In 2021, Shiba Inu (SHIB) emerged as one of the best-performing cryptocurrencies, demonstrating an extraordinary performance during the bull run. The meme coin, launched in August 2020, achieved an all-time high of $0.00008845 in October 2021. This remarkable growth has led to speculation about the potential for a similar surge in the future.
According to Arabian Business, Shiba Inu experienced a staggering 27,000,000% increase in its price during the first ten months of 2021. Specifically, the token’s value rallied by 27 million percent from January 2021 to October 2021.
This unprecedented rise was partly attributed to Ethereum co-founder Vitalik Buterin’s involvement. Buterin received half of SHIB’s total supply from Ruoshi, Shiba Inu’s creator. He subsequently burned 410 trillion tokens and donated the remaining to charities.
This action only enhanced investor confidence and contributed to Shiba Inu’s rapid ascent. Major cryptocurrency exchanges began listing SHIB, further fueling its price surge. Consequently, Shiba Inu was ranked among the top ten cryptocurrencies by market capitalization and briefly surpassed Dogecoin to become the biggest meme coin in the market.
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Current Price and Potential Targets
As of the latest data, Shiba Inu is trading at $0.00001688, down 80.92% from its all-time high. Notably, SHIB began a historic rally in March and many believed it would breach its all-time high. However, the meme coin peaked at around $0.00004 and has not regained that level since.
Given the historical increase of 27,000,000% in 2021, there is speculation about the potential price of SHIB if it were to replicate this performance. Should Shiba Inu experience a similar rally, its price could rise to $4.55. This is a phenomenal increase. Many don’t believe SHIB can reach $1 let alone $4.55. but a surge to this height would be a remarkable feat.
However, achieving a price of $4.55 per token would result in an estimated market capitalization of over $2.7 quadrillion, based on the current circulating supply of 589.27 trillion tokens.
While the historical performance of Shiba Inu in 2021 was remarkable, a repetition of the same magnitude of growth appears highly unlikely. This market cap far exceeds the total global financial resources, raising questions about the feasibility of such a scenario. The extraordinary market cap implied by such a surge suggests that a similar rally would face significant financial constraints.
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. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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