If the price of Shiba Inu rises as it did in 2021, will the price of Shiba Inu reach $1 in 2024?
In 2021, the price of Shiba Inu saw an extraordinary surge of 45,000% between January and May. After a significant correction, the price of the coin made another jump of 1,500% to record an all-time high of $0.00008845 in October.
While a rally like 2021 could provide huge profits for Shiba Inu holders, reaching the $1 target seems nearly impossible. Here’s why:
Huge Circulating Supply: Despite ongoing efforts to burn tokens, there are still hundreds of trillions of Shiba Inu in circulation. To reach the $1 target, the market cap of Shiba Inu would need to grow significantly, even surpassing Bitcoin and Ethereum combined – an unrealistic scenario given the state of the cryptocurrency market.
Context of the previous rally: In 2021, SHIB’s price surge was driven by a perfect storm of social media hype, meme culture, and an influx of retail investors. While these factors may have driven the notable rally, the market may not deliver a rally of the same magnitude, given alternative investment options.
2021 Rise Is Not Enough: Even if the Shiba Inu price prediction shows a similar 45,000% rise from its current value of $0.0000154, its value will rise to around $0.00698, not $1.
Will Shiba Inu hit $1 if SHIB surges like it did in 2021? The answer is no, given the massive supply, emerging competition, and investors’ need for better value than just social media hype.
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