Shib coin is a new cryptocurrency that has been designed for the Shiba Inu, famous for being one of the smallest and cutest dog breeds in Japan. The currency will be used to pay for items on doggi.shop, which sells all sorts of handmade products from traditional Japanese crafts such as gifts and stationary to modern designs like bags and jewelry made with Shib coins themselves.
The “will shiba inu coin reach 10 cents” is a question that many are asking. The Shiba Inu Coin will be released on the 27th of October, so it’s possible that the price could go up to 10 cents.
Many publications, YouTube videos, and forum postings say that Shiba Inu (SHIB) cryptocurrency can or will reach a value of $0.10. Regrettably, such statements are not just deceptive; they are also harmful to us, the retail investors. We’ll explain why SHIB will never achieve 10 cents in this essay.
Shiba Inu (SHIB) will never hit $0.10 or 10 cents since it is not commercially viable. SHIB’s entire market value will be $54.9 trillion at a $0.10 valuation, which is 2.5 times more than US GDP, 54 times more than Bitcoin, 100 times more than Ethereum, 27 times more than Apple Inc. (AAPL), and 55 times more than Tesla’s (TSLA) market cap.
Let’s get into further detail.
Dogecoin is a cryptocurrency that exists independently of Bitcoin. There is a mining mechanism in place for these cryptos. Thousands of mining machines (rigs) are used by independent miners across the globe to keep the network functioning.
SHIB, on the other hand, is a cryptocurrency based on ERC20 tokens. It indicates that the Shiba Inu (SHIB) currency has no autonomous mining network. It’s an Ethereum-based smart-contract cryptocurrency, comparable to Binance Coin (BNB), Tether (USDT), Chainlink (LINK), USD Coin (USDC), TRON (TRX), and others.
As a result, the SHIB coin is not a novel concept. On the Ethereum network, it’s another ERC20 token. However, credit must be given where credit is due. On Reddit, Twitter, Facebook (Meta), YouTube, and other social media sites, the SHIB community is active.
We can safely assert that a cryptocurrency’s long-term viability is mostly dependent on technology and community, based on our experience. That is why Bitcoin is the most popular cryptocurrency. It is not only the first but also the most popular cryptocurrency in the world.
Despite the fact that SHIB is identical to other ERC20 token currencies, the community is what sets it apart.
There are presently 549 trillion SHIB coins in circulation, according to CoinMarketCap. Trillion is correct. There were 1000 trillion SHIB (1 quadrillion) in the start, but roughly 451 trillion were locked up or burnt forever.
To get Shiba Inu (SHIB) to $0.10, the entire market value of SHIB must be $54.9 trillion multiplied by $0.10. Let’s see how this market cap stacks up against other financial products and see whether it makes sense.
- The United States’ entire Gross Domestic Product (GDP) is about $20 trillion, whereas China’s GDP is roughly $14 trillion, according to the Federal Government.
- The Federal Reserve estimates that there are around $8 trillion in coins in circulation across the globe.
- The global GDP is estimated to be over $80 trillion. (source)
- According to the US government, the country collects $4 trillion in taxes each year.
The market capitalization of different prominent stocks and metals throughout the globe is shown in the table below.
|Microsoft is a company that specializes in (MSFT)||$2.48 trillion dollars|
|Apple (AAPL)||$2.47 trillion dollars|
|Tesla is a well-known inventor (TSLA)||1.1 trillion dollars|
|Amazon is a company that sells books (AMZN)||1.7 trillion dollars|
|Google is a search engine (GOOGL)||1.9 trillion dollars|
|Gold||$11.3 trillion in debt|
|Silver||1.3 trillion dollars|
|Bitcoin||1.1 trillion dollars|
|Ethereum||0.52 trillion dollars|
|US GDP||$20 trillion is a huge sum.|
|China GDP||a total of $14 trillion|
|World GDP||$80 trillion is a huge sum.|
|The Total Market Capitalization of the World’s Stock Exchanges||97 trillion dollars|
According to the figure above, for SHIB to attain a market size of $54.9 trillion, the overall market cap of Shiba Inu must be 549 trillion x $0.10 = $54.9 trillion.
The whole cryptocurrency market cap, including all coins and tokens, is less than $2 trillion.
It defies logic that SHIB’s market value is 54 times more than Bitcoin’s, 100 times greater than Ethereum’s, 27 times greater than Apple’s, 2.5 times greater than US GDP, or half of global GDP. As a result, basic logic dictates that the SHIB coin will never attain a value of $0.10 or 10 cents.
SHIB is built on Ethereum’s ERC20 protocol. On the Ethereum network, SHIB is a monetary token. Unlike Apple, Tesla, or Microsoft, it is neither a product nor a platform.
Apple, Tesla, Google, and other valuable firms provide good products that people use and enjoy. It’s why they’re a multibillion-dollar corporation. SHIB, on the other hand, is a currency rather than a commodity. Long-term, a currency has no intrinsic worth.
When SHIB is nothing more than an Ethereum-based ERC20 token, it’s ludicrous that its overall market value will be more than Bitcoin, Ethereum, Apple, Tesla, and other major enterprises.
As investors, we must be passionate about our investments. Being an emotional investor taints our judgment and causes us to make poor financial judgments. Please make cautious investments.
Shiba Inu (SHIB) will never reach $0.10 or ten cents.
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The “will shiba inu reach $1 cent in 2022” is a question that many are asking. The answer to this question is no, it will not reach 10 cents.
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