The Performance of SHIB in the 2021 Bull Market
In the 2021 bull market, the performance of Shiba Inu (SHIB) has been remarkable. Since reaching its peak in 2021, its price has been declining. However, the supporters and investors of SHIB are not bothered by its below-average performance and are still pursuing higher prices and a larger market value.
The current market value of SHIB is 10.3 billion US dollars, making it the 13th largest crypto project. For SHIB’s market value to reach 100 billion US dollars, it would need to grow by 870.87%. Considering the current circulation of approximately 589 trillion SHIB tokens, if the market value of SHIB were to reach 100 billion US dollars, the price of each SHIB token would be 0.000169 US dollars.
When will the market value of Shiba Inu surpass 100 billion US dollars?
SHIB is currently experiencing a downturn, but the asset has the potential to experience an explosive rebound similar to that of 2021. For SHIB to rebound like it did in 2021, certain things need to happen.
One of the biggest catalysts for SHIB’s rise in 2021 was the large-scale burn by Vitalik Buterin. When SHIB was launched, Buterin received half of the supply and decided to burn 90% of the tokens he received. Similar burn initiatives could have a significant impact on the price of SHIB.
As Chief Developer Shytoshi Kusama pointed out, burning alone is not enough to boost the price of SHIB. Burning needs to be combined with high adoption rates to drive price increases.
Another factor driving the price of Shiba Inu up is the overall positive sentiment in the market. In 2021, most major crypto projects reached all-time highs, laying the groundwork for the rebound of assets like SHIB. Investors are taking risks by investing in newer, smaller projects.
