Will Shiba Inu Ride the Crypto Bull Run ?

The meme coin gets a makeover

Shiba Inu arrived on the crypto scene as the self-proclaimed Dogecoin killer. Since its launch in 2020, it has surged a remarkable 600,000%, good enough to make it the 16th most valuable cryptocurrency on the market.
Although Shiba Inu is still considered a meme coin, its community and developers are doing everything possible to change this perception. Over the last year, Shiba Inu has assumed new functionality that many of the more popular and valuable cryptocurrencies possess.
Today, Shiba Inu holders can utilize the token to yield farm, purchase non-fungible tokens (NFTs), and participate in decentralized borrowing and lending protocols. There are even plans to launch a Shiba Inu-based metaverse. However, while these new endeavors are innovative, they will likely prove to be too little, too late.

Reaching the $1 mark

In the world of cryptocurrencies, supply and demand dynamics play a crucial role in determining a token's value. Basic logic assumes that the more use cases a cryptocurrency provides, the more demand there will be. Now, this is an extreme generalization, but it highlights how other cryptocurrencies like Bitcoin and Ethereum have risen to such high valuations. Both provide unique use cases that create demand, plus they have built-in mechanisms that limit their supply. Add it all up and the two are now the most valuable cryptocurrencies on the market.
But when it comes to Shiba Inu, even its new functionality won't be able to stimulate enough demand to help it reach the $1 mark due to one crucial flaw -- its massive token supply. At last count, a staggering 589.32 trillion Shiba tokens were in circulation.

For it to reach a valuation of $1 per token, it would need to increase its market cap by an astounding 9,816,570%. Should it accomplish this feat, that means Shiba Inu would be worth more than the total world economy. Something tells me there is no way this will ever happen