How much Shiba Inu do you need to become a millionaire in 2023? Well, that depends on how optimistic you are about Shiba Inu’s prospects.
If you are super optimistic and believe that Shiba Inu could trade at $1 by 2023, then all you need is to buy 1 million Shiba Inu (SHIB) today. However, if you are averagely optimistic and believe that Shiba Inu could hit $0.01 by 2023, then all you need is 100 million SHIB today, and you are set.
However, if you are a conservative investor like me, you could expect Shiba Inu to eat up one more zero in 2023. In such a case, you would need about 10 billion Shiba Inu to become a millionaire by 2023.
While any of the above scenarios is plausible, I am more inclined to go with 10 billion SHIB making you a millionaire by 2023. There are a couple of rational arguments behind this analysis.
$1 Shiba Inu Is Unlikely By 2023
In the crypto market, anything is possible, and Shiba Inu has already proven it. SHIB went from obscure crypto trying to be the next Dogecoin and rallied by more than 23,000,000%.
However, realistically speaking, it is unlikely to repeat this feat in the next 12 months. Back in 2020, SHIB had a very low market cap, less than $5 million. This gave it the room to go parabolic without giving it an unrealistic market capitalization.
Things are different today. Shiba Inu currently has a market capitalization of $11 billion and is one of the largest cryptocurrencies in existence. If it were to rally to a point where it trades at $1, it would have a market cap larger than Ethereum today.
While Ethereum’s position is not cast in stone, several factors work against Shiba Inu from achieving such a feat.
Firstly, it would mean that most of the money flowing into crypto is going into Shiba Inu. So far, there is no evidence of such a move. The top cryptos, mainly Bitcoin and Ethereum, continue to dominate capital inflows, especially institutional money.
The second scenario is where the crypto market balloons to accommodate Shiba Inu at half a trillion dollars market cap. This, too, is unlikely because it would mean Bitcoin hitting a market cap of over $20 trillion in the next 12-months. This would not happen unless there is hyper-inflation and most fiat currencies, especially the dollar, become worthless.
While fiat currencies lose value over time, it is highly unlikely that the USD or other major world currencies could hyper-inflate in the next year. Already Central Banks in major world economies are working towards raising interest rates to reverse the impact of the 2020 stimulus packages.
As such, there is a high chance of financial assets growing at a slower rate in 2023 than they did in 2020 and 2021. This pretty much eliminates the possibility of Shiba Inu trading at $1 by 2023.
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$0.01 Shiba Inu In 2023 Is Possible But Unlikely
Crypto being crypto, Shiba Inu gaining by 20,300% in 2023 is possible. However, such a scenario is premised on extreme factors. For instance, if Robinhood lists Shiba Inu within 2023, then this could be possible.
Another scenario that could trigger such a rally is the Doge-1 mission scheduled for Q1 of 2023. If this mission triggers a rush into meme coins, then Shiba Inu at $0.01 could be possible.
Then there is the possibility of Bitcoin and the broader crypto market peaking in 2023. A while back, Standard Chartered analysts projected that Bitcoin could peak at $175k in 2023, while Ethereum could hit $10k in the same period.
Since these two cryptocurrencies are the key cryptocurrency market drivers, it then follows that, if they rally, hype coins like Shiba Inu could rally too. In such a rally, Shiba Inu at $0.01 could be possible.
The problem with the $0.01 SHIB scenario is that it is more of gambling than investing. You would be investing with the best-case scenario in mind, which is the antithesis of rational investing.
When investing in the financial markets, one needs to go with rationality and ignore outlier scenarios.
The More Rational Possibility: Shiba Inu At $0.0001 By 2023
For a sensible investor looking to make a million dollars out of SHIB in 2023, buying at least 10 billion SHIB today makes sense.
The potential percentage price increase for Shiba Inu to trade at such a price is pretty low. You would be projecting that Shiba Inu can increase by 378.01% from its current price of $0.00002092.
A 378.01% price increase is realistic and easily attainable for a meme coin like Shiba Inu. In October 2021, it rallied by 1100%, and without any major news to it. Shiba Inu has gained even crazier percentages before. For instance, since it launched, it has been up over 20,000,000%.
Besides its history of parabolic price increases, multiple factors favour a 100% increase in the price of Shiba Inu by the end of 2023. One of them is the overall cryptocurrency market momentum.
In November last year Bitcoin made a new all-time high at $68k. While it has experienced a correction since that time, if bulls regain control, Bitcoin could hit prices between $90k and $100k by the end of 2023. If this happens and altcoins follow, then Shiba Inu could easily gain by over 100%.
Then there is the upcoming Doge-1 mission. While it has nothing to do with Shiba Inu directly, it could uplift it since they are both meme coins that pump on Elon Musk’s tweets.
Aside from this huge potential, the investment capital required to buy 10 billion SHIB is reasonable. With an investment capital of $209,200, making a million dollars off SHIB in the next few months is possible.