Will the Shiba Inu token reach 50 cents?

Shiba Inu is up over 300% in less than a month. This has led cryptocurrency investors to wonder if the Shiba Inu coin can hit the $ 0,50 milestone as soon as possible. 

From September to early October, the cryptocurrency gained 320% and made its way into the top 20 cryptocurrencies. But despite this drastic rise, the cryptocurrency won't hit $ 0,50 anytime soon.

In fact, it's not even likely to hit that milestone in the next five years.

This is because much of its rise is spurred by hype. We saw the same thing with Dogecoin (quotation DOGE), the meme-inspired cryptocurrency backed by Elon Musk, when it shot 11.000% during the peak of its hype. The coin was never meant to maintain its value. It was created as a joke and meant to be mistaken for fun.

To get a better idea of ​​where SHIB resides, let's take a closer look at the cryptocurrency it needed to overcome ...

Shiba Inu: is he a "Dogecoin killer"?

Both cryptocurrencies were inspired by Shiba Inus, a Japanese dog breed that became famous for the "doge" memes that circulated on the Internet. While Dogecoin was jokingly created by two software engineers in 2013 based on that meme, Shiba Inu Coin (or Shiba Token) was based on Dogecoin. This makes it kind of a joke within a joke.

Yet neither saw a popular appeal until last year or so, thanks in part to Musk's tweets in May. And while SHIB may have been able to earn 1.993.575% in recent months, it still has a long way to go to catch Dogecoin, even if the anonymous creator intended it to be a "Dogecoin killer."

DOGE may have peaked at $ 0,74 in May, but has been trading around $ 0,22 since then. It's hard to say if it will ever break the $ 1 threshold. And this isn't just because of the decline in interest.

Few support it

Unlike Bitcoin, which some companies offer as payment in lieu of a traditional salary, or Ethereum, which can be used to buy real estate on websites such as Propy, DOGE, and SHIB, are of no use in the real world.

Only 1.714 companies worldwide that accept DOGE as a form of payment. To put that into perspective, there are more than 32 million companies in the United States alone. And it only gets worse for Shiba Token. Despite the cryptocurrency's $ 10 billion market value, there are only 43 companies that accept it as payment. This is an incredibly small number in the grand scheme of things.

And according to Coinbase, those who trade Shiba Tokens typically only keep them for an average of six days. This does not allow for appreciation, because there is always something more in circulation than those who request it. So why has SHIB jumped so drastically recently?