Shiba Inu coin buzzes again: Can it reach $1 in 2022?

February 07, 2022 10:08 PM AEDT | By Raza Naqvi

Shiba Inu coin buzzes again: Can it reach $1 in 2022? — Image source: © Viewimage | Megapixl.com

Shiba Inu coin's performance

According to CoinMarketCap, the Shiba Inu coin surged 22.4 per cent in the last 24 hours, and its one-day volume was up 385 per cent to $2.98 billion.

In the last seven days, the Shiba Inu coin surged 32.1 per cent. Meanwhile, the price went up by 24.7 per cent in the last two weeks.

Since the past year, the Shiba Inu coin has given returns of 337604 per cent, according to CoinGecko data.

The total supply of Shiba Inu crypto is 1 quadrillion token and has a circulating supply of 549.1 trillion Shiba Inu coins.

Bottom line

At the moment, it is doubtful that Shiba Inu would reach $1. The cryptocurrency market remains highly volatile, and to reach $1, a massive reordering of the world's economy would be required.

Since reaching an all-time high of $0.00008845 on October 28, 2021, the Shiba Inu coin declined around 69 per cent as of February 7 (6 AM EST).

Increasing the value of Shiba Inu to such an extent would require traders to bid up the price of the cryptocurrency, which appears to be a far-fetched thought.

Due to its volatility, it is difficult to predict what can happen in a cryptocurrency market. However, as inflated assets took a hit due to the ongoing pandemic, a massive Shiba Inu rally is unlikely.

Also Read: Ice Poseidon 'crypto scam': All you need to know

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