Shiba Inu is up by over 260% compared to just one month ago, and it’s getting all meme coin traders excited as the new Bitcoin halving event draws nearer. After two years of dormancy, it reached a price of $0.000045. Some price predictions put the SHIB token as high as $1, but the outcome seems highly unlikely as it still has a long way to go.
While Shiba Inu introduces new use cases for its token and ups the burn rate to reduce supply, its current growth rate is not nearly enough to get it to $1 anytime soon. However, new memes such as Scotty AI, Smog Token, and Sponge V2 could reach $1 in the upcoming period.
Shiba Inu Reaching $1 is Highly Unlikely
While most experts agree that SHIB tokens will keep gaining value before and after the next Bitcoin halving event, reaching $1 is out of the question. SHIB’s current price is $0.00003158, and they gained over 260% in the past month, showing clear signs of bullish momentum. The platform outperformed over 50% of all crypto assets on the market in the past year, but in order to reach $1, it needs to grow by over 40,000 times.
Put simply, the gap between the current price and the target of $1 is too high, and even if SHIB tokens grow by 300x, they will still be far from a dollar. Despite massive growth potential and impressive gains, the demand for SHIB will unlikely increase enough to explode to $1. Growth like that is unrealistic, and while SHIB could reach $1 in the distant future, it won’t happen anytime soon.
The $589 Trillion Problem
If we do some simple math with the number of SHIB tokens in circulation, we come to an impossible problem that clearly shows that a price of $1 is simply impossible. There are over 589 trillion SHIB tokens in circulation, which means that Shiba Inu would need a market cap of $589 trillion to reach $1. Moreover, the chances of SHIB reaching $0.01 are meager as that would also require a market cap of over $5 trillion.
The entire cryptocurrency market cap is at $2.65 trillion. The largest company in the world, Microsoft, is worth $3 trillion. The U.S. GDP in 2023 was just shy of $28 trillion. Even the entire amount of money in the world is around $460 trillion, so the math clearly shows that SHIB tokens will not reach $1, except if over 90% of the supply is burned quickly. However, there are a few new meme coins on the market with excellent chances of reaching $1.
Memes With a Shot at $1 In 2024
Shiba Inu has too many tokens in circulation and insufficient use cases, which, when working together, prevent it from reaching $1 probably ever. However, emerging memes with much better tokenomics and use cases, such as Scotty AI, Smog Token, and Sponge V2, could explode to $1 with enough support from the community.
1. Scotty AI – Meme Coin With High Utility Focusing on AI-Powered Blockchain Security Solutions
Scotty AI may be a meme coin platform, but it offers excellent utility and features focusing on blockchain security and fraud protection. Its goal is to allow the growing Scotty AI community to collaborate on creating various AI-powered blockchain security solutions using multiple tools and “building blocks,” resulting in extremely capable anti-fraud systems that stop all threats in their tracks.
Users can build unique AI security solutions and buy or sell them in the built-in Scotty AI store using native $SCOTTY tokens. The unique approach to blockchain security has attracted thousands of investors as the presale continues. The event raised over $3.3 million in a few weeks, showing massive growth potential in 2024 and beyond.
2. Smog Token – New Solana Meme Coin Gaining Huge Community Support
The situation surrounding Smog Token is developing extremely quickly, allowing it to climb the ranks and test DogWifHat’s current position as the most popular Solana-based meme coin. Namely, $SMOG tokens went live on the Jupiter exchange without a presale event, promising token holders the “Greatest airdrop of all time.” Weeks after going live, the platform reported gains of over 50% in the past 24 hours and over 49,500 token holders.
The platform has gained over 340% since it went live and has grown exponentially in the past few days. $SMOG tokens launched at $0.0282, reaching prices of over $0.3 less than two weeks later. If you invest and stake your $SMOG tokens, you will earn airdrop points that will reward up to 100,000 token holders with massive amounts of tokens.
3. Sponge V2 – Upgraded Version Of One Of The Most Popular Memes in 2023
Sponge V2 is another high-gain potential meme coin about to shake the markets in the next few months. It’s an upgraded version of the $SPONGE token, one of the biggest meme gainers in 2023. The new version offers higher utility as it’s built around a P2E racing game, and it’s the perfect 100x investment option if you missed the previous version.
V2’s current price is over 6300% higher than the V1 launch price, but the only way to get it is to buy and stake the original $SPONGE tokens. Over $21 million worth of $SPONGE has been staked already, showing the platform has enormous support from investors worldwide. If you connect your wallet and stake $SPONGE coins right now, you will get 181% rewards before the next listing.
Final Words
The meme coin markets are evolving faster than ever, and existing coins like Shiba Inu are falling behind newly emerging platforms designed according to the best industry standards. $SMOG’s impressive success proves that investors are looking for options with higher return potential, so don’t miss your chance to invest in upcoming memes, including Scotty AI, Smog Token, and Sponge V2, to get the most out of the forthcoming crypto bull run.