People have been asking if Shiba Inu can reach $0.50 after the Telagon said that it was possible, and other experts have chimed in. This seems an overly optimistic target given the current price of Shiba Inu at $0.000008538. We analyze this claim and suggest another coin that is likely to have bigger gains by the end of 2023 and beyond.
Shiba Inu to $0.50 – who called this?
Using technical analysis, an AI-driven platform called Telagon predicted that $0.50 would be reachable by 2040. Similarly, while Google Bard said it was highly unlikely at the moment, it did say it was possible, if various factors occurred, including increased adoption and development.
Given all the development and use cases that are coming out for Shiba Inu, including the L2 blockchain The Shibarium, a record number of wallets on chain, and higher burning rates than ever, Bard’s vision may come true sooner than expected.
Recent data from IntoTheBlock exposes that 71% of Shiba Inu holders are currently underwater. This isn’t great news for holders, but it does mean that Shiba Inu has a lot more room to appreciate before existing investors start to cash in on their gains.
Here’s the thing – when we look at the numbers, the predictions don’t make sense.
Shiba Inu to $0.50 – Let’s do the math
If SHIB hits $0.50, that would mean an astounding 5,855,390% increase from today’s price. Even DOGE, crypto’s oldest and most successful memecoin, has not come close to that. Dogecoin, which turned 10 this year, launched for $0.0002993 and at its peak in 2021 was worth around $0.73. That is a percentage increase of 243,802%.
Or to look at it another way, for Shiba to reach $0.50, it would need a market cap of around $274 billion, which is more than the total market cap of Ethereum, but less than the $704 billion market cap of Bitcoin.
Keep reading to find out which coin is more likely to give greater returns than SHIB in the next year.
Is there a more realistic way to profit from memecoins?
Yes. The problem with Shiba Inu reaching $0.50 and such a high market cap, is that a huge amount of money needs to flow into the currency to make it popular. Even with increased adoption, that target is a long shot.
And that’s why savvy memecoin investors try to find new cryptos to get on board with, ones where the market cap is low and the potential is high.
One such project is Meme Moguls. This is a new and fun upcoming meme-based stock exchange and game for memecoin lovers – and (crucially!) a token that is still in presale. At the time of writing, $MGLS is trading for $0.0019, with a market cap of just $63,000. So that means for the coin to double in price, (and for holders to double their money) all that is needed is a further $63,000.
And for the coin to hit $0.50, this would be an increase of 26,215%. As there are 3 billion coins in existence, we can work out that the total market cap needed to hit $0.50 would be $1.5 billion.
This is ambitious but not impossible. Especially given the exciting features of the Play to Earn and trading platform.
Insiders are predicting a rise of 1,000% during the presale and experts predict a further 200% by the end of the year. If Meme Moguls sees the kind of adoption that it deserves, then this is a much more likely way to make big gains than hoping for a Shiba Inu miracle.