The best performer of the year in the crypto industry would be Shiba Inu (SHIB) which has surged over 50,000,000% in a year. The price value of SHIB has climbed from $0.000000000073 to $0.000037 losing six zeros. A small amount of investment at the beginning of this year would have resulted in millions now.
Currently, SHIB struggles to reach the $1 level but still it trades at a good price where traders investing a considerable amount will also generate huge gains. Though SHIB is now struggling to achieve a new ATH, it has the potential to reach the $1 level. Thus, investors will arise with queries whether SHIB will reach $1.
As previously stated, SHIB has the potential to reach $1 but there are also some reasons which might seem difficult for SHIB to reach $1. Firstly, it might struggle because of the coin supply where the current supply of SHIB is 549 trillion. Then, Shiba Inu’s market value would be $549 trillion if the currency reached $1. With the current quantity of coins in circulation, it appears doubtful that this will happen. However, there have been recent allegations of a coin burn in the works, which would restrict supply.
Secondly, this crypto-asset has not offered any real-time utility to stand out of the box. It is an Ethereum based token where investors can buy, sell and trade SHIB. Moreover, around 500 merchants accept SHIB for payments. These attributes, however, do not distinguish Shiba Inu from the thousands of other cryptocurrencies available.
Center Of The Show
SHIB was the talk of the town with its amazing price moves while surpassing the performance of leading cryptocurrencies in the market. According to Etherscan, Shiba Inu has been the center of attraction among social media platforms. Additionally, it is expected that SHIB will surge up in price value as it has more supporters. Significantly, Shiba Inu has more than 1 million investors.
On the whole, SHIB seems to be one of the best performing crypto tokens in the industry. Thus investors come up with queries whether it is a good time to purchase SHIB before reaching $1. On the other hand, this might be a good opportunity but in real cases, there are plenty of cryptocurrencies that offer real-time utilities. So investors can go for those tokens rather than these meme-currencies.
Currently, SHIB might have more potential, where investors can generate a quick profit by purchasing. However, as competitors continue to outperform Shiba Inu in terms of originality and utility, the popularity may soon run out of gas.
