Ethereum
Here’s How High The Shiba Inu Could Be If It Grew 27,000,000%
Shiba Inu (SHIB) price could reach an all-time high if it replicates its performance in the first ten months of 2021.
It is no longer news that Shiba Inu has been one of the best performing cryptocurrencies during the 2021 bull run. The dog-themed token, launched in August 2020, has seen meteoric growth to reach an all-time high of $0.00008845 on October 28, 2021.
Arab companies claim SHIB grew by 27,000,000% in 2021
According to Arabian Business, the price of Shiba Inu increased by 27,000,000% in the first ten months of 2021.
“During the 10 months from January 2021 to October 2021, the price of the Ethereum-based decentralized token SHIB increased by 27,000,000 percent. Yes, you read that right: 27 million percent,” Arabian Business reported.
It is worth mentioning that Shiba Inu was able to reach this milestone thanks to the significant contributions of Ethereum co-founder Vitalik Buterin. Recall that the Ethereum co-founder, who received half of the total SHIB supply from Shiba Inu’s pseudonymous founder Ryoshi, burned most of the offered tokens and sent the remainder to charity in 2021.
The move helped boost investor confidence in Shiba Inu, prompting major cryptocurrency exchanges to support its listing. As a result, Shiba Inu’s price skyrocketed, with the token ranking among the top 10 crypto assets by market cap at the time.
Given the Shiba Inu price’s sharp 27,000,000% rise in the first ten months of 2021, investors are hoping for a repeat of this price rally in the next bull run.
Shiba Inu Price If It Repeats 2021 Rally
As a result, The Crypto Basic recently analyzed the price SHIB could trade at if it experiences a similar surge to the first ten months of 2021. At the time of writing, SHIB was trading at $0.00001726. This reflects an 80.49% decline from SHIB’s all-time high (ATH).
Therefore, if Shiba Inu experiences a 27,000,000% surge like it did in 2021, the price of SHIB would rise from its current value of $0.00001726 to $4.66. At this value, investors holding 1 million SHIB tokens worth $17.26 today would see their investment grow to $4.66 million.
Furthermore, a price of $4.66 per token would bring Shiba Inu’s market cap to over $2.74 quadrillion, assuming SHIB’s circulating supply remains stable at 589.27 trillion tokens. However, the available global financial resources cannot support this projected market cap.
As a result, SHIB is unlikely to see the same rally seen in the first ten months of 2021, as observed by Arabian Business.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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