The Shiba Inu price traded sideways for nearly two months, resonating between $0.000016 and $0.0000123 horizontal levels. This consolidation after a seven-month downtrend signals a change in market sentiment and potential bottom formation. As Quater 4 brings a recovery opportunity for SHIB coin, the investor would wonder if this asset could drive a 2021 rally and push for a $1 target.
If SHIB Rallied Like in 2021, Will Shiba Inu Price Hit $1 in 2024?
In 2021, the Shiba Inu price saw an extraordinary surge of 45000% between January and May. After a notable correction, the coin price offered another 1500% jump to mark an all-time high of $0.00008845 in October.
While a 2021-like rally could provide explosive profits to SHIB holders, hitting the $1 target seems virtually impossible. Here’s why:
Massive Circulating Supply: Despite ongoing efforts to burn tokens, there are still hundreds of trillions of SHIB in circulation. To reach the $1 target, the Shiba inu market cap needs to grow exponentially, even surpassing Bitcoin and Ethereum combined— an unrealistic scenario given the currency market condition.
Previous Rally Context: In 2021, the SHIB price rally was driven by a perfect storm of social media hype, meme culture, and an influx of retail investors. While these factors could drive the notable rally, the market may not offer a rally of similar magnitude, given the alternative investment options.
2021 Rally isn’t enough: Even if Shiba Inu price prediction shows a similar 45000% surge from its current value of $0.0000154, its worth will rise to approximately $0.00698, not $1.
Will SHIB Repeat Its 2021 Rally?
New Meme-Coin Competition: Following the legacy of Dogecoin and Shiba Inu, new dog-themed meme cryptocurrencies such as Dogwifhat (WIF) and Bonk have emerged. These competitors have siphoned away the investors’ interest, which once belonged to SHIB.
Rise of Cat-Themed Coins: Beyond Dogs, the Cat-themed meme coins Popcat and Mog coin have gradually gained traction, snatching a notable share of the meme cryptocurrency sector. Their presence could draw away attention from Shiba Inu, making it harder for the token to drive a 2021-like rally.
Maturing Crypto Market: The crypto market is steadily maturing, and just hype and speculative trading is enough to drive a sustained rally.
Conclusion:
So, Will the Shiba Inu price hit $1 if SHIB rallies like in 2021? The answer is no, given the massive supply, emerging competition, and investors’ need for better utility than just social media hype.
Frequently Asked Questions (FAQs)
No, even with a rally similar to 2021, SHIB’s massive circulating supply makes a $1 target highly unlikely
If SHIB surged 45,000% from its current price of $0.0000154, it would reach approximately $0.00698
The rise of new meme coins and a maturing crypto market make it unlikely for SHIB to replicate its 2021 rally
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/will-shiba-inu-price-hit-1-if-shib-rallied-like-in-2021/
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