How soon can Shiba Inu (SHIB) reach one cent? Well, that depends on a lot of factors. In my view, SHIB has a good chance of hitting $0.01 at some point in 2022. If it misses this target, then the next possible time to reach this price target is 2024.
The Case For Shiba Inu Reaching One Cent In 2022
For Shiba Inu to reach $0.01, it would need to gain 47,701.15% from its current price. This may seem like a huge figure, but Shiba Inu has done much higher percentages in the past.
For instance, between its launch back in 2020, and in November 2021, Shiba Inu was up by more than 28,000,000%. That’s the kind of price increase that no one would have imagined could happen.
That said, things could be a little different for Shiba Inu in 2022, and it’s unrealistic to expect it to rally by millions of percentages this year. SHIB is now a large-cap cryptocurrency with over a $11 billion market cap, unlike a year ago. If it were to rally by another 28,000,000% this year, it would have a market capitalization larger than that of Bitcoin. That’s highly unlikely.
However, SHIB still has what it takes to rally by between 20,000% and 30,000% for the rest of the year or thereabout. It has already been proven that a thousand percentage gains in weeks are possible. In October 2021, Shiba Inu rallied by 1100%, and most of the gains happened in two weeks.
As such, if the broader market turns out bullish in 2022, then Shiba Inu gaining by over 20,000% is possible. Looking at the market today, there is every indication that bulls could control the market again in the coming months.
One of the key factors that could drive up the crypto market in 2022 is institutional adoption. Since 2020, the institutional uptake of cryptocurrencies has grown exponentially. While institutional inflows have primarily been directed at Bitcoin and Ethereum, it has helped uplift the broader market. That’s because Bitcoin and Ethereum are the most significant determinants to the direction of the cryptocurrency market.
With the regulatory environment getting better and more avenues for institutional money opening up, 2022 could see the crypto market rally past the $3 trillion market cap. For a cryptocurrency like Shiba Inu that is strongly correlated to the broader cryptocurrency market, things could be great.
Shiba Inu also has several internal factors that could trigger a rally in 2022. One of them is the Doge-1 mission that is scheduled for Q1 of 2022.
Since its launch, Shiba Inu was designed to compete with Dogecoin. Its selling point at launch was Dogecoin killer.
This tag has remained strong, and the rally in October was fueled by community hype on Shiba Inu beating the Dogecoin market cap.
The upcoming Doge-1 mission is likely to reignite this rivalry. The mission is fully funded in Dogecoin, and with the influence of Elon Musk behind it, it is expected to push Dogecoin to new levels, possibly over $1.
If this happens, the hype could build up around Shiba Inu as well, just like it did in 2020. In the SHIB-community’s bid to keep up with Dogecoin, FOMO could easily trigger a rally that pushes Shiba Inu up by over 21,000%.
However, if none of the above factors push Shiba Inu to one cent by 2022, the next possible time this could happen is in 2024.
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The Case For Shiba Inu At One Cent By 2024
The crypto market rally that started in 2020 is likely to peak in 2022. Most models, including a fundamental market analysis by Standard Chartered, expect 2022 to be the peak of the current bull cycle.
Like in all past crypto cycles, 2023 is likely to be a dull one for crypto. Due to the entry of big money institutional players, massive corrections like in the past are unlikely.
However, growth is likely to be slow, and that includes Shiba Inu.
The big moves are likely to come after the Bitcoin block halving of 2024. As happened in past crypto cycles, the Bitcoin block halvings trigger bull runs, and 2024 will be no different.
Besides the overall wave of growth that the block halving brings, the 2024 halving could be particularly good for Shiba Inu. For starters, by that time, the more significant cryptocurrencies such as Bitcoin and Ethereum could be out of reach for most people. It is projected that by 2024, Bitcoin could be at over $500k a coin. Ethereum too could be trading at over $20k.
For most new investors looking to throw a few bucks at crypto, the option will be to look into cheap cryptocurrencies with room for growth.
Shiba Inu easily stands out among the best on this front. SHIB is affordable, and since it is one of the better-known altcoins could absorb a lot of this new capital.
Besides being affordable, Shiba Inu has some pretty good fundamentals as well. One of them is its tokenomics. Shiba Inu is deflationary, and 50% of its circulating supply is already burned. As usage grows and supply drops, the value of Shib tokens in circulation will grow.
Adoption is also growing and will play a critical role in Shiba Inu’s value growth by 2024. Indicators of a high level of adoption by 2024 are already there. For instance, SHIB is already accepted as a payment option at shopping.io and a French restaurant. By 2024, many more companies will likely take SHIB and could add impetus to the FOMO created by the Bitcoin halving hype.
The Best Course Of Action
As stated earlier, no one can tell with certainty when Shiba Ina can reach one cent. The best approach is to try and accumulate as much Shiba Inu as possible. Such a strategy guarantees that even a slight price increase can give you a sizeable return on investment.
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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
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