Cryptocurrency

Will Shiba Inu Coin Reach $1

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The question of whether will Shiba Inu coin reach $1 has become common among most SHIB investors. This is mainly because the coin is still trading below a penny.

What is the Shiba Inu Coin Future

There are many factors in play that could determine whether will Shiba Inu coin will reach $1. Some of these are based on the market factors while the rest are within the Shiba network itself.

Shiba has gained fame in the last 1 year due to its huge price rallies resulting in huge investor returns. However, the coin is currently trading over 80% lower from its all-time high in October 2021.

Market Factors

The cryptocurrency market is nowhere near the level of stability that other markets such as forex have. This remains a key reason why investors are yet to fully embrace these markets.

Some of the market factors that affect the coin’s price are high volatility levels and regulations. Shiba is among the highly volatile coins in the market making it a risky asset to invest in and also for use during merchant transactions.

There is also little or no regulation for cryptocurrencies. The lack of regulations keeps the big institutional investors away due to the risk of investing in unregulated assets.

However, these factors could change in the future and help propel the coin’s price higher. It is critical to note that this is an assumption that could also never happen. As an example, regulations could negatively affect the coin if they are meant to limit its use.

Getting to $1 will require the coin to operate in a controllable and predictable manner. This is sure to attract more demand from investors hence driving the price higher.

What is Shibarium and its Relationship with Shiba Inu Coin?

Shiba Network

Shiba developers also have a key role to play in answering the question of will the Shiba inu coin reach $1. Some of the factors that are necessary to facilitate this move is the development of relevant and competitive value-added products.

There is also the need to control the coin supply that currently stands at over 500 trillion.

On the first initiatives, the developers have been busy developing several products such as the non-fungible tokens solution, metaverse products, stablecoin SHI, and the layer 2 blockchain Shibarium.

If successful, these solutions will attract more users and investors to the coin helping to give more value. A move that could be critical to pushing the price into the $1 potential.

However, the issue of supply remains a challenge in getting to the $1 mark. To solve this issue, Shiba has introduced coin burning and staking approaches that result in the coins supply reduction. However, the rate of burning remains slow and hasn’t had a big impact on the price.

Unless there is an acceleration in coin burning, this will remain a challenge for the coin to get to this dream price of $1.

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