The hype around Shiba Inu (SHIB) is far from gone, despite the price drop last week. SHIB investors expect the token to be worth $0.01 someday, but what is the probability?
The Shiba Inu hype continues to exist
Shiba Inu is perhaps the most popular cryptocurrency of recent months. The price of the token has increased by tens of thousands of percent in just a few months. On October 28, the Shiba Inu price reached a high of $0.000088, but shortly thereafter the price collapsed.
The price drop, to a local low of $0.0000429, was partly caused by crypto exchange Kraken not keeping its word and not immediately adding the token to its platform. The postponement of trading platform Robinhood did not help either.
Today, however, the currency appears to have started a recovery. At the time of writing, the price of 1 SHIB token is around $0.00005643, meaning the price is up 9% today. Does this mean a second rally is on the way?
If we could measure this by the popularity of the meme token, we could. Today, Shiba Inu’s official Twitter account reached more than 1.8 million followers. That means SHIB’s twitter account is now even more popular than Ethereum’s.
Reaching $0.01 is almost impossible
The surge in adoption also sparked discussions about whether meme tokens could be sustainable in the long run.
Some retailers are even considering accepting the Shiba Inu tokens as payment, but others are skeptical about the project. Geoff Lewis, the founder of Bedrock Capital, recently compared the SHIB hype to Pets.com. This was considered one of the biggest commercial failures ever.
Shiba Inu is to 2021 what https://t.co/YaR4fWb2wt was up to 2000.
— Geoff Lewis (@GeoffLewisOrg) Nov 6, 2021
Despite the criticism the project has received, people are left wondering if the SHIB price can ever rise to $0.01. If we do a simple math, it should mean that the market cap of all SHIB tokens should reach $4 trillion. That is about 3.5 times higher than Bitcoin’s market cap at the moment. So we can almost say that it is almost impossible for SHIB to ever become worth a cent. Despite the very small chance that the token will ever become worth a penny, significant price increases in the future are certainly not excluded.