Shiba Inu, a strong contender in the crypto market, and the second-largest meme coin, has shown significant volatility over the past week, dropping by almost 20% and then regaining those losses shortly after.
When it launched, many industry leaders viewed SHIB with skepticism, including Ethereum founder Vitalik Buterin. Buterin received a large portion of SHIB’s initial supply but donated a significant amount to charity and burned the rest in May 2021. This act seemingly confirmed his belief in SHIB’s impermanence.
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However, SHIB defied expectations. Fueled by a community of enthusiastic investors, it soared in value, becoming the second meme coin to crack the top 10 list of largest cryptocurrencies by market capitalization.
SHIB also briefly surpassed Dogecoin to take the top spot, making history before falling back to second place. In October of 2021, the meme coin reached an all-time high of $0.00008845 after a climb of over 7.6 million percent.
Can SHIB Reach a New All-Time High?
Shiba Inu has failed to reclaim the $0.00008 level since it fell from its all-time high. The closest it has to this price come since then was the surge to over $0.00004 from March 2024. However, many new investors hope for a repeat performance by SHIB.
Financial experts caution against this expectation. The primary reason lies in SHIB’s current circulating supply, which is significantly higher compared to 2020. This larger supply makes mirroring the same percentage increase much more challenging.
Despite this reality, some analysts remain optimistic about SHIB’s potential. The meme coin is currently trading at $0.00001622, up 3.31% over the past 24 hours.
Let’s compare a hypothetical scenario where SHIB replicates its historical surge. If it were to experience a similar growth rate of over 7.6 million percent, its price would jump to over $1.2. This scenario, however, presents a significant challenge.
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The Impracticalities of a Historic Repeat
Shibburn shows that SHIB’s current circulating supply is 583.3 trillion. Reaching $1.2 will put SHIB’s market cap at approximately $700 trillion. This value surpasses the total estimated global wealth, making it highly improbable.
While replicating the historic 2021 surge might be unrealistic, analysts still believe SHIB has room for growth. Prominent voices have set timelines for SHIB to reach $0.0001 and $0.002. The coin’s strong community support and potential for further development within the Shiba Inu ecosystem are positive indicators that could help it reach these targets.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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