Shiba Inu (SHIB) is a meme cryptocurrency that is inspired by the Shiba Inu dog breed and has gained popularity due to its association with other well-known cryptocurrencies and figures in the industry. It operates on Ethereum with unique tokenomics, including a large supply and burning mechanism designed to boost scarcity and demand.
Currently, Shiba Inu Coin is one of the most popular and 2 largest meme tokens in the crypto market. The remarkable surge of the SHIB Coin from 2020 to 2021 has firmly established the project’s transition from humble beginnings to extraordinary success. Notably, many early investors made millions or even billions of dollars in profits.
If you had invested $500 in Shiba Inu (SHIB) in August 2020 and held onto the tokens until now (March 2024), you would have accumulated $5.5 million in profits. This incredible growth represents a staggering increase of 1,119,587% (over 1.11 million percent) in the portfolio’s value over the last three-and-a-half years.
However, the SHIB Coin has experienced a decline in its value after hitting its ATH level of $0.00008616 in November 2021. Many investors and SHIB Enthusiasts are wondering if they can still make big profits with this trending meme-coin.
Is Shiba Inu (SHIB) Set to Hit Its ATH Level Again in 2024?
As we found on CoinMarketCap, the SHIB Coin has shown a positive trend by removing a zero from its price and is currently trading at $0.00001281, showing 2% up in the daily charts, 35% in the weekly charts, and monthly at 44.2%. Additionally, this meme coin value has risen by more than 4.64% since the end of February 2023.
According to our expert’s technical analysis, the Shiba Inu Coin can reach a maximum price of $0.0000329, while the average price will be around $0.0000298 by the end of 2024. However, if the market gets bearish or negative news surrounding the Shiba Inu ecosystem, the value of the SHIB Coin may decrease to $0.0000279 by 2024.
Our expert also suggests that the Shiba Inu Coin may take until 2026 to reach its all-time high of $0.00008845.
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.