Posted 12/23/2023, 11:58:00 AM
Shiba Inu Coin Tries to Shed Meme Status, But Path to $1 Remains a Distant Dream
- Shiba Inu coin surged over 600,000% since 2020 but is still considered a meme coin
- Shiba Inu now has new functionality like yield farming and NFT purchases to change perception
- But Shiba's massive token supply of 589 trillion means reaching $1 is unlikely, requiring a $9.8 quadrillion market cap
- Unlike Bitcoin and Ethereum, Shiba lacks clear utility and broad market demand beyond speculation
- While the community is passionate, achieving $1 per token may require more than just meme magic