David Gokhshtein, the founder of distributed data network PAC Protocol and former Republican congressional candidate says the popular meme coin Shiba Inu (SHIB) has a chance of hitting $0.001 but not the coveted $1 mark.
An Explosive Jump To $1 Is Unlikely: David Gokhshtein
Gokhshtein tweeted that he personally doesn’t think Shiba Inu can make a run for $1. SHIB is currently changing hands at $0.00002552. This means it will need a 3.6 million percent rise in order to get to the elusive $1 level.
He, however, expects the canine-themed token to at least reach $0.001. While SHIB $0.001 is not too shabby, SHIBArmy blasted the popular crypto Twitter influencer for this target, arguing that developers behind the meme cryptocurrency have not yet unveiled more token-burning mechanisms.
Prior to that, Gokhshtein had noted that the addition of SHIB to commission-free brokerage platform Robinhood is a “great thing” for the crypto industry. As ZyCrypto reported, Robinhood listed Shiba Inu along with Solana (SOL), Polygon’s MATIC, and Compound’s COMP tokens.
According to the Gokhshtein Media founder, SHIB could help drive more investors to the crypto juggernauts, Bitcoin (BTC) and Ether (ETH).
As a meme coin, SHIB has little utility. Like its big brother Dogecoin, it’s not clear why Shiba Inu was created other than a joke. Moreover, you can’t really pay for goods and services anywhere using the meme-based cryptocurrency.
Nonetheless, the SHIB dev team has been working around the clock to help the token gain more mainstream acceptance. Following the launch of its metaverse, a 3-day bidding event for over 36,000 pieces of land is now live for users.
Shiba Inu community member Milkshake noted that SHIB will be used to add pictures and logos to the land parcels and also rename them. Interestingly, this feature will help burn Shiba Inu tokens, therefore promoting a SHIB identity to the environment.
SHIB will also be used to lease HUBS — which are the highest valued land plots in the virtual space. Meanwhile, users must have Leash or Shiboshi tokens locked in order to have early access to purchase the plots.