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Introducing Shiba Inu Price: Could SHIB Surge as Much as It Did After the 2020 Bitcoin Halving?
Shiba Inu made headlines with its impressive bull run following the third Bitcoin halving cycle in 2020. The price gains were so substantial that they turned many individuals with initial capital of less than $10,000 into dollar millionaires.
Now, six months after the most recent Bitcoin halving, market participants are eagerly speculating on Shiba Inu’s potential this time around. Although predicting future price actions is challenging, The Crypto Basic has utilized mathematical reasoning to project Shiba Inu’s prospects based on its historic price action after the 2020 Bitcoin halving.
It’s important to note that Shiba Inu did not even exist during the 2020 halving in May. It only came to life three months later, in August, and initially traded with several zeros. Throughout the launch phase, Shiba Inu experienced limited trading activity, even during Bitcoin’s growth in late 2020. Its price fluctuations from August to the end of the year were relatively minor, ranging in the low thousands of dollars.
However, things changed by the end of January 2021. Shiba Inu saw a substantial spike in trading volume, reaching $5.7 million, although its price remained at just $0.00000001.
Following significant trading activity in February, SHIB consistently maintained substantial trading volumes in the million-dollar range. When Bitcoin peaked at around $64,000 in April 2021, Shiba Inu skyrocketed to $0.00000417, shedding four zeros.
As Bitcoin continued its ascent to a cycle peak of $68,789 in November 2021, Shiba Inu had already reached its own cycle high of $0.00008845 a month earlier, shedding one more zero. In less than ten months, Shiba Inu achieved a monumental price growth of 884,400%, equivalent to an 8,844-fold return on investment, starting from a low of $0.00000001 in January to $0.00008845 in October.
Currently, Shiba Inu is valued at $0.00001728. If it experiences another 884,400% growth from its current price, it would reach $0.1528. Such growth would mean that even a $100 investment in SHIB today could potentially be worth close to $1 million.
However, market commentators have differing opinions on whether Shiba Inu can achieve such monumental growth in this cycle, especially considering that it is already a crypto project valued in the billions. For perspective, at a price of $0.1528, Shiba Inu would hypothetically have a market cap of $90 trillion, assuming its circulating supply doesn’t decrease. This raises questions about what Bitcoin’s market cap could be in such a scenario, considering that SHIB alone would be valued at $90 trillion.