitude larger than SHIB’s current price.
Hypothetical posts on ex-Twitter, X, as well as web studies have given way to all sorts of timelines regarding a speculative “$1” milestone, which can range from five years to the end of the century. Nevertheless, there’s no study, chart, analysis, and so on to support such theories, so remain realistic when coming across this or other sorts of speculations.
Closing thought
Shiba Inu may lure investors in with its potential, but it’s important to remember that a crypto’s past performance or history chart doesn’t guarantee future price performance. Ensure you tread carefully when pouring money into cryptocurrencies that aren’t known for their stability.
