Shiba Inu is a digital asset that has gained prominence as a meme coin. It has also attained a place among the top 20 cryptocurrencies by market capitalization.
The SHIB team has been consistent in its development efforts and has undertaken several projects. The Shiba Inu network has gained recognition for achieving notable benchmarks and milestones.
The last week witnessed some spectacular numbers in terms of meme coin trading volume. However, the week began with quite the opposite, as Shiba Inu’s price dropped considerably to trade at $0.000008902, adding a zero. SHIB is currently up by 1.6% in the last 24 hours, with its market cap showing a similar percentage rise.
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Looking into the future, can SHIB reach $1 by 2025? Before we delve into that, let us look at SHIB’s earlier performance.
SHIB’s exceptional price performance
Meme coins have definitely made a bunch of investors millions. Some of the early investors in SHIB enjoyed a mind-boggling ROI. Investors who rode the SHIB wave when the meme coin was trading at $0.000000000082 in 2020 were rewarded pocket-full.
SHIB touched an all-time high of $0.00008845 on October 28, 2021, according to CoinMarketCap data. Investors enjoyed an ROI of 549939.82%, which is generational wealth in a short period of time.
Can history repeat itself and SHIB reach new heights? Let us analyze the possibilities.
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Can SHIB reach $1 in 2025?
Predicting the future price of cryptocurrencies involves considering a variety of factors. Some analysts rely on historical data and trends, while others prefer to use technical analysis and market sentiment to evaluate potential price movements.
Shiba Inu’s 2021 rally was a combination of various factors and the bull market. However, the price has since dropped by 89.97%. For the price of the Shiba Inu coin to reach $1, several things need to work together.
Specifically, the much-awaited Shibarium should make its debut soon. Shibarium, which promised cheaper fees, is likely to attract more users to Shiba Inu.
Also read: Shiba Inu Sees Surge in Buying Activity While Price Plummets
One other thing is the SHIB burn initiative. The move by Vitalik Buterin to send 41% of SHIB’s circulating supply to a dead wallet was definitely a head-turning moment for the meme coin. The burn game should definitely ramp up to remove a bulk of SHIB from the circulating supply. This will also prompt more users to buy Shiba Inu.
That being said, anything can happen in the meme coin realm, with Pepe Coin setting the prime example. Perhaps the $1 dream is not far away, but it still seems a bit hard to achieve unless everything falls into place.