SHIBA INU has risen showing bearish dominance in the market, all the while Dogecoin prices have dropped in comparison, however, will the digital coin be able to reach $1?
Shiba Inu is a breed of hunting dog hailing from Japan, however, cryptocurrency enthusiasts widely know it as the face of a digital coin. Shiba Inu emerged as one of the top traded tokens, by surpassing dogecoin, dogecoin managed to take back the 10th spot while Shiba Inu was pushed down to 12th.
The value of the Shiba Inu coin has fallen by 2.07% percent in the past 24 hours as per CoinMarketCap, as of this writing.
The platform shows the digital currency is down by 13.89% percent in the past seven days, as of this writing.
The price for the coin is $0.00004536 (Might vary by the time you are reading it)
Will Shiba Inu coin reach $1?
SHIB is ranking at 12th on CoinMarketCap with many cryptocurrency experts attributing the flurry of excitement about the digital coin to recent social media interest.
CMO of cryptocurrency exchange platform Gate.io Marie Tatibouet believes that this rate of interest as well as the price rises are not likely to last.
She commented to Express.co.uk about the situation: “It is most unlikely that the coin will reach $1, as that would make Shiba Inu a multi-trillion-dollar asset. I don’t see this happening any time shortly.”
Ms. Tatibouet also added that it was Mr. Elon Musk’s Shiba Inu photograph being one of the key factors for the price surge of the meme-based digital coin.
She said a recent petition has two million signations, therefore it is likely that SHIB will “eat up more 0s”.
Investing specialist from the personal finance comparison site finder.com Danny Butler has commented that the digital currency managed to enjoy exponential growth.
Mr. Butler said: “Even though Shiba Inu is enjoying exponential growth currently, it’s still trading at 0.00002148 which is a long way from $1, to Express.co.uk.
“Therefore, it is far-fetched for Shiba Inu to reach close to $1, at least when considering short-medium term.”
Shiba Inu has grown more than 8,000 percent in the last year, however, its future performance is “susceptible to extreme volatility”, thus, the investors should proceed with care, says Mr. Butler.
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