The Shiba Inu ( SHIB 3.27% ) token has proved naysayers wrong more than a few times. The price of the meme cryptocurrency soared 49,000,000% in 2021, far outpacing anyone’s expectations. But could SHIB, which is priced at $0.00002193, put up similar gains in 2022 and reach $1?
Not likely.
To get there, the cryptocurrency would need to rise by roughly another 4,000,000% on top of what it’s already accomplished. That’s a feat that even the most wildly popular meme cryptocurrency would have a difficult time achieving.
Image source: Getty Images.
Why SHIB hitting $1 isn’t likely
One of the reasons some people speculate SHIB could hit $1 is that the cryptocurrency is gaining more traction as a form of payment.
Indeed, online electronics retailer Newegg already accepts the coin, as do Tesla, GameStop, and AMC Entertainment.
But Shiba Inu isn’t unique in its ability to be used as a form of payment. Even more importantly, other cryptos like Bitcoin are accepted by many more retailers, and Bitcoin is far more popular among consumers as a payment…
