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Will Shiba Inu Coin Reach $1 in 2024 or in The Future?

Eric Huffman
Last updated: | 10 min read

Dogecoin brought the lovable Shiba Inu dog breed into the crypto-sphere when it launched in 2013. Shiba Inu Coin borrowed the mascot in 2020 with the launch of the Shiba Inu token (SHIB). Almost immediately, the SHIB token skyrocketed in popularity. Will Shiba Inu Coin reach $1? A more apt question in the short term might be, “Will Shiba Inu Coin reach 1 cent?” More on that in a bit.

In this guide, we’ll explore the tokenomics and use cases for Shiba Inu to learn more about the token’s long-term prospects. Unlike most other meme coins, SHIB has use cases on the recently launched Shibarium blockchain.

The Shiba Inu community is also burning tokens, reducing the still-staggering supply. Vitalik famously burned 90% of his SHIB tokens, donating the balance to aid Covid relief in India. Burning tokens sounds bullish. When will Shiba Inu coin hit 1 dollar, and is that even possible? Let’s find out.

Is it Possible for Shiba Inu Coin to Hit $1?


shiba inu homepage

Can Shiba Inu reach 1 dollar? Probably not. The number of tokens helps answer the question. Let’s look at the supply of SHIB tokens and do the math to find out why.

SHIB launched with one quadrillion tokens. By comparison, the US debt is about $35 trillion. SHIB at $1 could pay off the US national debt nearly 29 times over based on the initial supply.

However, the Shiba Inu community is actively burning tokens, and Vitalik Buterin burned almost half the initial supply. As of this writing, the supply of Shiba Inu remains at 589.26 trillion SHIB tokens. Given the current supply, SHIB at $1 could retire the US debt nearly 17 times over.

Shiba Inu’s fully diluted market capitalization is now $15.28 billion. To reach $1, SHIB’s market cap would need to increase to nearly $600 trillion. As the leading cryptocurrency, Bitcoin has a market capitalization of $1.4 trillion. This means SHIB’s market capitalization would have to be 420 times higher than Bitcoin’s current market cap or 230 times the value of the entire cryptocurrency market.

$1 SHIB is out of reach. But how high can Shiba Inu go — will Shiba Inu coin reach 1 cent? That may be more plausible.

SHIB currently trades at $0.00002585. Some trading platforms, like eToro, sell SHIB by the thousand because the low price makes handling the token unwieldy.

To reach $0.01, SHIB would need to increase its current value by 400 times. On the 1-year chart, SHIB has outperformed Bitcoin (BTC) following a surge in Shiba Inu’s price in March 2024.

shiba inu btc 1 year chart

However, even with SHIB showing a 202% gain in the past year, $1 SHIB seems unattainable in the foreseeable future. Although SHIB rocketed by 8,766,010% in its first year, minting millionaires from small investments, performance on that level again is unlikely, given the market cap required.

Can Shiba Inu Coin Hit $1 in 2030?


SHIB’s supply remains the main obstacle to reaching $1. The number of tokens would need to be reduced dramatically. Given the current supply of 589.26 trillion SHIB, even burning 99% of the supply gives you a market cap of $5.8926 trillion, which is still larger than Bitcoin’s current $1.4 trillion market cap.

Instead, let’s look at some Shiba Inu price predictions that are within reach, assuming conservative token burns.

Our analysis for SHIB puts the trading range much lower than $1, or even $0.01, but still indicates significant potential gains from 2024.

  • Low price: $0.000167 (546.035% gain)
  • Average price: $0.000313 (1,110.83%)
  • High price: $0.000528 (1,942.55%)

Can Shiba Inu Coin Hit $1 in 2050?


Whether 2030 or 2050, SHIB is unlikely to hit $1 due to the amount of tokens in circulation. Although the community is actively burning tokens, it remains doubtful that 99% or more of the supply will ever be burned. The supply would need to be reduced this amount for a market cap below $6 trillion. 2050 is a long way off, and a dollar likely won’t be worth as much by then. However, the current burn rate doesn’t approach the level needed for SHIB to reach $1 in the foreseeable future.

