Shiba Inu made waves in 2021 with an eye-popping rally of 45,000% between January and May, capturing the attention of the entire crypto world. After cooling off a bit, SHIB bounced back with a 1,500% surge, hitting an all-time high of $0.00008845 in October. đ But can Shiba Inu reach the $1 mark if we see another 2021-style rally in 2024? Letâs dive in. đ
đš The Supply Challenge
Despite continuous efforts to burn SHIB tokens, there are still hundreds of trillions of them in circulation. For Shiba Inu to hit $1, its market cap would need to skyrocket past Bitcoin and Ethereum combinedâa nearly impossible feat in the current market. Even with a massive burn or extraordinary demand, the math just doesn't add up. đž
âĄïž The 2021 Rally Magic
Shiba Inuâs 2021 rally was fueled by social media hype, meme culture, and a flood of retail investors looking to cash in. While this perfect storm was a one-of-a-kind event, the market dynamics in 2024 might not support a rally of that magnitude. The crypto space has evolved, with more projects offering real utility, which could limit SHIBâs potential for explosive gains. đ„
đ 2021 Levels Wonât Get Us There
Even if SHIB managed to pull off another 45,000% rally from its current price of $0.0000154, it would only bring the price to around $0.00698ânowhere near the coveted $1 mark. Although that would still be a massive return, it's clear that $1 is an unreachable target given the current circulating supply and market conditions. đ
đ So, Will SHIB Hit $1?
Unfortunately, the answer is no. Even with another incredible rally like 2021, Shiba Inuâs enormous supply and increased competition in the crypto space make $1 an unrealistic target. Investors need to focus on the long-term value and utility of SHIB, rather than relying solely on social media-driven spikes. đ
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