Wall Street endured a miserable 2022, with all three major U.S. stock indexes delivering their worst performances since 2008. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite finished the year lower by 9%, 19%, and 33%, respectively. But this pales in comparison to the pain felt by cryptocurrency investors.
In November 2021, the aggregate value of more than 20,000 digital currencies soared to nearly $3 trillion. By the end of 2022, more than 22,000 aggregate cryptocurrencies had a valuation of just under $800 billion. In less than 14 months, the cryptocurrency space shed $2.2 trillion in value.
Image source: Getty Images.
Shiba Inu's record-breaking gains are still fresh on the minds of crypto investors
Despite this massive downturn, what hasn't been forgotten is the millionaire-making potential of this asset class. Meme token Shiba Inu (SHIB -1.36%) stands out as perhaps the best example of what can happen when a digital token "goes to the moon."
Just over two years ago, when the clock struck midnight on Jan. 1, 2021, crypto investors had the opportunity to buy SHIB tokens for $0.000000000073. Less than 10 months later, on Oct. 27, 2021, these same coins would hit an intra-day high of $0.00008841. By removing six zeroes after its decimal point, Shiba Inu gained in excess of 121,000,000%. It would have turned a $1 investment into $1.21 million, excluding commission fees, in under a year. We may never see a return of this magnitude in such a short time frame ever again.
What SHIB demonstrated in 2021 is the power of social media-driven momentum. Its increased visibility, coupled with a number of strategic initiatives laid out by Shiba Inu's developers for 2022 and beyond, made it the hottest asset on the planet. Even after ending the year with a sizable pullback, SHIB coins gained close to 46,000,000% in 2021.
Of course, 2022 was a different story altogether for digital currencies -- including Shiba Inu. Last year, SHIB plunged more than 90% below its all-time high. But with the understanding that anything is possible within the crypto arena (as SHIB has already proven), attention has shifted to the future. In particular, Shiba Inu's community believes it could make a run at $0.01 in 2023.
Let's first take a look at what would need to go right for Shiba Inu to catapult to $0.01, and then we'll examine the feasibility of such a move.
What would need to happen for SHIB to moon to $0.01?
To hit the equivalent of a penny, Shiba Inu would need to deliver a roughly 111,900% return from where it was trading in the wee hours of Jan. 11, 2023. For this to happen, a number of catalysts and events would need to be flawlessly executed.
What could easily be the biggest catalyst in 2023 is the expected launch of the layer-2 blockchain project Shibarium. Shiba Inu is an ERC-20 token built on the Ethereumblockchain. While Ethereum is a well-trusted network, it's prone to congestion and high transaction fees as a result of its popularity. Shibarium aims to fix this by significantly driving down the cost of transactions. Shibarium's successful public launch is needed before Shiba Inu's developers can go full-bore into other ventures.
What other ventures, you ask? If the Shibarium launch goes well and transaction costs are slashed, Shiba Inu's developers can turn their attention to blockchain-based gaming. One of the chief lures of blockchain-hosted games is that users can retain ownership of their characters and innovations through non-fungible tokens (NFTs). These NFTs can be bought and sold at NFT marketplaces, assuming transaction costs are minimal -- ergo, the need for Shibarium.
While developers are busy expanding the Shiba Inu ecosystem, we'd also need to see nothing short of a massive coin-burn event. Coin burn is similar to a publicly traded company executing a stock-buyback program. If a company repurchases some of its common stock and reduces the total number of outstanding shares, each remaining share is scarcer and likely worth more. Coin burn sends tokens to dead blockchain addresses where they can no longer be accessed. By reducing the circulating supply of outstanding tokens, each remaining coin should, in theory, be worth more.
Lastly, Shiba Inu would require social media momentum and buzz on par with what we witnessed in 2021. Cryptocurrency communities on social media tend to be driven by momentum.
Image source: Getty Images.
