• Shiba Inu (SHIB) has gained 11430362.4% since its inception in 2020.
• Shiba Inu is currently trading at $0.00001043 after a surge of 3.84% in the last 24 hours.
• Lack of social media buzz and the large circulating supply could be a hindrance to SHIB reaching its desired price of $1.
Since its inception in 2020, Shiba Inu (SHIB) has gained an incredible 11430362.4%. This meme-based cryptocurrency has been making headlines for the past few weeks, especially on January 14, 2023 when the currency managed to eliminate a zero from its value in just one night. In the present day, SHIB is trading at $0.00001043 following a surge of 3.84% in the last 24 hours.
Although Shiba Inu is making notable progress, investors and traders are still uncertain if the crypto can reach its desired price of $1. One of the primary reasons for this hesitance is the lack of social media buzz surrounding the cryptocurrency. Additionally, many ‘whales’ are said to own a large portion of the SHIB coins and could potentially sell off their holdings at any given moment, leading to a massive pullback. Furthermore, Shiba Inu has an excessively large circulating supply which needs to be burned to create scarcity.
In 2021, Shiba Inu launched its own burn portal which is said to send two SHIB coins to a dead wallet. Unfortunately, this process has not been enough to reduce the supply of coins significantly. Currently, the burning of Shiba Inu is expected to be delivered by Shibarium, but this is yet to occur.
Until these issues are resolved, it is uncertain whether Shiba Inu can reach the desired price of $1. Investors and traders should be extra cautious when dealing with SHIB, as the cryptocurrency market is highly volatile and unpredictable.