Shiba Inu (CRYPTO: SHIB) was the talk of the crypto world a couple years ago, as it skyrocketed in 2021, hitting an all-time high price of $0.00008845 in October that year. But as of this writing, the token is 88% off that peak, a clear sign that investors have soured on the dog-inspired digital asset.
Shiba Inu bulls aren't deterred, however, thinking that its best days are still ahead. Can Shiba Inu one day reach $1 per token, which would equate to a rise of more than 111,000-fold? Speculators might hope for this lofty target to come true, but it's not probable. Let's take a closer look at this meme cryptocurrency.
While cryptocurrencies have loud believers, as well as fervent skeptics, what ultimately matters for their long-term viability is if more users adopt the technology in their daily lives. The thinking is that as more people use a particular cryptocurrency, demand rises, and so too should its price.
Source Fool.com