In 2021, Shiba Inu has risen from $0.000007 on October 1 to $0.000088, an increase of 1,250 times. As the cryptocurrency market awaits another bull run, investors are wondering if SHIB can repeat this historic feat. Currently trading at $0.0000311 with a market cap of $18.3 billion, Shiba Inu faces both challenges and potential.
Technical Forecast
By January 7, 2025, the 200-day simple moving average (SMA) is expected to be around $0.00002215, and the 50-day SMA may reach $0.00003371. Shiba Inu is forecasted to remain above $0.00002624, with an RSI of 69.57, indicating strong volume but nearing overbought levels. Can SHIB deliver another extraordinary rise?
Shiba Inu Ecosystem
Since 2021, the Shiba Inu ecosystem has expanded with Shibarium, its layer 2 solution enhancing gas fees and transaction speeds. This increases the utility of SHIB in DApps and smart contracts.
The burning mechanism continues to reduce supply, increasing scarcity and potential value. Although a 1250x increase seems unlikely due to SHIB's current size, surpassing $0.00003371 and $0.000035 could lead to a 10x increase in a shorter timeframe.
Can SHIB rise again?
While a repeat of the 2021 rally seems unlikely, the growth of the SHIB ecosystem, community support, and improved tokenomics make it a speculative yet promising investment. Under favorable conditions, SHIB could still achieve significant profits in the next bull cycle.
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