The dog-themed meme coin Shiba Inu (SHIB) came out in 2020 and was initially priced at $0.000000001009. However, on May 10, 2021, at the height of the last great bull run to hit the crypto market, SHIB soared 457% in just 24 hours to reach $0.00003791.
It made even greater strides in October 2021, reaching an all-time high (ATH) of $0.00008845, translating into a $44 billion market cap.
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SHIB’s impressive performance in that period was largely due to several factors. Firstly, it benefited from viral social media buzz, drawing on its origin as a joke coin. Additionally, a robust, good-humored community formed around the cryptocurrency, establishing an identity that has ensured its longevity in the market.
Moreover, it gained mainstream recognition after receiving endorsements and support from sports, film, and music stars. Notable names such as socialite Paris Hilton, former Tampa Bay wide receiver Antonio Brown, and Backstreet Boys band member Nick Carter added to its visibility and credibility.
Shiba Inu’s current price is nearly 90% lower than its ATH, reflecting the ravages wrought on crypto prices by the 2022 bear market. However, with analysts predicting that crypto could be on the cusp of the next bull market, how high could Shiba Inu go?
Assessing the future price of crypto can be challenging due to its inherent volatility and unpredictability.
For starters, there are currently more than 1.2 million SHIB holders, which gives it a ready and dedicated support base. A bull market for cryptocurrencies can boost the value of Shiba Inu as more investors realize the potential of digital currencies.
Meme coins are also quite popular, and interest in them often surges, thanks to social media trends and the influence of celebrities.
Additionally, cryptocurrencies need more use cases and real-world value to thrive. SHIB stands out from other meme coins because it’s building a comprehensive ecosystem around itself, including its soon-to-be-launched Shibarium Layer-2 solution.
Depending on how well Shibarium performs alongside other additions to the SHIB ecosystem, utility-driven demand for SHIB could increase the coin’s price exponentially.
However, lingering issues in the crypto industry, including a lack of regulatory clarity and the emergence of newer and potentially more popular meme coins, could also stunt the coin’s price.
Of course, none of the above is to be construed as any form of financial advice. Remember that the cryptocurrency market is subjected to high volatility, and there’s a high chance of losing your investment. Never risk more than you’re comfortable losing, and always do your research or consult a professional before making an investment.