Can Shiba Inu feasibly reach $0.01 in 2023?
Unfortunately for SHIB holders, we don't live in a utopian world, and the aforementioned catalysts haven't been executed flawlessly. Even if one or more of these tailwinds come to fruition in 2023, there's no chance Shiba Inu will reach $0.01.
For instance, Shibarium's public launch was rumored to be in the third quarter of 2022. However, developers confirmed that issues with the level-2 blockchain project delayed its launch. That's not a particularly good omen for a project that has substantial bearing on pretty much all other initiatives. At this point, there's no official launch date or timeline for Shibarium.
While blockchain-based gaming and NFTs were exceptionally hot investments in 2021, interest in NFTs has absolutely fallen off a cliff since January 2022. According to data from Bloomberg, NFT trading volume plunged to $466 million in September from $17 billion just eight months earlier.The buzz surrounding blockchain-based gaming and NFT marketplaces has all but disappeared.
Coin burn doesn't look as if it'll be of much help to Shiba Inu, either. When Ethereum founder Vitalik Buterin -- who was gifted half of SHIB's circulating supply by its mysterious creator -- sent over 410 trillion SHIB tokens to a dead blockchain address in 2021, SHIB benefited immensely. However, there are still in the neighborhood of 549 trillion SHIB tokens outstanding, according to CoinMarketCap.com. There simply aren't enough burn events imaginable that would make a dent in such a massive coin supply. This means a $0.01 price tag would make Shiba Inu worth close to three times as much as Apple --and that would make absolutely no sense from a valuation perspective.
While there's not a lot of tangible information for cryptocurrency investors to utilize, what is readily apparent is that Shiba Inu is nothing more than a payment coin -- and not even a particularly popular one at that. Payment coins aren't unique within the digital currency arena, and Shiba Inu has seen only a minimal uptick as an accepted form of payment over the past eight months. According to online business directory Cryptwerk, just 710 mostly obscure online merchants accept SHIB as payment as of January 2023.
But history might be the most damning thing of all for Shiba Inu. With the exception of Bitcoin, pretty much every payment coin that's delivered gains of 20,000% or greater in a short time span eventually went on to lose between 93% and 99% of their value in the two years following their peak. SHIB may be down 90% from its all-time intra-day high, but history would suggest it has much further to fall.
Presenting without any competitive edges or differentiation, SHIB looks to have no chance of hitting $0.01 in 2023.
Sean Williams has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple, Bitcoin, and Ethereum. The Motley Fool recommends the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool has a disclosure policy.
FAQs
Can Shiba Inu reach $0.01 by 2023? ›
According to crypto analysts, if the crypto market rebounds to 2021 performance, Shiba Inu's price can reach $0.0001 in 2022. They also predict that the Shiba Inu price will touch $0.00015 by 2023, $0.0002 by 2025, and $0.01 by 2030, making an all-time hit.
Will Shiba Inu reach 0.01 cent? ›However, a per token price of $0.01 would imply a market cap in the trillions of dollars. If Shiba Inu were to reach a penny, the cryptocurrency would be worth multiples more than Bitcoin. Because of the massive amount of capital required for SHIB to reach a penny, it's highly unlikely this will happen.
Can Shiba Inu reach .01 dollar? ›Despite its impressive performance in the past couple of years, Shiba Inu is very unlikely to reach $1 or 50 cents because its circulating token supply is simply too large. However, that doesn't mean that Shiba Inu doesn't have a lot of upside potential.
How much will Shiba Inu coin be worth in 2023? ›Crypto analysts have checked the price fluctuations of Shiba Inu in 2023 and in previous years, so the average SHIB rate they predict might be around $0.0000124488 in May 2023.
Can Shiba Inu reach 0.01 in 2025? ›End of 2025: With Shiba Inu's developers still working on their Metaverse and decentralized exchange and Shiba Inu's community expected to grow even further, we estimate that the SHIB price could cross $0.00007 by the end of 2025.
