Can Shiba Inu (SHIB) Reach a New All-Time High? Here\'s What Analysts Say

Shiba Inu, a strong contender in the crypto market, and the second-largest meme coin, has shown significant volatility over the past week

Shiba Inu (SHIB), the second-largest meme coin and a strong contender in the crypto market, has seen significant volatility this past week, dropping by almost 20% and then quickly recovering those losses.

When SHIB first launched, many industry leaders viewed it with skepticism, including Ethereum founder Vitalik Buterin. A large portion of SHIB’s initial supply was given to Buterin, but he donated a significant amount to charity and burned the rest in May 2021. This act seemed to confirm his belief in SHIB’s impermanence.

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. The meme coin reached an all-time high of $0.00008845 in October of 2021, after a climb of over 7.6 million percent.

Shiba Inu (SHIB) Surges Past DOGE, Now Largest Meme Coin by Market Cap

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 come to this price since then was the surge to over $0.00004 in 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

According to Shibburn, 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 potential 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.

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 conduct their own in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.

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