The prospect of Shiba Inu (SHIB) attaining the highly anticipated $1 mark has captured the imaginations of many in the cryptosphere.
However, a crypto advocate with historical credibility has shared insights that challenge this widely held belief. He pointed to key points that make the $1 milestone highly unlikely.
Understanding the Implication of the $1 SHIB Price
A pundit who famously urged investors to buy at least $1 worth of BTC over 10 years ago has explored what it would really take for Shiba Inu to reach the elusive $1 mark.
In a recent post on X (formerly known as Twitter), Davinci Jeremie revealed that one of the key reasons Shiba Inu reaching $1 is highly unlikely is the resulting colossal market capitalization. According to Jeremie, for SHIB to hit $1 per coin, its market value would need to reach an astronomical $600 trillion.
To put the sheer scale of this figure into context, the total market cap of gold, the world’s most valuable asset, is around $21.8 trillion. Additionally, Bitcoin (BTC), the crypto market leader, boasts a market cap of $1.67 trillion. The crypto influencer argues that SHIB hitting a $600 trillion market cap would make it bigger than anything in the history of mankind that ever existed.
Shiba Inu’s vast circulating supply is also part of the reason why a $1 price is an unrealistic scenario. While crypto assets such as Bitcoin have a limited supply, SHIB’s is significantly bigger as it was created to appeal to its community. As such, skyrocketing to $1 is virtually impossible unless drastic changes are made to the SHIB supply or token burns surge meteorically.
Many commentators on X concurred with Jeremie’s belief that Shiba Inu is unlikely ever to hit $1, stressing just how unrealistic and ambitious this price target is.
But while $1 is off the table, Jeremie foresees realistic growth potential for the canine-themed crypto. “Shiba Inu will still do well, but not crazy well,” he concluded.
At press time, Shiba Inu is trading hands at $0.0000124, down 1.9% in the last 30 days, according to crypto data provider CoinGecko. The second-biggest dog coin by market cap has fared even worse on a year-to-date basis, experiencing a notable 25% loss.