Shiba Inu’s (SHIB) price could reach an unprecedented level if it replicates its performance in the first ten months of 2021.
It is no longer news that Shiba Inu was among the top-performing cryptocurrencies in the 2021 bull run. The dog-themed token, which launched in August 2020, surged tremendously to register an all-time high of $0.00008845 on October 28, 2021.
Arabian Business Claims SHIB Surged 27,000,000% in 2021
According to Arabian Business, the price of Shiba Inu surged by 27,000,000% in the first ten months of 2021.
“In the 10 months from January 2021 to October 2021, the price of the decentralized Ethereum-based token SHIB rose by 27,000,000 percent. Yes, you read that right—27 million percent,” Arabian Business reported.
It bears mentioning that Shiba Inu was able to achieve the milestone due to significant contributions from Ethereum co-founder Vitalik Buterin. Recall that the Ethereum co-founder, who received half of SHIB’s total supply from Shiba Inu’s pseudonymous founder Ryoshi, burned most of the gifted tokens and sent the rest to charities in 2021.
This move helped bolster investors’ confidence in Shiba Inu, prompting leading crypto exchanges to support its listing. Consequently, the price of Shiba Inu spiked massively, with the token ranking among the top 10 crypto assets by market cap at the time.
Given Shiba Inu’s hefty surge of 27,000,000% in the first ten months of 2021, investors are hoping for a repeat of this price upswing in the upcoming bull run.
Shiba Inu’s Price If It Repeats 2021 Rally
As a result, The Crypto Basic recently analyzed what price SHIB could trade at if it witnesses a similar rally as it did in the first ten months of 2021. At the time of writing, SHIB was trading at $0.00001726. This reflects a decline of 80.49% from SHIB’s all-time high (ATH).
Therefore, if Shiba Inu witnesses a surge of 27,000,000% as it did in 2021, SHIB’s price would increase from its current value of $0.00001726 to $4.66. At this value, investors holding 1 million SHIB tokens worth $17.26 today would see their investment surge to $4.66 million
Furthermore, a price of $4.66 per token would take Shiba Inu’s market cap to over $2.74 quadrillion, assuming SHIB’s circulating supply remains stable at 589.27 trillion tokens. However, the available global financial resources cannot sustain this projected market cap.
As a result, it is unlikely that SHIB will experience the same rally witnessed in the first ten months of 2021, as observed by Arabian Business.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
