In this article, we will talk about Shiba Inu, a popular cryptocurrency. We’ll explore its past performance, current challenges, and the possibility of it reaching $1 in 2024.
A Look Back at Shiba Inu’s Journey
Shiba Inu amazed everyone in 2021 by giving more than 43,000,000% in returns. If you had put just $3 into it at the right time, you could have made over $1 million. But, after reaching its highest point, its value went down by 89%. There are a few reasons for this drop. Shiba Inu hasn’t become popular as a way to pay for things, and people started to doubt risky cryptocurrencies in 2022.
The Current State of Cryptocurrency
Things are starting to look up in the world of cryptocurrency. Bitcoin’s value has gone up by 23% in 2024, and the total value of all cryptocurrencies has hit $2 trillion for the first time in nearly two years. But can Shiba Inu join in on this success? Even though it could technically go from its current price of $0.0000098 to $1, it won’t make investors as rich as before. Here’s why.
The Big Challenge for Shiba Inu
Shiba Inu faces a big math problem. Right now, there are 589.3 trillion Shiba Inu tokens. If each one was worth $1, their total value would be $589.3 trillion. That’s more than all the money and stuff everyone in the world owns, which was $454 trillion in 2022. So, getting to $1 for each Shiba Inu token seems very unlikely right now.
The Shiba Inu community is trying to make the token more valuable by “burning” some of them. This means they are taking tokens out of circulation forever. People can help by sending tokens to a place where they can’t be used again. Some have even made a search engine and music playlists that use money made from ads or the music to buy and burn Shiba Inu tokens. If enough tokens are burned, the price could go up because there would be fewer of them.
Why Gains Might Not Mean More Money
If Shiba Inu’s total value needs to stay the same while the number of tokens goes down, almost all the tokens would have to be burned to make each one worth $1. But even if this happened, people who own Shiba Inu wouldn’t really make more money because they would have a lot fewer tokens.
Recent Activity in Shiba Inu
Recently, there was a big increase in large SHIB transactions, which shows that some big players are getting interested in it again. One person, called a “whale,” put a lot of money into SHIB, making it a big part of their investment. This has made some people think that SHIB’s price might go up, but it’s still hard to say what will happen next.
Conclusion
Reaching $1 for each SHIB token in 2024 seems very unlikely because of the huge number of tokens and their total value. The community is trying to make the token more valuable by burning tokens, but it’s a huge task. Even if the price per token goes up, it might not make investors richer. For SHIB to become more valuable, there needs to be a real reason for people and investors to want it, and that hasn’t happened yet.
Buy Cryptocurrency with Bitget with the CHEAPEST Fees
Bitget stands out as a reliable crypto exchange. It provides a user-friendly interface, making it easy for both beginners and experienced traders to navigate and make transactions at the lowest fees on the market. To get started with Bitget, you need to create an account, complete the necessary KYC procedures, and then you can begin trading a variety of altcoins available on the platform.
