What’s holding SHIB back from reaching new all-time highs?
SHIB is now down nearly 71% from its all-time high of $0.00008616 in October 2021. With the asset’s growth over the past year, people are wondering if SHIB can reach those heights again, and if so, when?
2020 and 2021 were the heyday of Shiba Inu, with some people investing just $12 in SHIB only to make $1 million or more in return.
Shiba Inu’s success has attracted more investors to SHIB, and people expect the coin to repeat its 2021 surge in the bull market of 2024-2025.
However, it will not be easy for SHIB to return to and surpass its all-time high, and there are still many hurdles to overcome.
Cryptocurrencies overall performed well in 2024, but meme coins did not fare so well. Compared to altcoins and leaders like BTC and ETH, DOGE, the leader of memecoins, has not risen much.
The approval of a Bitcoin spot ETF caused the price of Shiba Inu to surge by more than 350% in the first two weeks of the year, but the good times did not last long. In January, the price of the coin fell back to almost the same level.
Since the beginning of this year, the hype of memecoins in 2021 has come to an end.
Can SHIB return to its all-time high?
It is unlikely that SHIB will hit a new all-time high soon, but the upward momentum may still allow it to rise sharply.
Shiba Inu’s upcoming stablecoin SHI has also made the coin popular, and the price has risen accordingly.
The SHIB team has not yet announced the release date of SHI, but many people think it will bring more use to the Shibarium network.
With more use of the Shibarium network, the adoption rate of SHIB may also increase, which may increase the price of the asset.
Those who can’t stand the volatility of cryptocurrency prices may find SHI a better choice to participate in the cryptocurrency field.
BRICS countries choose gold to fuel the new payment system and challenge the status of the US dollar.
SHIB has to overcome many difficulties to return to its historical peak.
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