ShibaInu is based on the famous meme Dogecoin, which was a hit because of Elon Musk’s praising. SHIB token has got a lot of investors, and the community is super active. While the coin claims to be a Dogecoin killer, as soon as the crypto market tumbled a bit, its market cap fell significantly. And now, as 1CentDreamShib trends on Twitter, the community might be hoping for another pump, but it seems unlikely.
Why is a pump in the near term unlikely?
Predicting the price action of popular cryptocurrencies is a pain in itself, so for meme coins, it is impossible to be 100% sure about what is next. But it seems unlikely that Shiba Inu is going to pump anytime soon. Unless we see Bitcoin stabilize and move up slowly, there is very little chance that any meme token will pump. Also, Shiba Inu doesn’t have anyone like Elon Musk, whose one endorsement could send it up by 25%. So, the community can be hopeful, but I am not.
1 cent ain’t happing
This is simple math, and I am sure of it. Bitcoin’s current market cap is 910 billion dollars, and it is the largest crypto. At the same time, the total market cap of cryptocurrencies is less than $3T. Now coming to Shiba Inu, the current price of the meme token is $0.00003368, and to reach $0.01 (1 cent), it will have to increase by (0.01/0.00003368=296.912 times). And the current market cap of Shiba Inu is $18.49 billion. So, to reach 1 cent, Shiba Inu will need a market cap of $5489.9B or almost $5.5T.
So, dream or not, I don’t think 1 cent is ever going to be possible for Shiba Inu. As investors, we often get tricked by the zeroes and think that a cryptocurrency is of very less value. But seeing the market cap, which is also tied to the circulation, will actually tell you if the cryptocurrency is undervalued.
What are your thoughts when so-called cryptocurrency experts or analysts give 1 cent predictions for SHIB? And do you think we might see a small pump as 1CentDreamShib trends on Twitter? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Crypto prices could fall to zero says Bank of England Deputy Governor.
