Should Shiba Inu ever mirror the staggering 76,000,000% surge it experienced from 2020 to the 2021 bull market, it could soar to unprecedented heights.
Central to Shiba Inu’s allure is its intriguing backstory. Introduced in August 2020, SHIB emerged to challenge the dominance of Dogecoin (DOGE) in the realm of meme coins. Initially dismissed by many as just another experimental meme coin in the market, Shiba Inu quickly defied expectations.
Even Ethereum founder Vitalik Buterin, who received half of SHIB’s total supply but subsequently donated and burned most of it in May 2021, initially viewed Shiba Inu as destined for obscurity. Surprisingly, Shiba Inu surpassed not only his expectations but also those of other industry leaders by swiftly climbing to become the second meme coin to break into the top 10 assets list, thanks to its meteoric price surge between 2020 and 2021.
In a report from last May, CoinGecko highlighted Shiba Inu as one of the most successful crypto tokens, noting that investors who put $12 into SHIB in 2020 saw their investments skyrocket to $1 million by 2021—an astonishing 7,692,207% increase—fueled by Shiba Inu’s remarkable rally to $0.00008845 in October 2021.
New investors have entered the market with hopes of reliving such a price surge. However, given Shiba Inu’s current circulating supply, replicating such an upswing seems improbable, although optimism persists among some investors.
Considering the possibility of Shiba Inu repeating its 2021 performance, The Crypto Basic recently assessed potential price scenarios. Presently trading at $0.00001566, aiming to regain the $0.000016 mark, SHIB remains 82% below its all-time high of $0.00008845.
Numerous analysts foresee SHIB surpassing this peak, with some predicting an imminent rally to $0.000165, while others speculate it could surge to $0.00045. Should Shiba Inu achieve a similar 7,692,207% increase, its current price of $0.00001566 would skyrocket to $1.2046. This transformation would turn a $1,566 investment into $120.46 million for holders of 100 million tokens.
However, such a surge would theoretically push Shiba Inu’s market capitalization to an astronomical $709 trillion, an untenable figure even in today’s financial landscape. Thus, while a repeat of its historic run seems unlikely, analysts believe Shiba Inu still has potential for growth.
Please note that this article serves for informational purposes only and does not constitute financial advice. The opinions expressed herein are those of the author and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic bears no responsibility for financial losses incurred.