Benzinga Poll: Can Shiba Inu Coin Hit 1 Cent by the End of 2025?

Meme coin Shiba Inu SHIB/USD is one of the cryptocurrencies that have traded higher since Donald Trump won the 2024 presidential election.

Meme coin Shiba Inu (CRYPTO: SHIB) continues to see a high burn rate, an event that can increase the price of the cryptocurrency with a lower supply available.

While Bitcoin (CRYPTO: BTC) hit new all-time highs and continues to trade higher after the 2024 election, Shiba Inu has lost momentum. The cryptocurrency, which is the 11th largest by market capitalization, is down 10.5% over the past seven days with a current trading price of $0.00002457.

"Do you think Shiba Inu can reach one cent by the end of 2025," Benzinga recently asked readers.

The results were:

The Benzinga poll was nearly evenly split with 47% of readers saying they think Shiba Inu could hit one cent by the end of 2025.

Given the coin's low price currently, a move to one cent would drastically increase the valuation of the coin and is not likely without some increased burning to the supply.

For context, a $1 investment today could buy 40.700.04 SHIB. If Shiba Inu coin hit one cent, the $1 investment would turn into $407 and be up 40,600%.

Related Link: Bitcoin To $100K? Benzinga Readers Predict If BTC Can Hit New Milestone Before End Of 2024Shiba Inu, also known as the "Dogecoin killer," was launched in August 2020. The coin quickly gained attention among cryptocurrency enthusiasts and investors, thanks to its low price and high potential for gains.

Shiba hit an all-time high of $0.00008845 in October 2021. The coin was helped by the inclusion on several major cryptocurrency platforms like Coinbase (NASDAQ:COIN), Kraken and Robinhood (NASDAQ:HOOD) in 2021 and 2022.

Prior to then, it was harder for investors to buy Shiba Inu. In September, Shiba Inu coin had a rally on news that a stablecoin called SHI could be launching.

The launch of a stablecoin and the increasing burn rate of SHIB could point to increased attention on the meme coin in the coming months.

Another recent Benzinga poll didn't have the same optimism for Shiba Inu coin compared to some other cryptocurrencies. Shiba Inu was picked last of the coins Bitcoin, Ethereum (CRYPTO: ETH), Dogecoin, Shiba Inu and Pepe coin for which cryptocurrency would have the best return between now and the end of 2024.

Bitcoin won that poll with 40%, followed closely by Dogecoin at 36%. Shiba Inu coin ranked last at 7%.

This study was conducted by Benzinga from Nov. 11 through Nov. 12, 2024, and included the responses of a diverse population of adults 18 or older. Opting into 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 be explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

Photo: Shutterstock

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