Shiba Inu which first originated as a meme coin has gained immense popularity and has thrived in the cryptocurrency market for a long time now. However, due to the market’s volatility, it has recently hit some lows as well. SHIB has lost 3.7% of its value during the past day, and it has lost as much as 12% over the past week.
Aside from the recent poor market attitude, one cause appears to be the disappointment that the layer-2 technology Shibarium will not be deployed on Valentine’s Day, February 14, as previously predicted.
Some are still bullish on the coin. What’s in store for Shiba Inu?
Can the value of SHIB reach $10 billion?
Shiba Inu is now valued at $7.3 billion and ranks 14 in terms of market capitalization. SHIB must therefore increase by another 30% in order to reach a valuation of $10 billion in 2023. Considering the dog-themed token’s volatility and potential price explosion, this is not impossible.
Here are some factors that could act as a catalyst for the SHIB price
(i) The increase in prices could occur as inflation rates drop from 7.1% to 6.5%. Shiba Inu may hit new annual highs if the next CPI report is positive and the markets continue to climb.
(ii) In February 2023, the combined market capitalization of cryptocurrencies recovered $1.04 trillion. The markets could gain further momentum and surpass $1.10, boosting investor confidence.
(iii) Since SHIB is a somewhat smaller asset than its competitors in the cryptocurrency markets, it may post larger gains. Additionally, when the token gets traction, its name awareness may convince many more investors to go on board, increasing its market cap.
(iv) This month, the markets continued to be precariously balanced as Bitcoin fell from $24,000 to $21,000. Leading altcoins are also losing value as a result of the slump and growing recessionary fears.
In conclusion
The market cap of SHIB is at $6,808,491,813 USD and the price is at $0.000012 USD with a 24-hour trading volume of $230,213,933 USD.
The SHIB token’s prices are affected by a number of variables, and it appears that these prices will change soon. The question is whether prices will rise or fall.
