The cryptocurrency is trading well above all-time highs, but Benzinga readers believe the coin could go higher in the next year.

What happened:Continues to see Shiba Inu high burning rateAn event that could drive up the price of a cryptocurrency with less supply.

Whereas Bitcoin BTC/USD Shiba Inu lost momentum after hitting new all-time highs and continuing to trade higher after the 2024 election. Cryptocurrency, which is 11^th The largest by market capitalization, has declined 10.5% over the past seven days with a current trading price of $0.00002457.

Benzinga recently asked readers, “Do you think Shiba Inu could reach one percent by the end of 2025?”

The results were:

The Benzinga poll was almost evenly split, with 47% of readers saying they think Shiba Inu could reach one percent by the end of 2025.

Given the coin’s currently low price, a move to one cent would drastically increase the coin’s valuation and is unlikely to happen without some increase in supply.

For reference, a $1 investment today could buy 40.700.04 SHIB. If Shiba Inu Coin reaches one cent, a $1 investment will turn into $407 and increase by 40,600%.

Also read: Bitcoin to $100K? Benzinga readers speculate on whether BTC could hit new milestone before the end of 2024

Why is it important: Shiba Inu launches as similarly themed cryptocurrency dogecoin doge/usd In August 2020. The coin took advantage of the Ethereum network and created a decentralized exchange called shibaswapWhich includes other tokens like Bone And lease.

Sheba reached an all-time high of $0.00008845 in October 2021. This was helped by the coin’s inclusion on several major cryptocurrency platforms. Coinbase, Kraken And Robin Hood In 2021 and 2022.

Earlier, it was difficult for investors to buy Shiba Inu.

In September, Shiba Inu coins rallied on the news that a stablecoin called SHI could be launched. The launch of a stablecoin and SHIB’s increasing burn rate could point to increased attention on the meme coin in the coming months.

one more Recent Benzinga Poll There was not the same optimism for the Shiba Inu coin compared to some other cryptocurrencies. Shiba Inu was chosen last among Bitcoin, Ethereum, Dogecoin, Shiba Inu and Pepe coins as which cryptocurrency will have the best returns between now and the end of 2025.

Bitcoin won that poll with 40%, followed by Dogecoin with 36%. The Shiba Inu coin is in last place at 7%.

Read further:

The study was conducted by Benzinga from November 11 to November 12, 2024, and included responses from a diverse population of adults ages 18 and older. Participation in the survey was completely voluntary, with no incentives offered to potential respondents. The study shows results from 47 adults.

Meme coins are one of the topics to be explored in Benzinga’s upcoming event future of digital assets Incident of 19 November.

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