Coin Shiba Inu SHIB/USD is one of the cryptocurrencies that has been trading higher since Donald Trump won the 2024 presidential election.
The cryptocurrency is trading well off all-time highs, but Benzinga readers believe the coin could rise over the next year.
What happened: Shiba Inu continues to see a high combustion ratean event that can increase the price of cryptocurrency with lower available supply.
While Bitcoin BTC/USD has reached new all-time highs and continues to trade higher after the 2024 elections, Shiba Inu has lost momentum. Cryptocurrency, which is the 11th the largest by market capitalization, is down 10.5% over the last seven days with a current price of $0.00002457.
“Do you think the Shiba Inu could reach a dime by the end of 2025,” Benzinga recently asked readers.
The results were as follows:
The Benzinga poll was almost evenly split, with 47% of readers saying they thought the Shiba Inu could reach a dime by the end of 2025.
Given the coin’s current low price, a move to a penny would significantly increase the coin’s valuation and is not likely without an increase in supply.
As a reminder, an investment of $1 today could buy 40,700 04 SHIB. If the Shiba Inu coin reached a penny, the $1 investment would turn into $407 and increase by 40,600%.
Why it’s important: Shiba Inu was launched as a similarly themed cryptocurrency for Dogecoin DOGE/USD in August 2020. The coin leveraged the Ethereum network and created a decentralized exchange called Shiba exchangewhich includes other tokens like BONE And LEAVE ALONE.
Shiba reached an all-time high of $0.00008845 in October 2021. The coin was helped by its inclusion on several major cryptocurrency platforms like Coinbase, Kraken And Robin Hood in 2021 and 2022.
Before that, it was more difficult for investors to buy Shiba Inu.
In September, the Shiba Inu coin saw a rally following news of the possible launch of a stablecoin called SHI. The launch of a stablecoin and the increasing burn rate of SHIB could indicate increased attention to the same coin in the months to come.
Another recent Benzinga poll did not have the same optimism for Shiba Inu coin compared to some other cryptocurrencies. Shiba Inu was chosen last among Bitcoin, Ethereum, Dogecoin, Shiba Inu and Pepe coins for which the cryptocurrency would have the best return by the end of 2025.
Bitcoin won this poll with 40%, followed closely by Dogecoin with 36%. The Shiba Inu coin ranked last at 7%.
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The study was conducted by Benzinga from November 11-12, 2024 and included responses from a diverse population of adults aged 18 or older. Participation in the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 47 adults.
Meme coins are among the topics to explore at the next Benzinga show The future of digital assets event on November 19.
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