Shiba Inu (SHIB) Can’t Reach $1
Edit: My YouTube videos for this article are here and here.
As Shiba Inu (SHIB) broke through the all-time high of $0.000034, many retail investors and ShibArmy soldiers began calling for a $1 SHIB.
“If BTC can get to $1, so can SHIB!”
“If DOGE can get to $0.01, so can SHIB!”
“SHIB is going to reach $1, just you wait.”
As a SHIB holder, I hate being a party pooper. But a serious reality check is needed. There is an understandable fascination with psychological levels like $1, $0.1 and $0.01, but in the case of SHIB, these predictions defy basic math.
Quick revision of market cap. It forms the basis for reasonable price predictions in crypto and the stock market. The market cap provides a quick sanity check, telling you the amount of total investor money required to hit your price target.
The circulating supply plays a crucial part here. Bitcoin can hit $65,000 per coin because it only has a circulating supply of 18 million. Meanwhile, SHIB is super cheap per token because there are literally hundreds of trillions of them flooding the markets.
