Shiba Inu (SHIB) was once one of the best-performing cryptocurrencies in the market. However, the popular memecoin has lost substantial steam over the last few years. SHIB’s price climbed to $0.00003 in December 2024, but has since been on a downward trajectory. According to CoinGecko data, SHIB is currently down by 0.4% in the last 24 hours, nearly 10% in the last week, and almost 11% on the 14-day chart. SHIB’s price has also crashed by 60% since January 2025. However, the asset has maintained some gains in the monthly charts, rallying 9.5% in the previous 30 days. Nonetheless, Shiba Inu (SHIB) is currently trading at levels close to those just before its 2021 peak. SHIB was at $0.000007 in late September 2021, before climbing to an all-time high of $0.00008616 in October 2021. Can the asset replicate its 2021 stride?
Can Shiba Inu Replicate Its 2021 Rally And Hit A New Peak?
While Shiba Inu (SHIB) may be at a price level just before its 2021 all-time high, it is highly unlikely that the memecoin will climb to a new high anytime soon. The crypto market is entering a bearish phase, whereas in 2021 it was entering a bull run. Moreover, demand for memecoins, such as SHIB, is extremely low.
Given the risk-off approach followed by market participants, Shiba Inu (SHIB) and other high-risk memecoins will likely continue their downward trajectory for the time being. The crypto market is unlikely to recover anytime soon. We are far from a bull run right now, and investors are staying away from cryptocurrencies and other risky assets.
Also Read: Shiba Inu Price Alert: Hold SHIB Too Long, and This Could Happen
Geopolitical tensions and macroeconomic uncertainties have instilled substantial fear into investors. Shiba Inu (SHIB) will likely not recover until the larger economy improves.
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