Will Shiba Inu Go Up? Here’s Why the SHIB Price Could Explode
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The Shiba Inu cryptocurrency made a massive splash in 2021, when the once obscure coin displayed one of the most explosive rallies in the history of the cryptocurrency markets. The coin, which had largely been ignored since its launch in the summer of 2020, suddenly began rising in the spring of 2021 and peaked at a massive market capitalization of $40 billion in October 2021.
Following the peak in October 2021, the Shiba Inu price has mostly been heading downwards. While SHIB still retains an impressive market capitalization of $5.7 billion at the time of writing, the token is down about 88% from its all-time high. Naturally, this has left many SHIB holders asking themselves: “Will Shiba Inu go up?”
SHIB is dismissed by some crypto market participants due to its meme token branding. However, it’s worth pointing out that Shiba Inu’s drop from its all-time high prices is comparable to the drops seen by many well-respected crypto projects. For example, both Avalanche’s AVAX and Polkadot’s DOT have both seen an almost identical decline from their all time highs.
We’ll be taking a look at Shiba Inu’s future prospects to see if SHIB will go up in the coming months and years. Before we explore whether Shiba Inu can return to its former glory, however, let’s quickly refresh our memories about this popular crypto project.
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