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Shiba Inu was first released in August of 2020, following the growing popularity of Dogecoin, and featuring the Shiba Inu meme as its mascot. Unlike Dogecoin – which operates within the Litecoin network..Shiba Inu is based within the Ethereum ecosystem, giving them the potential to implement smart contracts, issue NFTs, and scale across the existing platform….but, there’s a bit of a catch:
The main issue holding back Shiba Inu from ever reaching 1 penny is that…with 400 TRILLION COINS in circulation….either the market cap needs to increase to $3,961,440,000,000….which, would make Shiba Inu 2.5x more valuable than Amazon…OR, coins need to be taken OUT OF circulation.
That’s why, comments like “If doge went to 1c Shiba can too”…paints a VERY poor picture of total supply…because, if Shiba Inu had the same total supply as Dogecoin RIGHT NOW….the price would be CURRENTLY trading at 9 cents….and, as we can all see…we’re about $36 trillion dollars away from that.
On the top of the agenda seems to be getting Shiba Inu listed on Robinhood, just like they did Dogecoin back in 2018….and, already, there’s a petition with over 230,000 signatures and counting…which, by the way, I’ll link down below in the description for anyone interested in signing.
Although, even though adding a new cryptocurrency to Robinhood could be SIGNIFICANT in boosting momentum…there’s still not enough data available to determine what type of an effect it’ll have, and how that might impact the price.
PROS FOR SHIBA:
-Piggybacks on Dogecoin Momentum
-Value in a Network Effect
CONS FOR SHIBA:
-Not as strong of a use case
-Lack of fundamentals to support run-up in price
-Peak Media Attention
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