New Delhi: Shiba Inu cryptocurrency suffered a huge drop of 22% from its upswing on August 17 as the coin attempted to rebound. Shiba Inu is trading at a price of $0.00000725 which actually 20% below the highest point this week.
SHIB rebounded after dropping to the lowest level in July 2021 and since then the meme coin has risen more than 35% from its All Time Low. This rise in the price of the coin was a result of an overall bull run in the market as the other coins also saw major green indexes. That bull run resulted in an upward trend as the total market capitalization of all the cryptocurrencies jumped to more than $2 trillion.
The major question which still exists is that will it ever reach $1?
As per experts, Shiba Inu has seen many upward and downward trends and if this continues then this will lead the investors into complete confusion which will eventually hamper its market.
Some analysts believe that SHIB can easily reach the value of $1 but in 2050. If you think that there will be a big miracle and all of a sudden SHIB will reach $1 overnight then this is also not going to happen any soon.
Some experts says that if Shiba Inu maintains this kind of approach then it will reach the price of $0.000019 per coin by 2022 and later it can hit $0.000061 per coin by 2025. This would be possible if the coin shows a 620% rise from the current value.
But on the other hand, some believe that SHIB will hit $1 much faster than everyone expects it to be. The factors behind this prediction are stated as:
- The popularity of the coin
- SHIB owners and their promising performances
- Major coin burn
- Launch of the coin on different crypto exchanges
Many also believe that if all things go like this then we can see a new and largest crypto coin like BTC or ETH.