Will SHIB hit a penny by 2030? ›With supply continually going down, and demand on the rise, Shiba Inu is likely to test the $0.001 mark in 2030 for the first time since it was launched. This would cement Shiba Inu's position as one of the best performing cryptocurrencies ever made.
Can Shiba Inu reach 0.01 by 2030? ›Yes, it's certainly possible. But even if Shibarium and the Shiba Inu metaverse drive the price significantly higher, a tremendous number of tokens would need to be destroyed.
Which crypto will explode in 2023? ›The 5 next cryptocurrencies to explode in 2023
FightOut - A new move-to-earn app rewarding users for exercising. Dash 2 Trade - A crypto signals dashboard and market intelligence platform. C+Charge - A project that seeks to revolutionise the EV charging industry. RobotEra - A Sandbox-like planet-rebuilding game.
According to data released in October last year, it would take more than 25,000 years to burn the Shiba Inu's value up to $0.05. Shiba Burn Tracker made such a calculation based on the rate of Shiba Inu burning, which took place in September when the crypto destroyed some 1.75 billion SHIB tokens in circulation.
How many years does it take for a Shiba to reach a dollar? ›At that pace, it would take more than 7,100 years to achieve the goal. On a positive note, that's a little sooner than one of my previous predictions of more than 10,000 years. But the bottom line is this: Not only will Shiba Inu fail to reach $1 in 2023, but it's also unlikely to get there in our lifetime.
Can Shiba Inu coin touch 1 dollar? ›
If SHIB were to hit $1 by the end of 2023, this would imply a gargantuan return of nearly 12,000,000%. And at $1, Shiba Inu's market cap, assuming there are the same number of tokens outstanding, would total a whopping $549 trillion.
What will Shiba Inu be worth in 2040? ›Shiba Inu Coin Price Prediction 2040
By 2040, we may expect an average price of $2.76 if current growth continues. In long term, the Shiba Inu Coin has huge potential. Our maximum price prediction for Shiba Inu Coin is $4.15 in 2040. However, the minimum price level of a SHIB Coin can be around $1.13.
Elon Musk in another tweet said that in order to be a millionaire you need 3 million Shiba Inu coins. And we believe that if the Shiba Inu community grows big and keeps supporting the coin, the prices will rise soon. Although the start was bad, the year-end is predicted to be good.
What will Shiba be worth in 5 years? ›Shiba Inu (SHIB) Price Predictions: 2022 – 2030
Shiba Inu's price prediction expects to rise to $0.00001 in 2022, $0.0002 by 2025, and a high of $0.001 by 2030.
Shiba Inu price prediction December 2030: Shiba Inu's price for December 2030 according to our analysis should range between $0.00017 to $0.0002 and the average price of SHIB should be around $0.00018.
How long would it take Shiba Inu to reach a penny? ›According to most analysts' price predictions Shiba Inu can't reach one cent due to multiple reasons. First, for SHIB to reach $0.01, its market cap would have to reach trillions of dollars. This means Shiba Inu would need to be multiple times Bitcoin's worth, which doesn't seem probable in the coming years.
What will SHIB price be in 2024? ›price prediction May 2024: Shiba Inu's price for May 2024 according to our analysis should range between $0.000042 to $0.000048 and the average price of SHIB should be around $0.000045.
What is the next cryptocurrency to explode 2025? ›Overall, Ethereum's positioning as the blockchain at the forefront of Web3 development, and the significant demand for its network from thousands of crypto projects, makes it among the most promising cryptos that could 10X by 2025.
Where will Shiba Inu coin be in 5 years? ›Most analysts believe that Shiba Inu could rebound in 2023 alongside the rest of the cryptocurrency market. If this happens, most analysts expect Shiba Inu to trade at an average price of $0.00004 in 2023. In the long term, analysts expect Shiba Inu to hit a high of $0.01 in 2025 if there is another major rally.
