Coin World reported:
Compared to the overall market, Shiba Inu [SHIB] is showing an upward trend. On the last day, the meme coin saw a growth rate of over 3%. At the time of writing this article, the trading price of the asset is $0.00001684. SHIB reached a high of $0.00001700 earlier today. The SHIB market continues to feel hopeful due to this growth. Some even say that the meme coin will experience a surge similar to the bull markets of 2020 and 2021. But if the asset replicates this move, how high could SHIB soar?
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Shiba Inu has grown by 76,000,000% during this period. Some investors who invested only $12 in 2020 saw returns of $1 million in 2021. This happened when Ethereum co-founder Vitalik Buterin decided to burn an astounding 410 trillion SHIB tokens. During this period, SHIB reached a historical high of $0.00008845 in October 2021.
Also read: Can Burning 410 Trillion Shiba Inu Tokens Create a New High?
Can Shiba Inu soar by 76,000,000% again?
The market is uncertain, making it difficult to predict the future of these tokens. But the meme coin market also holds potential, and SHIB might repeat history. Currently, SHIB’s goal is to reclaim the price range of $0.000016. Shiba Inu’s price has dropped 82% from its all-time high of $0.00008845 to its current level. Some analysts believe that SHIB can surpass this historical high. Some predict that the asset may even remove a zero soon. Others believe that the token will surge to $0.00045. It is worth noting that if the peak of 2020-2021 repeats, Shiba Inu will surpass all of these expert targets.
Also read: Shiba Inu: Decoding SHIB’s Crash This Week
SHIB should theoretically report a market value of $7.09 trillion. However, achieving this value is almost impossible and extremely costly. Therefore, the likelihood of this pattern repeating is low.