Shiba Inu, often labeled a “DOGE killer,” continues to attract attention in the cryptocurrency market. Emerging as a fierce competitor to Dogecoin, it has consistently held its position as a leading meme coin. In 2021, a projection from a notable figure shifted all eyes toward SHIB.
What Does SHIB’s History Reveal?
Moataz “Eljaboom” Elsayed, recognized on Forbes’ 40 under 40 list, made waves with his bold prediction for Shiba Inu. He highlighted SHIB’s historical performance and speculated that its price could soar to $0.00024. A retrospective look at SHIB’s journey since mid-2021 sheds light on this forecast.
In May 2021, SHIB reached a significant milestone by getting listed on the Binance exchange. This listing sparked an extraordinary price rally, elevating SHIB to $0.00005. Shortly after, the price retraced to $0.00001995. However, October 2021 saw SHIB hitting an all-time high of $0.00008854.
Why Did SHIB’s Price Decline?
The price began declining after reaching its peak. The events surrounding Terra in May 2022 contributed significantly to SHIB’s downturn, pushing it below the $0.00001784 support level, which subsequently turned into resistance. This zone presented a major challenge for SHIB for 658 days.
Come March 2024, SHIB broke out from this resistance, skyrocketing by an impressive 374% and reaching a peak of $0.00004567. This dramatic surge has reignited interest in SHIB’s potential.
Concrete Investment Insights
Key takeaways for investors include:
- SHIB’s potential 1,000% price increase could eliminate one “0” from its current value.
- SHIB’s market valuation might reach $141.6 billion if predictions hold.
- Investors should monitor Bitcoin movements, as SHIB could follow a Bitcoin bull run.
Considering these insights, investors must stay vigilant of global and market dynamics, particularly those affecting Bitcoin, to make informed decisions regarding SHIB’s future trajectory.
