Shiba Inu (SHIB) has seen immense success in its four short years. The asset has grown by many million percent since its debut in August 2020, turning early investors into multi-millionaires. While SHIB has faced significant headwinds since its peak in October 2021, the asset has displayed incredible strength over the last year.
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Shiba Inu’s Recent Performance in One Year
SHIB Doubles Your Money in One Year
If you had invested $100 weekly in Shiba Inu (SHIB) since August 2023, you would have put in $4,200 over the last year. Your portfolio’s value, however, would have grown by over 125% in the previous 12 months, rising to over $9,470.
Your invested amount would have more than doubled in just one year. The figures highlight SHIB’s incredible performance over the last few months.
Also Read: Shiba Inu: Can SHIB Rally 700% And Hit $0.00008 In 2024?
Will the Memecoin Continue to Rally?
Shiba Inu (SHIB) is among the most popular cryptocurrencies in the market. Many analysts anticipate the asset to hit new highs this cycle.
Changelly researchers predict SHIB to hit a maximum price of $0.000038 in 2024, as shown above.
Telegaon analysts are even more bullish on SHIB, predicting it to hit a maximum price of $0.0000561 this year.
Also Read: Shiba Inu: SHIB’s Price Reaction to Major Burn Announcement
One of the most significant barriers to SHIB’s price is its massive circulating supply. Vitalik Buterin’s massive burn was one major catalyst for SHIB’s 2021 rally. Although Buterin received half of SHIB’s supply upon launch, he decided to burn 90% of the tokens he received.
The SHIB team is reportedly working on a new burn mechanism that is rumored to burn trillions of tokens yearly. If the team can drastically reduce the token’s supply, we may witness a massive price spike similar to the 2021 rally.
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