Experts say that Shiba Inu's price reaching US$1 is near to impossible in 2022

They say 'every dog has its day'. But for Shiba Inu, the whole year is it's. Yes, after recording a whopping 2,50,00,000% price surge last year, SHIB was the talk of the town. Although it couldn't manage to sustain its position for a long time, Shiba created many millionaires in 2021. Fortunately, 2022 is also shining a bright light on the Dogecoin competitor. The cryptocurrency is expected to get a 15% price hike before the end of February, which might create a price rally in the coming month.

Throughout 2021, Shiba Inu managed to acquire many new investors and stole some from Dogecoin as well. It has eaten up five decimal zeros from its price over a brief period of time. This has made SHIB investors think about where the cryptocurrency will head this year and ahead. While some say Shiba Inu price could reach US$1 in 2022, factually, it is very unlikely to happen. From its current price, SHIB just needs to gain 4,700,000% to reach the resistance level, but if it did, it will be a major revolution in the global economy. Shiba Inu's supply is extremely void. It has 549 trillion tokens in circulation. If the value of one SHIB token reaches US$1, then its market capitalization will touch US$549 trillion. It is roughly 200 times the current market cap of the whole cryptocurrency market now. Therefore, Shiba reaching that extent could be a matter of fiction. However, we can't deny the fact that despite the ongoing crypto crisis, Shiba price is still managing to maintain a moderate value.

Factors Triggering Shiba Inu's Price Rally

The most recent scenario that helped Shiba Inu experience a 50% price surge in the first week of February was its acceptance as a payment method in a fast-food chain. On the other hand, speculation around SHIB entering the metaverse has also created a buzz. But Shiba is not making a straight line in the price graph. Its value keeps swinging back and forth. After reaching a record high last October, SHIB's price declined drastically. Therefore, to understand Shiba Inu from the core, we should look at its price oscillations.

Shiba Inu was launched in 2020 after the success of the first memecoin, Dogecoin. Similar to DOGE, SHIB also maintained a low profile for a long time after its inception. The cryptocurrency went mainstream only in May 2021, after experiencing a 2,405% spike. The rally was triggered by Elon Musk, the CEO of Tesla and a SHIB enthusiast. Following this, many celebrities and familiar people started showing interest in the memecoin.

Towards October, Shiba Inu started gaining massive prominence. A petition on 'demanding Robinhood at accepting SHIB' in Change.org has gained over 3 lakh signatures. Along with this, the NFT debut and FOMO (Fear Of Missing Out) among investors triggered a massive price rally. It eventually led Shiba Inu to make it into the top 10 cryptocurrency list and remarkably, SHIB also stomped over Dogecoin briefly.

Why Metaverse and NFTs Matter for SHIB's Growth?

Metaverse and NFTs are the recent trending topic among tech and blockchain enthusiasts. Therefore, not just Shiba, every cryptocurrencies' presence in the disruptive ecosystem is important for its growth.

Remarkably, Shiba Inu announced that it will be entering into the metaverse space with a planned launch of 'Shiberse' in 2022. On the other hand, it released 10,000 digitalized 'lovable creatures' for sale.

Where is Shiba Inu Headed?

At the time of writing, Shiba was valued at US$0.00002183 with a market capitalization of US$11.99 billion. Since its peak at US$0.88 at the end of October, SHIB has listed more than 75% of its value and other cryptocurrencies have also fallen sharply. Although US$1 is way out of the radar, Shiba Inu could record impressive growth in 2022.

According to CryptoPredictions.com, Shiba Inu is expected to return to its previous highs. The prediction suggests that SHIB will touch US$0.000084 in Q1 2022 and continue to grow to US$0.000088 by Q3 2022.