Can it reach $1 in 2022?

The cryptocurrency market was trading in the green on Monday, February 7, as investors seem to have regained their confidence in virtual assets.

Bitcoin, the world’s oldest cryptocurrency, was about 15 per cent to US$ 42,591.7 per token at the time of writing.

Meanwhile, popular cryptocurrencies like Ether and Binance Coin were up 21.5 and 14.3 per cent, respectively. Additionally, virtual currencies related to gaming have also recorded price surges.

Meme-based cryptocurrencies like Dogecoin and Shiba Inu have also surged. Shiba Inu is famous among crypto enthusiasts due to its massive price surge between 2020 and 2021.

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According to CoinGecko, the market cap of the overall market bounced back above the US$ 2 trillion mark after it gained about three per cent in the last 24 hours.

Shiba Inu coin’s performance

According to CoinMarketCap, the Shiba Inu coin surged 22.4 per cent in the last 24 hours, and its one-day volume was up 385 per cent to $2.98 billion.

In the last seven days, the Shiba Inu coin surged 32.1 per cent. Meanwhile, the price went up by 24.7 per cent in the last two weeks.

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Since the past year, the Shiba Inu coin has given returns of 337604 per cent, according to CoinGecko data.

The total supply of Shiba Inu crypto is 1 quadrillion token and has a circulating supply of 549.1 trillion Shiba Inu coins.

Bottom line

At the moment, it is doubtful that Shiba Inu would reach $1. The cryptocurrency market remains highly volatile, and to reach $1, a massive reordering of the world’s economy would be required.

Since reaching an all-time high of $0.00008845 on October 28, 2021, the Shiba Inu coin declined around 69 per cent as of February 7 (6 AM EST).

Increasing the value of Shiba Inu to such an extent would require traders to bid up the price of the cryptocurrency, which appears to be a far-fetched thought.

Due to its volatility, it is difficult to predict what can happen in a cryptocurrency market. However, as inflated assets took a hit due to the ongoing pandemic, a massive Shiba Inu rally is unlikely.

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