Shiba Inu Price Increases With Binance Boost; Can SHIB Value Reach $1?

Shiba Inu, the self-proclaimed Dogekiller, recently gained a huge boost thanks to Binance Custody. Now, many fans are curious if this boost can finally push the meme coin to $1.

Binance Custody announced the addition of Shiba Inu, Perpetual Protocol, Skale Network, and Injective on its list of custody assets. The event is a major milestone for Shiba Inu because it will be better protected against theft and hacking.

Note that Binance Custody also insures traders so they can feel secure during their transactions. According to FXS, Binance Custody "will soon complete an examination to prove its operational security," which should attract more investors to its service.

Shiba Inu Price Boost 2022

Many traders probably felt excited about this news, so Shiba Inu's price gained momentum after the announcement.

At the time of writing, SHIB traded at $0.0000247 with a 5.83 percent increase in the last 24 hours, per CoinMarketCap. Notably, this is a considerable gain when compared to its performance last week.

For reference, one of the biggest digital marketplaces,OpenSea, recently fell victim to a phishing attack. This incident caused many crypto markets, including both Bitcoin and Ethereum, to topple down with its trades.

Shiba Inu is still stuck on the $0.00002 levels, which is a negative gain compared to its $0.00003 value in February 17. However, this is still a small step forward, which many traders hope could grow to a bullish trend.

Can SHIB Value Reach $1?

Given its track history of a 45,000,0000 percent growth last year, traders are curious if Shiba Inu could replicate its success. Some analysts agree there might be a chance for Shiba Inu to gain massive profits later this year.

The Motley Fool emphasized that Shiba Inu needs to clear two trials for its $1 price boost. These are to burn a few coins out of circulation and to stand out from the other coins.

Note that burning coins out of circulation will be the first critical step because, in quick summary, Shiba Inu has too many coins in the market. Up to date, Shiba Inu is circulating 549 trillion tokens, so if it gains a value of $1 per token, it would have a market value of over $549 trillion.

That would put Shiba Inu above major corporations like Apple and Amazon, which are worth $2.7 trillion and $1.5 trillion, respectively. At the moment, the idea seems absolutely impossible.

Next, Shiba Inu needs to find a way to stand out from its rivals and to generate a hype that tempts traders to join its market. Shiba Inu might have an opportunity to do so if it actively participates in the metaverse.

Keep in mind that these are only speculations for the Shiba Inu value. Be warned that cryptocurrency markets are highly volatile, so it is impossible to guarantee that it will be as profitable as some people predict.