Shiba Inu (SHIB) was launched in August 2020. The project will celebrate its fifth anniversary later this year. SHIB gave incredible results right after its launch. The asset’s price skyrocketed within months of its debut. SHIB rallied by many million percent before hitting an all-time high of $0.00008616 in October 2021. The asset has struggled to regain the same momentum over the last few years.
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What Pushed Shiba Inu’s Price So High In 2021?
The 2021 bull run was one of the most significant market upswings for the crypto sector. Most assets hit new all-time highs in 2021. SHIB’s price also followed the market trend.
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The bull run was not the only factor fueling Shiba Inu’s (SHIB) rally. Vitalik Buterin’s massive SHIB burn played a significant role in the asset’s performance. The Ethereum co-founder received 50% of SHIB’s entire supply upon launch. Buterin decided to burn 90% of the coins he received and donate the rest to charity. His actions led to a substantial supply dip. At the time, there was a high demand for SHIB. The dip in supply and high demand led to a massive price rally for the asset.
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SHIB’s price has to rally by 553.59% to hit $0.0001. While the figure may seem large, it is not something SHIB has not done before. Despite having rallied many million percent in the past, the journey to $0.0001 will not be easy. There are about 589 trillion SHIB tokens in circulation. Reaching $0.0001 will take SHIB’s market cap to $58.9 billion.
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According to CoinCodex, Shiba Inu (SHIB) will face a correction over the coming months. The platform anticipates the asset to trade at $0.00001033 on Aug. 1. SHIB will face a 32.48% correction if it falls to $0.00001033.
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