Coin World Report:
Compared to the overall market, Shiba Inu [SHIB] is showing an upward trend. On the last day, the meme coin saw a growth of over 3%. At the time of writing this article, the trading price of this asset is $0.00001684. SHIB reached a high point of $0.00001700 earlier today. The SHIB market continues to feel hopeful with this growth. Some even say that the meme coin will replicate the surge of the bull market in 2020 and 2021. But if the asset replicates this move, how high could SHIB skyrocket?
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Shiba Inu has grown by 76,000,000% during this period. Some investors who invested only $12 in 2020 saw returns of $1 million in 2021. This happened when Ethereum co-founder Vitalik Buterin decided to burn an astonishing 410 trillion SHIB tokens. During this period, SHIB reached a historical high of $0.00008845 in October 2021.
Also read: Can Burning 410 Trillion Shiba Inu Tokens Create a Historical High?
Can Shiba Inu skyrocket by 76,000,000% again?
The market is uncertain, making it difficult to predict the future of these tokens. But the meme coin market also has potential, and SHIB could follow suit. Currently, SHIB’s goal is to reclaim the price range of $0.000016. The price of Shiba Inu has dropped by 82% from its historical high of $0.00008845 to the current level. Some analysts believe that SHIB can surpass this historical high. Some predict that the asset may even remove a zero quickly. Others believe that the token will surge to $0.00045. It is worth noting that if the peak of 2020-2021 reoccurs, Shiba Inu will surpass all of these expert targets.
Also read: Shiba Inu: Decoding the Crash of SHIB This Week
SHIB should theoretically report a market cap of $709 trillion. However, achieving this value is almost impossible and extremely costly. Therefore, the likelihood of this pattern reoccurring is low.