Is Shib a long term investment? ›It may seem valuable, considering its market cap, but its value is only entertainment-based. Keeping this in mind, it would not be wise to invest too much of your money in shib. The shiba inu crypto may help you make a quick buck, but it is not a reliable long-term investment.
What is a realistic price prediction for SHIB? ›
Based on Shiba Inu's past price history, analysts predict that the minimum price of SHIB in 2023 may be about $0.0000176, with a maximum expected price of around $0.0000212 and an average trading price of $0.0000182. This indicates a potential return on investment of over 50% based on the current prices.
Which crypto can give 1000X in 2023? ›- Introduction.
- Ethereum (ETH)
- Cardano (ADA)
- Tron (TRX)
- Ripple (XRP)
- Dogecoin (DOGE)
- NEO (NEO)
- Shiba Inu (SHIB)
- Tamadoge - Meme-Inspired Metaverse Gaming Arcade. ...
- Binance Coin - Cryptocurrency Issued by the Binance Exchange. ...
- Polkadot - Multi-Chain Platform Enabling Blockchain Interoperability. ...
- Cardano - PoS Blockchain Platform With High Developer Activity.
Top 10 Cryptos That Could Make You Rich In 2023
Dogecoin (DOGE) – Top Meme Coin Gaining Traction After Musk's Twitter Takeover. Shiba Inu (SHIB) – High Potential Meme Coin Expanding Its Reach Into The Metaverse. Bitcoin (BTC) – Top Cryptocurrency Credited For Its Longevity And Resilience.
It would take SHIB 19 years to reach 1 Cent if its coins were burned at a rate of 50% per year during the next 20 years.
How fast is Shiba burning? ›Shiba Inu would take 25,000 years to burn to $0.05, new data.
How high will Shiba Inu go in 2025? ›According to its technical analysis, the Shiba token will hit $0.000098 by the end of 2023. By the end of 2024, SHIB is expected to average around $0.000143 and 0.000166 in 2025.
Will Shiba hit 50 cents? ›The forecast of the price of the SHIB cryptocurrency with respect to the goal of 50 cents on the dollar is clear: it is a value that this token it won't reach in 2022, and unless the math changes, it won't do it in the following years either. In fact, Shiba Inu (SHIB) will most likely never be worth $0.50 or 50 cents.
What are the chances of Shiba hitting a dollar? ›If SHIB were to hit $1 by the end of 2023, this would imply a gargantuan return of nearly 12,000,000%. And at $1, Shiba Inu's market cap, assuming there are the same number of tokens outstanding, would total a whopping $549 trillion.
Is Shiba Inu worth long term? ›Shiba Inu can make you rich.
Shiba Inu has made many investors millionaires out of relatively small investments. With all the developments going on within the Shiba Inu ecosystem, there is a chance that Shiba Inu can still make long-term investors rich.
Can Shiba Inu reach half a penny? ›
Yes, Shiba Inu can reach half a cent by 2047.
Shiba Inu can reach 1 if it rises 1069 times from its current price. Assuming 50% of supply is burnt, SHIB can reach 1 penny in the next 31 years.
Shiba Inu will have to rise 1111 times from the current price to reach 1 cent. SHIB can reach 1 cent in 31 years assuming 50% burn and implementing current development plans.
Will Shiba ever touch 1 cent? ›If Shib were to grow at the rate of 25% every year, it would take Shiba Inu 31 years to reach 1 cent. Therefore, combining the criteria of quality of investment, growth required, and market cap at 1 cent, it is impossible for Shiba Inu to reach 1 cent. Now Consider a scenario when 90% of the tokens are burnt.
What will Shiba be worth in 2032? ›According to the Shiba Inu Price Prediction model above, SHIB's price in April 2032 would be $0.00027.
