If Shiba Inu’s price can replicate the astronomical 76,000,000% increase it experienced between 2020 and 2021, it could reach an unprecedented new high.
Shiba Inu’s Meteoric Rise
Launched in August 2020, Shiba Inu was initially seen as just another meme coin, aiming to rival Dogecoin (DOGE). However, industry leaders, including Ethereum’s co-founder Vitalik Buterin, were skeptical. Buterin received half of the SHIB supply, which he later donated to charities and burned the rest in May 2021, viewing Shiba Inu as a meme experiment destined to fail.
Contrary to these expectations, Shiba Inu defied the odds, quickly becoming the second meme coin to enter the top 10 largest assets by market capitalization. CoinGecko highlighted Shiba Inu’s success, revealing that an investment of $12 in SHIB in 2020 could have skyrocketed to $1 million in 2021, marking a 7,692,207% increase when SHIB peaked at $0.00008845 in October 2021.
Prospects for Another Historic Surge
Crypto Basic recently assessed the potential for Shiba Inu to mirror its previous rise. Currently trading at $0.00001566, SHIB is down 82% from its all-time high but analysts remain optimistic about its potential.
If SHIB were to rise by the same 7,692,207% rate again, its price would soar to $1.2046. This would transform a $1,566 investment in 100 million SHIB tokens into $120.46 million. However, with Shiba Inu’s current circulating supply, such a surge would result in a market cap of $709 trillion—an unrealistic scenario given the global money supply.
Read more Shiba Inu’s Remarkable Surge: A 781% Increase in Burn Rate Sparks Market Excitement
Conclusion
While replicating its past astronomical rise seems improbable due to economic constraints, analysts believe Shiba Inu still has room for growth. Investors continue to hold onto hope, eager to see what the future holds for this resilient meme coin.
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