As the pressure of the cryptocurrency market in 2022 continues to stagger its growth, its biggest assets, including the meme dog token Shiba Inu (SHIB), are no exception, leaving crypto traders and investors wondering where the asset might go next.
How to get a Shiba Inu for 1 dollar?
In 2021, SHIB’s competitor Dogecoin (DOGE) reached nearly $0.76 with a market cap of close to $100 billion, approaching the $1 price cap. In the best-case scenario, the price of the Shiba Inu would have to increase by about 90 times to reach the same market value.
Given the total circulating supply of 549,063,278,876.302 SHIB, if its price reaches the coveted $1, the market capitalization should rise to $549.06 trillion, which is roughly seven times the market cap of the entire global market ($80,814 trillion). , which is highly unlikely. will happen in the near future.
However, the only way for the coin to reach $1 is by reducing a large supply of coins. Currently, the supply reduction is achieved through regular incineration, but even a 2,350% burn rate increase, one of the largest in recent times, coupled with an increase in whale transactions, failed to move the price of SHIB.
SHIB price analysis
Since the recent boom of FTX, once one of the world’s largest crypto exchanges, and the subsequent arrest of its CEO, Sam Bankman-Fried, the Shiba Inu has failed to hold above any of its main moving averages (MA).
SHIB chart analysis. Source: TradingView
Currently, the Shiba Inu is currently trading at $0.000008394 and is down 3.65% on the day, 5.65% on the previous week and 7.34% on the month, as shown in the latest charts.
Shiba Inu 30 day price chart. Source: Finbold
With a market cap of $4.61 billion, SHIB retains its position as the 15th largest cryptocurrency by this indicator, according to data from crypto tracking platform CoinMarketCap on Dec.
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