Shiba Inu to $0.01: Challenges and Possibilities Compared to Dogecoin

shiba inu

In December 2013, Dogecoin made its debut, and after nearly eight years, it achieved a noteworthy milestone in early 2021 by surpassing the $0.01 mark. 

On the other hand, Shiba Inu, which was introduced in August 2020 and shares similarities with Dogecoin, has not yet reached this threshold. However, given the parallels between the two tokens, it remains a possibility that SHIB could potentially reach $0.01 as well, eight years after its launch in 2028.

Read Also: Shiba Inu Puppynet Continues to Witness Spike in Wallet; Here’s Why

Can Shiba Inu Reach $0.01 After 8 Years?

The possibility of Shiba Inu reaching the 1 cent milestone after eight years post-launch and replicating Dogecoin’s path is uncertain. Dogecoin had an advantage due to its circulating supply of 138.98 billion coins, which eventually allowed it to reach $0.01, despite initial skepticism from analysts. Unlike other cryptocurrencies like Bitcoin, Dogecoin does not have a supply cap, which contributed to its success. On the other hand, Shiba Inu does not have the same advantage as its circulating supply is massive, currently standing at 589.36 trillion tokens, making it a significant hurdle to overcome.

The vast difference in circulating supply between Dogecoin and Shiba Inu presents a significant challenge for SHIB to reach $0.01. Furthermore, Dogecoin’s rally and breach of the 1 penny milestone were influenced by Tesla CEO Elon Musk’s investment, which acted as a catalyst. Shiba Inu, on the other hand, lacks a prominent partner like Musk, making it harder for SHIB to gain similar momentum.

In order for Shiba Inu to potentially replicate Dogecoin’s success, a significant reduction in its circulating supply, possibly through burning a substantial portion, would be required. This would be a herculean task that could take years or even decades to complete. Only then, with the support of a strong partner like Shibarium, could SHIB potentially take “two to tango” and have a chance at reaching its goal of $0.01.

At the time of writing, SHIB is selling at $0.00001148 per token with a trading volume of $111.3B. 

Read Also: Dogecoin (Doge) Approaches 0.1$ for the Second Time in April

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

Share this :