Shiba Inu (SHIB) is one of the most popular cryptocurrencies, especially among new investors. The asset solidified its status as a millionaire-maker when it skyrocketed in 2021. From its launch in August 2020 to its all-time high in October 2021, SHIB’s price rallied by many million percent. In fact, in October 2021 alone, the asset went from $0.000007 to $0.000088 in just a few days. The question is, can it happen again?
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Going from $0.000007 to $0.000088 represents a growth of about 1157%. Moreover, this incredible rally took place without the help of burns. Therefore, it is possible for SHIB to repeat its October 2021 streak.
Nonetheless, other market factors helped Shiba Inu’s (SHIB) rally. Firstly, we were in the middle of one of the biggest bull runs in crypto history. Bitcoin (BTC) was moving towards a new peak, and so was Ethereum (ETH). Investor sentiment was at an all-time high. The overall market sentiment helped SHIB rally by over 1000%.
Can Shiba Inu (SHIB) rally over 1000% in 2024?
There is a chance that SHIB could repeat its rally from October 2021. However, other market elements must also be in place for the popular dog-themed crypto to rally over 1000%. Firstly, we need to enter another bull run. Secondly, investor sentiment needs to be positive. Thirdly, the Federal Reserve has to reduce interest rates for traders to feel comfortable buying risky assets, such as crypto.
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Furthermore, the Shiba Inu (SHIB) team is working on a new burn mechanism, rumored to burn trillions of tokens yearly. If the team can successfully reduce the asset’s circulating supply, it may lead to a sudden price surge.
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