The Shiba Inu (SHIB) network stands out for a lot of reasons. But today, the meme coin was making headlines for being a top gainer. The asset rose by nearly 5% over the past 24 hours. According to data from CoinMarketCap, SHIB was trading at $0.0000157, at press time. It should be noted that Shiba Inu was trading at a low of $0.0000147 earlier today.
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It should be noted that SHIB has been witnessing an uptick throughout the past couple of days. Over the last seven days, the asset has surged by 12%. The meme coin’s latest uptrend has further instilled a bullish sentiment in the market. Several even believe that the asset might mirror its 2021 rally and witness a 7,692,207% spike.
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Is $1 Turning Into Reality For Shiba Inu?
2020 and 2021 were the golden years for Shiba Inu. $1 million and more was paid out to early investors who put in a mere $12 in SHIB in 2020. It is important to note that this rise equates to a 7,692,207% gain. The success of Shiba Inu encouraged more investors to purchase SHIB in anticipation that the token will repeat its 2021 surge during the 2024–2025 bull market.
If SHIB witnesses a spike of 7,692,207% to the present price level, the asset’s value would increase to $1.1. Assuming the token’s circulating supply stays constant at 589.27 trillion, this price growth may raise Shiba Inu’s market capitalization from $8.41 billion to $647.68 trillion. While it seems unrealistic for the meme coin to rise to such a high, SHIB has already managed to do it once. Therefore, the community won’t be surprised if the asset does it again.
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