Shiba Inu (SHIB) had a historic run during the 2021 bull market. SHIB’s price rallied by many several million percent and early investors made millions of dollars in profit after the asset climbed to an all-time high of $0.00008616 in October 2021. While many were quick to exit their positions after the asset hit an all-time high, many bought SHIB when it was at its peak and are currently sitting on losses. Let’s discuss if you should move on from SHIB, or can you still make it big with the memecoin.
Should You Give Up on Shiba Inu, Or Can You Still Make It Big?
SHIB’s incredible rally in 2021 was fueled by several factors. Firstly, the crypto market was experiencing one of its most significant rallies in history. Bullish sentiment was rampant and investors were betting big on several crypto projects.
However, the single biggest push for Shiba Inu (SHIB) came in the form of Vitalik Buterin undertaking a massive token burn. Buterin received half of SHIB’s entire supply after its launch in August 2020. However, the Ethereum co-founder decided to burn 90% of the coins he received. His actions led to a massive supply dip, and, consequently, a big price rally.
Shiba Inu (SHIB) still has about 589 trillion coins in circulation. The massive supply presents a substantial barrier to any big price movement. If the price of each SHIB token reaches higher figures, the project’s market cap will hit unrealistically high numbers.
Also Read: Has John Cena Invested in Shiba Inu (SHIB)?
There is a chance that Shiba Inu (SHIB) will rebound from its current predicament over the coming months. While the asset could potentially reclaim its all-time high of $0.00008616, it is highly unlikely that we will see another 2021-like rally. Investors who bought at the top could recover their losses, but making it big, like some did in 2021, may be out of the question.