Can I make a million from Shiba? ›The Shiba Inu price in 2025 could mean that Shiba Inu (SHIB) is a good investment but if you are a crypto investor looking for big gains then you should find another crypto project that is still early. Shiba Inu is too old to make big money on your Shiba Inu (SHIB) investment.
How much SHIB will $50 buy? ›The conversion value for 50 USD to 4840271.056 SHIB. BeInCrypto is currently using the following exchange rate 96805.422. You can convert USD to other currencies like DOGE, XRP or BUSD. We updated our exchange rates on 2023/03/11 00:02.
How do you cash out millions in a Shiba Inu? ›- Use a crypto debit card like the BitPay Card.
- Sell SHIB for cash on a centralized exchange like Coinbase or Kraken.
- Use a P2P exchange.
- Seek out a Bitcoin ATM.
- Bonus: Turn SHIB into hundreds of gift cards.
Can Shiba Hit 10 Cents? As per Shiba Inu price forecasts, SHIB will not hit 10 cents within the next 10 years.
How much will Shiba be in 10 years? ›According to crypto analysts, if the crypto market rebounds to 2021 performance, Shiba Inu's price can reach $0.0001 in 2022. They also predict that the Shiba Inu price will touch $0.00015 by 2023, $0.0002 by 2025, and $0.01 by 2030, making an all-time hit.
Can Shiba Inu reach 1 cent in 2027? ›Yes, Shiba Inu can reach half a cent by 2047. Shiba Inu can reach 1 if it rises 1069 times from its current price. Assuming 50% of supply is burnt, SHIB can reach 1 penny in the next 31 years.
What is the next cryptocurrency to explode 2023? ›
Metropoly – Next Crypto with 20X Growth Potential in 2023. C+Charge – Top Crypto to Explode in the EV Charging Space That Democratizes Carbon Credits. RobotEra – Innovative Metaverse P2E Crypto with Potential to Explode in 2023. Securedverse – Blockchain Game Ready to Revolutionize the Industry.
How long will it take Shiba to reach$ 0. 01? ›If SHIB burns 150 million tokens every day, the number of tokens removed from circulation reaches 50 billion per year. Therefore, it would take nearly 1,000 years for Shiba Inu to reach $0.01 if 150 million tokens are burned every day.
How much would I have if Shiba reach 1 cent? ›So, it's hard to justify a major increase from that perspective. Now, let's look at the math perspective. Today, if Shiba Inu tokens were worth one cent, the cryptocurrency would boast a market value of $5.4 trillion.
How much does Shiba need to reach a penny? ›So, will Shiba Inu reach 1 cent? It would be extremely difficult, to say the least. Even during SHIB's all-time high in October 2021, when the token was trading at $0.0000881, SHIB would have needed to increase in price by 113x to hit a price of $0.01.
What are Shiba in 2027 worth? ›According to our 2027 Shiba Inu price projection, SHIB will be able to reclaim the $0.002 price level on the upside, while falling to $0.0012. Shiba Inu prices are expected to average $0.0018 by the end of 2027.
Can Shiba Inu reach 1 cent by 2040? ›Shiba Inu Coin Price Prediction 2040
By 2040, we may expect an average price of $2.76 if current growth continues. In long term, the Shiba Inu Coin has huge potential. Our maximum price prediction for Shiba Inu Coin is $4.15 in 2040. However, the minimum price level of a SHIB Coin can be around $1.13.
In Analytics Insight, Sanyal says that market analysts predict that Bitcoin could hit USD $100,000 by the end of 2023, and others say it can climb to the mark in the first quarter of 2022.
Which crypto will grow most in 2023? ›- yPredict: Revolutionizing trading with AI-powered predictions.
- Flow: Building the future of digital collectibles and NFTs.
- Cardano: eco-friendly future blockchain.
- SushiSwap: Community-driven decentralized exchange.
- Ethereum: The OG smart contract platform.
- Solana.
- RobotEra.
- Polygon.