If the Shiba Inu’s price ever replicates the historic 76,000,000% it witnessed between 2020 and the bull run in 2021, it could spike to a new and unexpected high.
One of the major factors behind Shiba Inu’s appeal is its rich history. Launched in August 2020, SHIB emerged to contend for the dominance recorded by Dogecoin (DOGE) in the meme coin scene. However, most industry leaders regarded it as one of the multiple meme coin experiments in the market.
Shiba Inu Historical Success
Ethereum founder Vitalik Buterin was one such industry leader. Buterin received half of SHIB’s supply but sent the tokens to various charities and burned the rest in May 2021. The Ethereum founder recently confirmed that he viewed Shiba Inu as another meme coin that would soon become worthless.
Interestingly, Shiba Inu exceeded his expectations as well as the expectations of other industry leaders. It quickly became the second meme coin to make it to the top 10 list of largest assets. This was as a result of its meteoric price surge from 2020 to 2021.
In a report last May, price tracking platform CoinGecko emphasized that Shiba Inu is among the most successful crypto tokens. They revealed that investors who committed $12 to SHIB in 2020 saw their investments increase to $1 million in 2021. This represented a 7,692,207% increase and was due to Shiba Inu’s astronomical rally to $0.00008845 in October 2021.
New investors have trooped into the market, hoping for a repetition of this price upswing. However, such a repeat is highly unlikely due to Shiba Inu’s current circulating supply. Nonetheless, this reality has not stopped some investors from holding onto optimism.
What if SHIB Repeats the 2021 Run?
Amid the confidence, The Crypto Basic recently evaluated how much Shiba Inu’s price would be if it repeated the rally. Notably, SHIB currently trades for $0.00001566, looking to reclaim the $0.000016 price territory. At its current price, Shiba Inu is down 82% from the $0.00008845 all-time high.
Multiple analysts believe SHIB is capable of surpassing this all-time high. Some expect an imminent rally to $0.000165. However, others see the token spiking to $0.00045. Notably, a repetition of the 2020 to 2021 upsurge would push Shiba Inu beyond every ambitious target set by analysts.
If Shiba Inu surged at the same 7,692,207% rate, its price would spike from the current $0.00001566 value to $1.2046. At this value, investors holding 100 million tokens worth $1,566 would see their investments rise to $120.46 million.
If Shiba Inu’s circulating supply remained fairly stable, this price would lead to a market cap of $709 trillion. However, there is not enough money in the world to sustain this valuation. As a result, it is highly improbable that Shiba Inu will repeat its historic run. Nonetheless, analysts believe it still has room for more growth.
