In recent years, Shiba Inu (SHIB) has established itself as one of the most remarkable assets in the crypto ecosystem, always striving to be seen as something more than a meme coin. Shiba’s value is far from $1, despite being market capitalisation’s 13th most prominent digital asset.
Nevertheless, several supporters of the asset continue to hold out hope for a $1 price feat in the coming years. Others have been more pessimistic, claiming that the asset will never be worth that much. Lark Davis, a well-known crypto investor, is the most recent to make this declaration.
Twitter user Davis expressed his thoughts on the asset’s price movement using a meme. The illustration depicts the famous meme of an explorer on a quest for “the scroll of truth,” which, according to Davis’ version of the meme, reveals “SHIB Will Never Be $1.”
In early Tuesday morning, Davis shared a screenshot illustrating the accomplished crypto analyst’s take on the asset. While the SHIBArmy hopes otherwise, most supporters have remained grounded in this opinion.
Related article: “Shiba Inu is Unlikely to Hit $1”: Says U.S Politician
Shiba Inu Resisting The Bear Market
However, despite the bearish predictions, Shiba Inu has managed to withstand the severe bear market. Following a drop to $0.00001183 on September 7 (the asset’s lowest value this month), it rallied by more than 16% in two days to a high of $0.00001379 on September 9.
Despite some resistance at the $0.00001380 level, Shiba comfortably trades above the $0.000012 level. Shiba Inu, launched in August 2020, ranks among the top 15 crypto assets due to its substantial supply.
The biggest hurdle for Shib’s price to reach $1 may be the supply, which is currently at 589.37 trillion.
Despite its $7B market cap, SHIB remains the 13th largest cryptocurrency by market cap. Among its peers are stablecoins Dai (DAI), Avalanche (AVAX), Tron (TRX), and Ethereum Classic (ETC).
Shiba is expected to be worth $0.00001106 by the end of 2022, according to the CoinMarketCap community. The projected value represents a decrease from the current price. The Shiba Inu breeding trend has increased. The largest Ethereum whale had amassed 536B SHIB, which is worth $7m at the current price.