What’s Blocking SHIB From Reaching New All-Time High?

Shiba Inu is one of the most iconic coins in the meme coin domain. The token’s 2021 price set hope for the future of the cryptocurrency realm, with investors seeing SHIB and Dogecoin as the future of meme coins. Currently, Shiba Inu (SHIB) is down by nearly 71% from its all-time high of $0.00008616, which it attained in October 2021. With the asset’s growth over the last calendar year, could SHIB ever reach that high again, and if so, when?

2020 and 2021 were the golden years for Shiba Inu. $1 million and more was paid out to early investors who put in a mere $12 in SHIB in 2020. It is important to note that this rise equates to a 7,692,207% gain. The success of Shiba Inu encouraged more investors to purchase SHIB in anticipation that the token will repeat its 2021 surge during the 2024–2025 bull market.

A return to its all-time high and beyond is a steep path for SHIB, with various obstacles in the way. Crypto assets have had a great 2024, however, meme coins haven’t had as much success. Leading meme coin DOGE has seen minimal growth compared to altcoins and leading assets like BTC and ETH. The approval of the spot Bitcoin ETFs drove the price of Shiba Inu over 350% in two weeks at the beginning of the year. However, despite the generally good performance of the market, the coin has dropped back to just above its price in January. Therefore, some experts believe that the meme coin hype from the beginning of this year, and 2021, is over.

Could Shiba Inu Ever Return To Its All-Time High?

While it is unlikely SHIB could reach a new all-time high soon, bullish momentum could send SHIB surging. The token has marked a 43% peak in the past nine days, with on-chain activity spiking to an all-time high. Compared to other meme coins, SHIB’s price pace remains consistent and focuses on claiming a new price peak.

Furthermore, the impending launch of the Shiba Inu stablecoin SHI has also generated hype around the token, pumping price. Although the SHIB team has not revealed a launch date for the upcoming stablecoin, many anticipate it to bring further utility to the Shibarium network. More utility for Shibarium may lead to more adoption for SHIB, potentially pushing the asset’s price. Users who are weary of the volatility of cryptocurrencies may find SHI a much better way to interact with the cryptocurrency space.

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In conclusion, there are several blockers in the path of Shiba Inu’s return to its all-time high and beyond. However, there is also new momentum behind SHIB that could break those barriers in the coming years. It’s not anticipated that SHIB will return to $0.00008616 by the end of 2024. Fortunately, that high may be possible with a growing attraction to the crypto world around the globe.