Here’s What Needs to Happen for SHIB Token to Hit a Penny

Dogecoin rival Shiba Inu (SHIB) is making a comeback following the recent crypto crash that weighed Bitcoin below $30,000 as China expanded its crackdown. What’s Shiba's price prediction and when will the token hit a penny?

Shiba fell by more than 80 percent from its all-time high attained in May 2021. It happened as China expanded its restrictions on cryptocurrency trading and mining. SHIB token's delayed Coinbase listing also shook some investors' confidence in the meme crypto.

Concerns about the U.S. tightening its crypto regulations after Mark Cuban lost money in a Titan token investment also weighed on the sentiment. The concerns dragged the sector lower and pulled SHIB token down with it. However, Shiba is picking up again. The token rose about 8 percent in the previous session and is trading higher at $0.0000069 currently. Investors are hoping that the token reaches a penny soon.

The circulating supply of the Shiba coin is 395 trillion tokens. Similar to Dogecoin, which it imitates, Shiba doesn't have a maximum supply limit. Dogecoin’s circulating supply is 130 billion tokens. At the current price, the SHIB coin carries a market value of $2.7 billion, while DOGE boasts a valuation of $31 billion.

Dogecoin and Shiba Inu are both dog-themed meme cryptocurrencies with robust communities of fans. The altcoins have also had their presence felt in the philanthropy world. Ethereum co-founder Vitalik Buterin donated SHIB tokens worth about $1 billion to fight COVID-19 in India. DOGE fans have donated to sponsor a NASCAR driver and Jamaican Olympic team.

Amid the expected Shib token Coinbase listing, investors want to know the meme crypto’s price outlook. According to the Digital Coin Price forecast, Shiba will close 2021 at $0.00001017, which implies a 50 percent upside potential to the current level. The meme crypto will keep climbing in the coming years and hit $0.0000239 in 2025, which implies 250 percent upside potential.

At WalletInvestor, they predict that SHIB's price will reach $0.00002 a year from now, which suggests a 200 percent upside. They see the altcoin hitting $0.000069 in five years, which implies a 900 percent upside.

Many Shiba coin investors hope to become millionaires when the crypto hits a penny. At the current price, the crypto will need to rise 145,000 percent to reach the desired $0.01 milestone.

Looking at its historical performance, Shiba has been rising at an average monthly rate of 43,000 percent since its launch. If it maintains that momentum, it could reach a penny before the end of 2021.

Many investors wonder whether the Shiba token is a good investment. Shiba Inu crypto might not be as popular as Bitcoin or Dogecoin, but one thing is clear, investors have made good money with it. 

In the span of under a year since its launch, SHIB coin delivered lifetime returns on investment of more than 430,000 percent. To put that in perspective, an investment of $1,000 at launch would be worth $4.3 million now.

There isn't a guarantee that this meme cryptocurrency will deliver such blockbuster returns in the future. However, there's a chance that it could happen. A growing number of businesses, including in places like Paraguay, are adopting Shiba as a form of payment.

An endorsement as a payment bodes well for Shiba coin in many ways. The endorsement boosts Shiba coin's investor awareness, legitimacy, and ultimately demand. There's a high chance that the price will appreciate.

There's also a petition to get Robinhood to list Shiba coin. Robinhood already supports Dogecoin. If the petition is successful, it would give SHIB token more investor exposure. Portugal has started licensing cryptocurrencies to operate in the country, which should expose meme cryptos like Shiba to more investors.

If you like Shiba coin’s price predictions, you might want to know the best exchanges to buy it. As its fan base grows, the list of businesses accepting it as payment expands. Shiba is winning a listing on more platforms. You can buy SHIB token on Binance, Huobi, Gate, and KuCoin. The altcoin is expected to start trading soon on Coinbase as well.