Amidst history’s most explosive investment vehicles, a few are even close to what the cryptocurrency shiba inu accomplished. In 2021, the digital token hung up rough profits of 46,000,000 percent, meaning those fortunate enough to invest 1,000 dollars at the start of the year & then sell at an auspicious time to become multimillionaires. Several barriers create a question of will shiba inu coin reach $1.
With impressive profits, it’s not surprising enough that users astonish if the SHIB is on its way to a few more incredible wins. And the query of whether the shib token could ever reach the price of $1 point has been raised many times in crypto circles.
Why does SHIB seem well placed to go forward?
The beginning of shibarium:
We know that shiba inu is one of the cover-2 cryptos based on the Ethereum blockchain. The transactions on the Ethereum blockchain are very costly because of the higher gas price & the speed has been a query of many for a long. The developers of ‘Meme Coin’ have no longer required the shiba inu coin to be named as Meme coin. By expanding their ecosystem, the developers of shiba inu are trying to work on their blockchain platform, called shibarium, which is expected to be inaugurated this year. Once shibarium gets live, shiba inu would be free from the Ethereum blockchain & there are many chances that gas fees will reduce after that.
Bulls have returned:
Since the crypto market crash, there were not many bull activities as the surge was mostly short-lived. Although, in the last few trends, it was noticeable that the tide stayed for a few days & the crash has not been as savage as it was the last few years. Therefore, it is evident that the bulls are returning to the SHIB & the price is expected to grow.
Reduction in the price of Crude Oil:
As per research, it has been noticed that the cryptocurrency market crashed whenever there was a surge in the Crude oil price. In the prior few months, the crude oil price has risen & it is reflected in the price of crypto. Though from the last few weeks, the cost of crude oil has reduced, & this is assisting the crypto market in retrieving.
At the end of August 2022, the price of crude oil per barrel was nearly $100, but now it has reduced to $90. Therefore, if there is a reduction in the price, we will see the rising trend in the crypto market again.
What are the chances & Barriers?
There are around 17k cryptocurrencies & perhaps 10 to 50 are quite different. Shiba Inu, initiated as a meme coin, is trying to offer approximately everything (Layer-2 Blockchain, DAO, payments, DeFi, Metaverse, etc.). The issue is that the best-performing coins are usually quite different. It is difficult for a general coin to add worth. Also, if we take a portfolio perspective, it is sensible to diversify positions among multiple areas.
Execute burn beyond a limit is impossible:
Practically, it is unlikely that so many coins would ever be burnt. Burning 50 percent or 99.9999 percent is impossible because not every investor would seek abnormal returns. Some may be happy with lower returns & may not be interested in burning their coins.
The Whales came to the rescue of shiba on several occasions. But this time, the whales seem to have abandoned shib & allowed to SHIB price to free fall.
After showing staggering returns in 2020 & 2021, shiba inu failed to offer further returns due to the crash of cryptocurrency markets at the end of 2021. As the token has gained popularity because of its meme coin status, the absence of use cases can prevent shiba from reaching the $1 level anytime soon. Furthermore, currently not all shiba inu price predictions are bullish.