Let’s look at the CryptoNews Shiba Inu price predictions for some key dates moving forward, ending with 2034. We didn’t project as far out as 2050 because the industry changes quickly, making it impossible to predict prices more than two decades away.

Year Potential Low (ROI) Average Price (ROI) Potential High (ROI)
2025 $0.000132 (410.638%) $0.000156 (503.482%) $0.000191 (638.878%)
2026 $0.000142 (449.323%) $0.000188 (627.273%) $0.000256 (890.329%)
2030 $0.000167 (546.035%) $0.000313 (1110.83%) $0.000528 (1942.55%)
2034 $0.000202 (681.431%) $0.000438 (1594.39%) $0.0008 (2994.78%)

What Catalysts Could Cause SHIB Price to Explode?


Obstacles to a $1 target include the massive supply of tokens and the bigger-than-Bitcoin market cap that comes with SHIB, even burning much of the supply. However, the project gives traders some reasons for optimism regarding investing in Shiba Inu. What began as a meme coin has become a growing ecosystem with its own blockchain and ways to earn yield with your tokens.

Success of the Shiba Eternity Game

Shiba Eternity is the first mobile game from the Shiba Inu project. As the player count grows, the game has already generated buzz. It earns top ratings on both Google Play and Apple’s App Store and benefits the community. Five percent of profits from the game are used to burn the supply of SHIB, which can help push Shiba Inu higher.

shiba eternity game

This game is still under active development, with new features planned to enhance gameplay. Shiba Eternity benefits the community as a whole by raising awareness while also increasing the burn rate for SHIB tokens.

Development of ShibaSwap

The ShibaSwap app provides a decentralized exchange (DEX) for the Shibarium blockchain. However, the DEX also offers additional functionality. Shiba Inu users can bridge tokens to and from the Shibarium blockchain and stake additional tokens within the Shiba Inu ecosystem.

shibaswap

Staking Shiba Inu itself through a feature called “Bury” pays yields in ETH, SHIB, and a special governance token called BONE. If you hold BONE, you can vote on proposals for the Shiba Inu ecosystem. Another Shiba Inu token, LEASH, grants access to exclusive perks. Past perks include early access to Shiboshi NFT mining, early access to land sales in the upcoming metaverse project, and enhanced BONE rewards for liquidity providers on the ShibaSwap.

Significant Token Burns

Burning tokens refers to sending the tokens to an unrecoverable wallet address controlled by no one. The tokens are gone from the supply forever. Both the project and the community actively participate in burning SHIB tokens to reduce the supply.

shiba inu burn chart

On peak days, as many as 30 million tokens are burned using recent data. However, the burn rate is sporadic, making it difficult to predict how long it will take to burn a significant amount of SHIB. Burning helps, but it appears burning won’t get SHIB to a $1 target in the near future. It could, however, help the Shiba Inu community achieve its coveted $0.01 goal.

Many of the token burns are community-driven, while others result from activity on the Shibarium Layer-2 network.

Improved Scalability with New Layer 3 Solution

Shibarium is a Layer-2 blockchain that uses the Ethereum blockchain for security. Transactions occur on Shibarium and are then sent to Ethereum, where they are secured by a 100 million-strong proof-of-stake validator network. Layer-2 networks improve speed and reduce transaction costs.

However, the Shiba Inu team is also working on a Layer-3 network. Layer-3 blockchains can improve speed and reduce costs even further, often dropping transaction costs to a small fraction of a penny. This new network will use the TREAT token for governance, similar to the BONE token on Shibarium.

The planned network also brings privacy enhancements, using fully homomorphic encryption (FHE), which allows the network to perform computations on encrypted data without needing to decrypt the input data.

Shiba Inu has already raised $12 million to build the new blockchain.

The Road to $1: What Obstacles Does SHIB Face?


The $1 goal remains out of reach without significant token burns, perhaps as much as 99% or more. However, SHIB has room to grow from current trading prices. Shiba Inu also faces some challenges, including limited utility and market cap restraints related to supply.

