Shiba Inu (SHIB), which has consistently fought against the label of a meme coin, has established itself as one of the most remarkable assets in the cryptocurrency industry. However, Shiba’s value is far below $1 even though it is the 13th largest digital asset by market capitalization.
Leading investor Lark Davis recently stated that Shiba Inu can never reach $1, dashing the expectations of the SHIBArmy.
Nonetheless, some supporters of the asset continue to hold out hope for a $1 price feat in the future. Some people have a more pessimistic attitude and claim that the asset will never reach that valuation. The most recent to declare this is well-known cryptocurrency investor Lark Davis.
Davis used a meme to express his thoughts on the asset’s price movement on Twitter. The graphic features the renowned meme of an explorer on a quest for “the scroll of truth,” which, according to Davis’ interpretation of the meme, reveals “SHIB Will Never Be $1.”
What Does This Mean For Shiba Inu?
Shiba Inu has been able to hold its position in the face of the severe bear market despite the pessimistic postulations. After falling to its lowest price this month of $0.00001183 on September 7, the asset surged by almost 16% in just two days to a high of $0.00001379 on September 9.
However, The illustration Davis posted early on Tuesday shows what the expert crypto analyst thinks of the asset. Despite the SHIBArmy’s hopes, this viewpoint has continued to be shared by the majority of supporters.
Shiba’s surge saw some resistance near the $0.00001380 region, but the asset still trades comfortably over the $0.000012 mark. Shiba Inu, which was introduced in August 2020, earned a spot among the top 15 crypto assets because of its abundant supply.
The largest obstacle to Shib’s price reaching $1 may be the total SHIB supply, which is 589.63 trillion.
SHIB is still the 13th-largest cryptocurrency by market cap, with a market cap of $7 billion at the time of the publication. It surpasses well-known commodities including Ethereum Classic (ETC), Avalanche, Tron, and stablecoin Dai (DAI).
By the end of 2022, the Shiba price is expected to reach $0.00001106 according to the CoinMarketCap community. The asset’s present price will decrease by 13% in the anticipated value. Despite this, there has been a recent increase in the Shiba Inu breeding trend. The greatest Ethereum whale amassed up to 536B SHIB, which is worth over $7M at the going market.
As of press time, the price of SHIB is $0.00001276, down 2.26% over the last 24 hours.