Shiba Inu (SHIB) has turned many early investors into millionaires and, in some cases, even billionaires. However, the popular dog-themed memecoin has plummeted by over 87% from its 2021 highs. Many investors wonder if they have missed the boat with SHIB. Meanwhile, others hope that the memecoin’s price will reach new heights in 2024.
Also Read: Will Shiba Inu (SHIB) Overtake Dogecoin (DOGE) in 2024?
Since Jan. 1, 2023, SHIB’s price has risen by about 30%. Although the growth is commendable, it falls short compared to Solana (SOL), which has surged by nearly 1000%, or Bitcoin (BTC), which has surged by over 150% in the same time frame.
Can you become a millionaire with Shiba Inu (SHIB) in 2024?
There is a chance that SHIB could reclaim its all-time high of $0.00008616, which it attained in October 2021. However, SHIB requires a few developments to reach its previous peak.
Firstly, we need to enter a 2021-like bull run. There is a lot of talk about a potential bull market for the cryptocurrency space in 2024. Analysts point to the probability of a spot Bitcoin (BTC) ETF (Exchange Traded Fund) approval and BTC’s halving event as potential drivers for a bull run.
Secondly, Shiba Inu (SHIB) will need a significant rise in adoption. The project launched its layer-2 network, Shibarium, in August 2023. However, the launch did not push the asset’s price by much. Nonetheless, as more applications launch on Shibarium, SHIB’s adoption may increase. More adoption may lead to a rise in the token’s price.
Also Read: Shiba Inu: Shibarium To Start Burning SHIB Tokens From January 2024
Thirdly, Shiba Inu (SHIB) burns need to increase. The SHIB team has revealed that the Shibarium network will begin burning tokens this month. Some have even said the network can remove trillions of tokens yearly. If such is the case, SHIB may see a significant price rise.
Shiba Inu (SHIB) could reclaim or surpass its previous all-time high if it meets all three factors. In such a scenario, investors who bought at a low could make millions in profit.