Are you ready to embrace new opportunities with Shiba Inu SHIB?
Speaking of SHIB, this Shiba Inu coin was still unknown in the Bitcoin market at the beginning of 2021. At that time, the price of SHIB was only 0.000000000056, which was a bargain for those wanting to enter the market. Unexpectedly, this token suddenly became popular, and by October 2021, the price soared to 0.00008841 USD, increasing more than 1.57 million times, making many people rich overnight!
Why did SHIB become so popular? There are several reasons. For example, it became more famous on major exchanges like Binance and Coinbase; also, the community projects were quite strong, and there was a lot of cheering on social media. When everyone saw SHIB getting popular, they all jumped in, and the price just kept rising.
Now SHIB ranks 11th in cryptocurrencies, with a price of 0.000024 USD. Although it's not at its highest point, its market capitalization is still 14.19 billion USD, and the circulation is astonishingly high at 589 trillion. For it to rise back to its peak of 0.00008841 USD, it would need to increase by about 250%.
However, looking at SHIB's recent trends, there is quite a bit of hope. It has already broken through the 50-day and 100-day moving averages, but the rise is a bit aggressive, and it's close to resistance levels, so it might need to adjust a bit. If SHIB can hold onto its recent breakout point, especially at the 0.000021 USD mark, it might continue to rise, but when it reaches 0.000030 USD, it could hit a significant hurdle.
Of course, if market sentiment is good, there are many on-chain activities, or there are positive developments in the Bitcoin market, SHIB may set new historical highs. However, on the flip side, SHIB has already risen a lot from 2021 to now, and replicating such growth again is not easy. After all, the market situation and supply of SHIB (with so many circulating tokens) are factors to consider, and further significant increases might be challenging.
So, for those investors looking to make a big profit like in 2021, they might need to look for other opportunities.
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