Shiba Inu Epic 2021 Rally: Can History Repeat Itself for SHIB to Turn $102 Into $1,020,000 Again?
The post Shiba Inu Epic 2021 Rally: Can History Repeat Itself for SHIB to Turn $102 Into $1,020,000 Again? appeared on BitcoinEthereumNews.com.
Shiba Inu started at $0.000007 on October 01, 2021, only to skyrocket to $0.000088, a dramatic escalation of 1250x. While the general mood in crypto markets illustrates that another round of bull is coming, investors are asking themselves whether SHIB can achieve this insane ambition once again. With a market cap of $18.3 billion, Shiba Inu is trading around $0.0000311 and as such, hopes to perform well in the marketplace. As per the technical analysis, the 200-day SMA is expected to center at $0.00002215 and the 50-day at $0.00003371 as of January 7th, 2025. From the latest data, Shiba is pegged to be over $0.00002624, while the RSI 69.57 shows Shiba gained enough volume but is gradually nearing an overbought region. May we ask the most pressing question—can Shiba Inu stage a rally once again? Shiba Inu’s Ecosystem and Future Potential Shiba Inu’s ecosystem and premise have improved quite significantly since its boom in 2021. The token also incorporates Shibarium, its layer-2 protocol designed to tackle high gas prices and low transaction rates. This has further increased the demand for the SHIB token as it can now be used for Dapps and smart contracts. Alongside this, SHIB’s burning mechanism continues to gradually choke the maximum supply, thereby increasing overall scarcity and, in turn, driving prices as well. In light of all these developments, replicating a 1,250x rally seems rather difficult. This is due to SHIB already ranking low on the cryptocurrency scale, making that level of market cap virtually impossible to achieve. However, predictions suggest only two more breaks at $0.00003371 and $0.000035, and the price is bound to rise 10x in two shorter time frames. Shiba Inu may be considered a speculative investment, but the community’s enthusiasm towards the asset and its new initiatives can enable a larger return…
Filed under: News - @ December 14, 2024 5:14 am