LIVEShiba Inu Is Crushing Bitcoin in 2024, but Can It Reach $1?
A rising tide lifts all boats, and the renewed positive sentiment toward cryptocurrencies is driving a resurgence in even the most speculative corners of the industry. Meme token Shiba Inu (CRYPTO: SHIB), for example, is sitting on a whopping 175% gain this year.
Shiba Inu is still trading almost 70% below its all-time high. The token delivered a staggering 45,278,000% gain in 2021, which would've been enough to turn a mere $3 into more than $1 million, but it proceeded to lose more than 90% of its value during the crypto crash of 2022.
So the surge in 2024 is masking a grim broader picture for Shiba Inu, but could it stage another historic run and reach $1 per token from its current price of $0.000028?
Shiba Inu developers have tried to create demand in other ways, by promoting a digital card game called Shiba Eternity and even by creating a metaverse (which still hasn't opened). Last year, they also released a significant upgrade called Shibarium, a Layer-2 blockchain solution designed to make transactions faster and cheaper. (The legacy Ethereum blockchain upon which Shiba Inu is built is clunky and inefficient.)
A Layer-3 solution is also in the works, which will improve the network further and enhance privacy. However, Shiba Inu could have the most advanced transaction mechanisms in the world, but that doesn't mean consumers or businesses will adopt it.
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