Shiba Inu’s phenomenal surge in 2021 was historic and is still referenced by analysts and investors today. Coming off the heels of the 2020 Bitcoin halving, the meme coin soared to new heights and it is yet to regain those heights. With another Bitcoin halving event in a few days, many are preparing for another massive Shiba Inu surge, hoping the halving will positively influence the meme coin.
Shiba Inu’s Launch and Rise to Prominence
While Bitcoin’s May 2020 halving event triggered a significant upswing in its price, Shiba Inu wasn’t even a player in the cryptocurrency market at that time. SHIB joined the market three months later, with a starting price containing nine decimal places before the actual number. Initially, SHIB witnessed minimal trading activity as Bitcoin embarked on its late-2020 surge.
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January 31, 2021, marked a turning point for Shiba Inu. The coin experienced a significant surge in trading volume, reaching $5.7 million with a price of $0.00000001. Following this. SHIB maintained a trading volume in the thousands and occasionally millions of dollars.
Shiba Inu’s Stellar 2021
By April 2021, when Bitcoin reached $64,000 for the first time, SHIB had established its record price of $0.00000417. Interestingly, Shiba Inu managed to outpace Bitcoin in terms of percentage gains.
While Bitcoin reached a new all-time high of $68,789 in November 2021, SHIB had already hit its all-time high of $0.00008845 in October 2021. Notably, from January to October 2021, Shiba Inu witnessed a remarkable surge of 884,400%.
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Read Also: Analyst Sets $0.001 Shiba Inu (SHIB) Price After Bitcoin Halving
The Bitcoin Halving and Potential Impact on SHIB
The upcoming Bitcoin halving, estimated to happen this week, has ignited hope for a similar price revival in Shiba Inu. Enthusiasts point to historical precedents, specifically, the bullish trends that follow Bitcoin halving events. For instance, after the May 2020 halving, Bitcoin’s price embarked on a sustained upward trajectory, reaching a peak of $64,863 by April 2021.
If history were to repeat itself, and Bitcoin was to experience a similar 721% increase after the halving, it could climb from its current price of $63,237.93 to over $500,000. A Shiba Inu team member has revealed that Shiba Inu is on track for a super cycle. If the meme coin repeats its phenomenal 884,400% gain based on its current price of $0.00002261, it could reach $0.199.
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