Will SHIB Repeat its Massive 2021 Rally This Year?

Shiba Inu (SHIB) reached its peak on Oct. 28, 2024. Since its 2021 highs, the dog-themed cryptocurrency’s price has fallen by over 74%. Despite its downtrend, the asset’s 2021 rally has solidified its status as a millionaire-maker. SHIB fans and investors continue to pursue higher prices and adoption.

Cryptocurrency advisor ‘Coach K Crypto’ says that we are around the same time of the year when SHIB began its explosive rally. The analyst took to X and stated that another bull run is ‘coming soon.’

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Investors who purchased SHIB in its early days made massive gains. The asset instantly became popular among young investors who wanted to make it big in crypto. Nonetheless, SHIB’s price has found it hard to reclaim its 2021 high of $0.00008616.

Will Shiba Inu (SHIB) hit a new all-time high in 2024?

Several factors took SHIB’s price to the moon in 2021. Firstly, market sentiment was high and other assets were also rallying. Secondly, Ethereum co-founder Vitalik Buterin burnt a large number of SHIB tokens, further pushing the cryptocurrency’s price. Buterin had received half the project’s supply upon launch, but the Ethereum co-founder decided to destroy 90% of the tokens he received.

Shiba Inu (SHIB) may hit a new all-time high this year. However, a 2021-like market environment is needed for the asset to do so. The larger market has to rally and SHIB’s adoption needs to increase.

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CoinCodex predicts SHIB to reclaim the $0.00007 level in July 2024. If SHIB hits $0.00007, it could very well surge to a new all-time high.