589 Trillion Reasons Shiba Inu Won't Reach $1 (for Now)
This has been a volatile year for cryptocurrencies, with plenty of wild swings, but prices have mostly trended down overall. Market leaders Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) have declined by 55% and 57%, respectively, since the beginning of January, so almost nowhere has been safe for crypto investors.
That's especially true for holders of smaller meme tokens like Shiba Inu (CRYPTO: SHIB), which has lost 65% of its value in 2022 and is down 86% from its all-time high set in October last year. The token generated one of the greatest returns in the history of finance for the 2021 full year, soaring 43,800,000%.
In dollar terms, a perfectly timed investment would've turned a mere $3 into over $1 million. Now, investors are looking ahead to the next potential blockbuster Shiba Inu gain. But here's why one of the most ambitious price targets won't be reached anytime soon.
Source Fool.com
