Can Shiba Inu coin reach a penny?

The value of the Shiba Inu coin depends on two factors – the market cap and the mining dynamics. … Also, since the token is based on Ethereum, it does not make sense that it will surpass Ethereum in market cap value. Due to all these reasons, Shiba Inu is highly unlikely to reach 1 cent .

Shiba Inu trades for such a small fraction of a penny because its supply is so large . There’s currently a supply of 549 trillion SHIB tokens in circulation, giving it a market cap of around $11 billion.

Its Impossible for Shiba Inu coin to reach 10 cents . Because for it to reach the value, the market capitalization has to be higher than the GDP of the US! … The issue with SHIB is that there are already 589 trillion coins in circulation. This is also one reason for its extremely low value.

According to Fool, Shiba Inu’s only chance of hitting a $1 dollar valuation is if major coin burns take place . Currently there are 549,000,000,000,000 SHIB tokens circulating in the market.