Huge Supply: 589 Trillion Circulating Tokens

With a circulating supply of 589 trillion tokens, SHIB is challenged to erase the four leading zeros from its current price. The first of these is within reach, requiring only a 10x to bump a leading zero off the price. After that, it becomes more challenging, given the supply. While the community and project are actively burning tokens, the relatively small number of tokens burned daily makes it a long road ahead. Many days, fewer than 5 million tokens are burnt.

Lack of Demand and Utility

Unlike BTC or ETH, to a lesser degree, SHIB is seldom accepted for transactions in the traditional finance world. An estimated 15,000 businesses worldwide accept Bitcoin. However, according to data from Cryptwerk, only an estimated 938 businesses worldwide accept SHIB as payment for goods and services.

No Intrinsic Value

Much like other cryptocurrencies, SHIB faces challenges regarding its perceived intrinsic value. Shiba Inu’s history as a meme coin makes its value dubious in the eyes of some investors despite the utility it now finds in the Shibarium blockchain. As a result, prices often reflect the market sentiment’s mood swings, pushing the price up or down.

However, the addition of the Shibarium blockchain and the upcoming Layer-3 blockchain are efforts to combat this perceived lack of utility and shake SHIB’s meme-coin status. Addition projects and incentives, including staking, NFTs, and Shiba Inu’s upcoming metaverse project, all work toward finding more utility for the SHIB token and creating a rewarding ecosystem.

Market Cap Constraints

SHIB’s biggest challenge in reaching $0.01 — or $1 for the optimists — lies in its supply. The current supply makes the market cap at these levels impossibly high, although the $0.01 goal could be attainable with enough token burn and added utility. At the current supply, $1 SHIB means a $589 trillion market cap. In context, the US Gross Domestic Product (GDP) for 2023 measured $27.94 trillion. Comparing SHIB’s projected market cap at $1 to other crypto assets, Bitcoin’s current market cap is about $1.4 trillion.

Will Shiba Inu Coin Reach 1 Cent Instead?


A $0.01 goal could be possible under the right circumstances. Considering the current supply of about 589 trillion tokens, a $0.01 SHIB price means a $5.89 trillion market cap. While it’s still unrealistic to see SHIB eclipse the market cap for Bitcoin, both market assets are expected to appreciate in value, and continuing burn efforts could bring a $0.01 within closer reach.

Our Shiba Inu price prediction doesn’t see SHIB running as high as $0.01, however. Instead, we see Shiba Inu reaching a potential high target of $0.0008 by 2034. Dramatically increased burn rates or increased utility for the SHIB token could have an impact on this target.

Conclusion


Will Shiba Inu coin reach $1 in 10 years? Can Shiba Inu reach 1 dollar at all? The possibility of reaching $1 seems impossible, given the current supply of more than 589 trillion tokens. Instead, a $0.01 cent price goal appears more realistic for Shiba Inu’s future.

However, even reaching $0.01 from the current price will require significant token burns as well as more utility for the SHIB token. Despite these targets being out of reach for now, we still expect SHIB to perform well over the next several years if the Shiba Inu developer team continues to deliver on its plans for the Shiba Inu ecosystem.

FAQs

Is it possible for Shiba Inu coin to hit $1?

No. To reach a price of $1 would require a $589 trillion market cap for Shiba Inu. By comparison, Bitcoin’s current market capitalization is just $1.4 trillion.

How long will it take for Shiba Inu to hit 1 cent?

Due to the large supply, we don’t project Shiba Inu reaching 1 cent. Our Shiba Inu price prediction sees the SHIB price reaching as high as $0.0008 by 2034.

What’s the highest Shiba Inu can go?

According to our analysis, our Shiba Inu price forecast puts SHIB as high as $0.0008 by 2034.

Will Shiba Inu outperform other meme coins?

Due to its larger ecosystem, Shiba Inu has the potential to outperform many other meme coins. The Shiba Inu project offers a Layer-2 blockchain, staking for yields, and an upcoming Layer-3 blockchain. In addition, Shiba Inu is developing games and a metaverse, the latter of which will be powered by SHIB tokens.

References