- Shiba Inu (SHIB) was one of the first meme coins to capture the attention of investors during the bull seasons in the cryptocurrency market.
- SHIB gained significant popularity in the second half of 2021, with its low price and trillions in supply attracting the attention of investors worldwide.
- Despite its popularity, the mathematical realities of SHIB reaching a value of $1 are daunting, requiring a market value in the tens of trillions of dollars.
Shiba Inu: A Meme Coin’s Rise to Prominence
Shiba Inu (SHIB) emerged as one of the first meme coins to stir up excitement among cryptocurrency enthusiasts during the market’s bull seasons. These periods are characterized by heightened optimism and purchasing activity, often without much regard for prices. If Dogecoin is considered the first in line in the realm of meme coins, SHIB can be rightfully claimed as the second.
Shiba Inu’s Impact on the Second Half of 2021
Many cryptocurrency experts divide the 2021 bull season into two parts. The first part saw Bitcoin’s value rise to $64,000 in April, while the second part witnessed it climb to $69,000 in November. It was during this second phase that Shiba Inu garnered significant attention. Bolstered by Elon Musk’s endorsement of Dogecoin in February and March, SHIB drew investors’ attention in the second half of 2021 with its low price and trillions in supply.
Global Popularity of Shiba Inu
This Ethereum token, characterized by its numerous zeros, quickly gained popularity worldwide. The coin, whose creator is unknown (much like Bitcoin), has a supply of one quadrillion and was quietly listed on major exchanges, including Binance. Its rise was particularly notable among less affluent communities in the southern hemisphere. The phrase “Shiba will reach $1” was echoed in many countries, including Turkey. Its sharp increases were attributed to its numerous zeros. The coin’s rise began in August and continued at a rapid pace in September and October, peaking at $0.000086 at the end of October.
Shiba Inu’s Market Predictions and Mathematical Realities
Wild predictions are flying around for SHIB. Hopes, thoughts, ideas, good and bad investments – these are all relative concepts. One concept that is not relative, however, is mathematics. To understand what would need to happen for $100 worth of SHIB to become $1 million, we need to do some simple math. SHIB’s current price is approximately $0.000007, and for $100 to become $1 million, a 10,000-fold increase is needed. This would bring SHIB’s price to $0.07, a level it has never reached before. The highest level recorded was $0.000086 in October 2021.
The Daunting $45 Trillion
SHIB’s current market value is approximately $4.5 billion. The peak seen here was $40 billion. So, for SHIB to increase 10,000 times, its market value would need to be $45 trillion. The entire cryptocurrency market value is currently just over $1 trillion. Even with this calculation, SHIB would still not reach $1. For Shiba Inu to reach $1, it would need to rise more than 100,000 times, which would take its market value to tens of trillions of dollars. Therefore, it is crucial to consider mathematical realities when investing in cryptocurrencies.
