Shiba Inu (CRYPTO: SHIB) was one of the most high-flying cryptocurrencies in 2021. Benefiting from the meme-stock craze that took hold of markets and lifted unsound businesses like GameStop and AMC Entertainment to new heights, Shiba Inu quickly ascended to become a top digital asset.
However, this dog-inspired meme token is currently 92% below its all-time high. Some believers hope that it can one day bounce back and reach $1, which translates to a whopping 13,760,000% rise from today's levels. Is this even remotely possible? Let's take a closer look.
I believe that the long-term viability of any cryptocurrency rests solely on its ability to bring about real-world use cases. While the entire asset class has become more prominent in the past few years, now valued at roughly $1 trillion, its ultimate survival depends on the successful transition from being a tool purely for financial speculation to having greater utility in the day-to-day lives of people across the world.
Source Fool.com