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Can Shiba Inu really hit a $1?

Can Shiba Inu really hit a $1 valuation?

Shiba Inu is the second-largest meme-coin in the $1.6 trillion crypto industry. SHIB has a market cap of $11.7 billion dollars, placing it behind rival Dogecoin’s $14.7 billion market cap.

Both are coins based on memes of Shiba Inu dogs, and have made it clear that meme-coins are no laughing matter.

Both coins have a loyal following pushing for greater merchant adoption, more media attention and even to fundraise for causes.

Just this week as well the cryptocurrency asset platform Binance Custody added Shiba Inu to its platform. This allows more coin holders to have insurance against SHIB.

FX Street: An addition to Binance Custody is a key milestone for crypto projects the exchange offers investors the opportunity to be their bank and safeguard holdings against theft and hack.

The news pumped Shiba Inu’s price 7% before in the last 24hours SHIB fell 17% again, according to CoinMarketCap.

It continues a downward trend in the market in general and a 34% downturn over the last seven days.

Shiba is currently trading at $0.00002184 down from an all-time high of $0.00008845 in October last year.

According to Fool, Shiba Inu’s only chance of hitting a $1 dollar valuation is if major coin burns take place. Currently there are 549,000,000,000,000 SHIB tokens circulating in the market.

A $549 trillion valuation however would make Shiba Inu more valuable than Apple ($2.7 trillion) and Amazon ($1.5 trillion) put together – plus a lot more.

Bigger Entertainment announced a burn of 370 million SHIB on Valentine’s Day, but this hasn’t done enough for SHIB’s price. 

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