Shiba Inu (SHIB) is one of the most popular cryptocurrencies, especially among new investors. The asset solidified its status as a millionaire maker when it surged in 2021. From its launch in August 2020 to its all-time high in October 2021, SHIB’s price increased by millions of%. In fact, in October 2021 alone, the asset went from $0.000007 to $0.000088 in just a few days. The question is, can it happen again?
From $0.000007 to $0.000088, this is an increase of about 1157%. Moreover, this incredible rally has occurred without the help of a burn. Therefore, it is possible that SHIB could repeat its October 2021 winning streak.
Still, other market factors have helped Shiba Inu (SHIB) rebound. First, we are in one of the biggest bull runs in cryptocurrency history. Bitcoin (BTC) is heading for a new peak, as is Ethereum (ETH). Investor sentiment is at an all-time high. Overall market sentiment has helped SHIB rebound by more than 1,000%.
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Can Shiba Inu (SHIB) rebound over 1000% in 2024?
There is a chance that SHIB could repeat the rally from October 2021. However, other market elements must also be in place for the popular dog-themed cryptocurrency to rally over 1,000%. First, we need to enter another bull market. Second, investor sentiment needs to be positive. Third, the Federal Reserve must lower interest rates to allow traders to feel comfortable buying risk assets like cryptocurrencies.
Additionally, the Shiba Inu (SHIB) team is working on a new destruction mechanism that is rumored to destroy trillions of tokens per year. If the team can successfully reduce the circulating supply of the asset, it could lead to a sudden price surge.
