Can Shiba Inu really hit a $1? Top Crypto Predicted To Be Next SHIB

Shiba Inu was crypto's poster child last year after seeing spectacular 45,000,000% gains. That means an initial investment of just $100 could have become millions by holding firm for little over a year. But the question remains: will Shiba Inu ever see such returns again? 

The problem many crypto analysts identify is the lack of utility with Shiba Inu. It's a meme-coin based on a picture of a Japanese hunting dog (a Shiba Inu) and the SHIB token only launched in 2020. It has no utility aside from being a cryptocurrency whose value is dependent on market fluctuations.

In this article we'll look at how Shiba Inu might just do the unthinkable again. We'll also compare Shiba Inu with another crypto newcomer – EverGrow Coin – to get an idea of what strong utilities and fundamentals look like.

Can Shiba Inu really hit a $1 valuation?

Shiba Inu is the second-largest meme-coin in the $1.6 trillion crypto industry. SHIB has a market cap of $11.7 billion dollars, placing it behind rival Dogecoin's $14.7 billion market cap. Both are coins based on memes of Shiba Inu dogs, and have made it clear that meme-coins are no laughing matter.

Both coins have a loyal following pushing for greater merchant adoption, more media attention and even to fundraise for causes. Just this week as well the cryptocurrency asset platform Binance Custody added Shiba Inu to its platform. This allows more coin holders to have insurance against SHIB.

According to FX Street: ""An addition to Binance Custody is a key milestone for cryptocurrency projects […] the exchange offers investors the opportunity to be their bank and safeguard holdings against theft and hack."

The news pumped Shiba Inu's price 7% before in the last 24hours SHIB fell 17% again, according to CoinMarketCap. It continues a downward trend in the market in general and a 34% downturn over the last seven days. Shiba is currently trading at $0.00002184 down from an all-time high of $0.00008845 in October last year.

According to Fool, Shiba Inu's only chance of hitting a $1 dollar valuation is if major coin burns take place. Currently there are 549,000,000,000,000 SHIB tokens circulating in the market. A $549 trillion valuation however would make Shiba Inu more valuable than Apple ($2.7 trillion) and Amazon ($1.5 trillion) put together – plus a lot more. Bigger Entertainment announced a burn of 370 million SHIB on Valentine's Day, but this hasn't done enough for SHIB's price. 

Furthermore, Shiba Inu is built on Ethereum and cannot host decentralised applications or further shape the future of the cryptocurrency industry. The Shibarium metaverse is expected to see a rollout in 2022 – but again, other cryptos like Decentraland and The Sandbox are already in this space and it's not clear what difference the Shibarium will make.

EverGrow Coin aims to become the first crypto generating 'positive volume'

This crypto newcomer only launched in September last year and is sitting around a $300 million valuation with over 125,000 investors. Yet the team of developers and finance specialists behind EverGrow Coin never intended EGC to become a currency alone. Instead, the team describe EverGrow Coin holders as owning a 'share in an ecosystem of applications that generate income'. 

One of EverGrow Coin's central utilities is the rewards mechanism that pays each coinholder in Binance pegged US Dollars (BUSD). An 8% tax on all transactions is paid out to EGC investors as reflections, deposited daily. EverGrow fast became the #no 1 BUSD rewards tokens and alongside SafeMoon is one of the top rewards tokens in the crypto space. 

EverGrow's team is now working on building the first crypto to generate 'positive volume' – meaning that added value is not dependent on market fluctuations. EverGrow Coin will roll out the world's first social media platform that integrates both crypto and fiat payments as tips, subscriptions and advertising. Any revenue generated (after operation costs) will be used to buy up EverGrow Coin and send it to a burn wallet – this drives up EGC's token price while also generating BUSD rewards through the tax on purchases.

EverGrow is also developing an NFT marketplace, NFT lending capabilities and at least two play-to-earn games (P2E) to increase the strength of its existing utilities – the 'ecosystem of applications' that chairman and finance professional Sam Kelly talked about in a recent Twitter video.

EverGrow Coin is currently trading at $0.0000004382 and has paid out over $34 million in BUSD to date.