Following recent activities in the past one week, the price of the meme coin Shiba Inu has experienced a surge, experts have given their take on when they think the coin will reach $1.
SHIB is currently ranked 20th on CoinMarketCap, with many cryptocurrency experts blaming the recent surge in interest in the digital coin on social media.
Marie Tatibouet, CMO of cryptocurrency trading platform Gate.io, believes that the current rate of interest and price increases are unlikely to last.
“It’s quite improbable that the coin would hit $1,” she said, “since that would turn Shiba Inu into a multi-trillion-dollar asset.” That isn’t going to happen anytime soon.”
Mr Musk’s Shiba Inu photograph, according to Ms Tatibouet, was one of the primary drivers of the meme-based digital coin’s price spike.
She also highlighted that a recent petition has received two million signatures, implying that SHIB will “eat up more 0s.”
Investing expert at finder.com, a personal finance comparison site According to Danny Butler, the digital currency has recently experienced tremendous growth.
“Despite Shiba Inu’s recent amazing gain, it’s still trading at 0.00002148, which is a long way off the mark,” Mr Butler added.
“As a result, Shiba Inu is unlikely to go close to $1 (at least in the short to medium term).”
He went on to say that if the coin’s value continued to climb, there would be a greater case for government and regulatory adoption of meme coins on a larger scale.
According to the expert, the Shiba Inu has increased by more than 8,000 percent in the last year, but its future performance is “prone to great volatility,” so investors should be cautious.
It is statistically impossible for this digital token to reach $1 “without some major crypto event,” according to Luis Carranza, the creator of Fayre Labs.
“A $1 Shiba would have a $1 Quadrillion market cap,” the cryptocurrency expert claimed. Even at a tenth of a cent, the market cap would be one trillion dollars, which is feasible but still outlandish.
“With a market capitalization of 2 trillion dollars, there are tremendous market forces at work.” Shiba is a long shot at $0.01.”
Mr Carranza further stated that Shiba’s floor is not zero and would never be.
He stated that there is sufficient infrastructure and support for a gradual price reduction with many spikes and drops. Money may be made with this digital currency because of the peaks and drips.