- The emotional worth of meme coins is tied to unrealistic earnings.
- To achieve 10 cents price, the market cap must hit $40 trillion.
Shiba Inu has led a stunning rally that many in the business find implausible. The coin’s rise has inspired other meme currencies. While DOGE trails the rally. Despite the famous ones being under the shadow, meme currencies rise. Smashing the market value of Dogecoin, Shiba Inu has finally shown itself as a Doge-killer. But, analysts expect a drop in prices.
SHIB is now trading at $0.00007019, up roughly 28.8%. Earlier today, the canine coin touched 0.00008616. Closer to losing another digit from its market worth. It is presently valued at $38,383,621,475 and is ranked 9th.
SHIB is up 124266381.6% from its 11-month low. Consider the return on investment if hodled. Suppose a trader had invested $1,000 at the start of the year. The rewards would be in the billions. Sources say a wallet that purchased SHIB for $8,000 in August is now worth over $5 billion. The profits are attracting additional purchasers.
Sources indicate that the availability of SHIB coins on exchanges is dwindling as traders move money to cold wallets. As a result, the exchange supply is back to early May levels.
May Hit Rock Bottom
A crypto enthusiast acknowledges SHIB’s dominance. But he advises investors to take measured risks. While recommending against it. True, the coin has risen, defying the odds. Moreover, every day it levels up more than it should. That alludes to FOMO.
Meanwhile, netizens believe 25 persons own 95% of SHIB, which worries the people. And may hit rock bottom. The emotional worth of meme coins is tied to unrealistic earnings in most cases, which may be pocket-heavy.
Earlier today, the dog-based currency rose from $0.00000734 on October 1st to $0.00008616. Aiming towards the $1 milestone. Analysts say SHIB won’t touch a dollar, ten cents, or even one penny soon. To achieve 10 cents, the market cap must hit $40 trillion. That’s far from reality.
Major factors have propelled the SHIB price increase. There will also be a rise in listings under exchanges and NFT. As a result, prices will likely correct in the near future. But SHIB may not consolidate as quickly as DOGE. Considering its expanding usefulness, protocol, and use cases.