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What it Means for Shiba Inu Coin After Surpassing 1 Million Holders

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Key Points

  • Shiba Inu Coin now has over 1 million holders
  • Supply remains a key factor in growing the coin further
  • The Shiba group of defenders remains strong

The Shiba Inu Coin is boasting surpassing 1 million holders. A huge milestone for a coin that is less than two years old.

Normally, this is a fete that takes at least 5 years to achieve. For Shiba, this success is a combination of many factors such as Luck, Popularity, and pricing.

What Needs to Happen for Shiba Inu Token Price to get to $0.01

The huge number of holders has made the coin join the top 20 list of largest cryptocurrencies with its market cap exceeding 20 billion dollars.

Recent Price Dip

Although the number of holders is increasing, the price continues to fall with the coin losing 50% from its peak value last month.

This dip has wiped over 10 billion of investors’ wealth. However, its investors still believe it is a temporary occurrence this is going to reverse soon.

The token has been trading below a cent since its inception. This has given an illusion it’s affordable. It seems true until you factor in the amount of coins supply in the market.

Why Bitcoin Getting to $100,000 is Inevitable

Is Shiba Going to Be the Next 100x Coin?

This has become a come to common term investors area using in the pursuit of quick riches. It refers to a coin growing in value 100 times.

Normally, this is a millionaire maker move and Shiba has already done this before. The majority of Shiba fans in their well-armed militia known as the SHIBARMY believe this is possible and it’s just a matter of time before they all turn out millionaires.

Realistically, growing the coin 100 times with the current amount of supply remains a challenge. It needs trillions of dollars worth of investment to achieve this feat.

Currently, the biggest crypto is bitcoin with a market valuation of 102 trillion dollars. Yet it has been in the market the longest, it is the most famous and, in some countries, it has government support.

Supply Challenges of Shiba Inu Coin

As a key factor of pricing, Shiba supply remains controversial to date. At inception, over 40% of the coins were put in dead wallets removing them from circulation.

How Further Down Can the Price of Shiba Token Get

This was good news for the investors. To handle the rest, developers promised to roll out a burning strategy that would see the coins reduce gradually.

However, most analysts claim the burning that is happening is not adequate to affect the price soon. There are ongoing calls from investors to increase the rate of burning to give the coin a chance of growing in price.

Future of the Shiba Coin

This milestone of getting one million holders indicates the coin has a huge support base in the market.

However, it needs to accelerate the development of value-adding solutions to keep it attractive.

Some of these solutions such as Shiboshis NFTS are already out and have positive market adoption with all of them taken up soon after release.

There is no doubt Shiba has gotten itself an army ready to defend it no matter what the market throws at them. These 1 million strong investors will be key in determining how far the coin will get both in the short term and the long term.

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