SHIBA INU Coin: The Billion-Dollar Breakthrough and Discover How Long It Took!
Shiba Inu, launched on August 1, 2020, started off with a modest price of $0.000000000972. The token did not make significant moves in its initial months, but the year 2021 marked a remarkable turning point in its journey.
Deleting the ‘Zeroes’: A Historic Rise
By the start of 2021, SHIB began a ‘zero-deleting’ spree. This spree, which led to a phenomenal rise in its price, turned Shiba Inu into one of the best-performing cryptocurrencies in 2021. Can you imagine the thrill of watching the token value rise almost out of nowhere?
Market Cap Milestone
It’s worth noting that SHIB didn’t just rise in price – its market cap also soared. In less than a year after its launch, on May 6, 2021, to be precise, Shiba Inu’s market cap reached a staggering $1 billion! It had taken only 279 days for the token to escalate from a market cap of $1 million to $1 billion. That’s the kind of growth that gives cryptocurrencies their exciting, somewhat wild reputation.
Also Read
$154M Ethereum Transferred in One Massive Move
The Decline in Price
Yet, as they say, all good things must come to an end. After reaching its all-time high of $0.00008616 in October 2021, SHIB began to decline in price. The coin, which once basked in the glory of the market, seemed to be losing its luster.
Declining Trading Volume
It wasn’t just the price that was declining – the trading volume of SHIB also took a hit. From the second quarter of 2021, the trading volume of Shiba Inu has been on a noticeable downturn.
How many days it took for leading #Cryptocurrencies to hit $1 billion in market cap?#Dogecoin – 2585 days#XRP – 1751 days#Bitcoin – 1579 days#USDT – 1163 days#USDC – 644 days#BNB – 559 days#Ethereum – 287 days#ShibaInu – 279 days#PepeCoin – 19 days
— Vinod Dsouza (@VinodJason) May 24, 2023
Spotlight on SHIB
Despite the decline, the Shiba Inu craze did not fade away so easily. The token continued to make headlines, drawing the attention of both old and new investors.
Media Coverage
Leading media outlets didn’t miss out on the Shiba Inu saga. Stories of how a $1,000 investment could turn into $1 million filled the headlines, stoking curiosity and ambition among potential investors.
Also Read
Stocks moving in after-hours: Ford, Starbucks, AMD and more
First-Time Investors
Interestingly, the media hype and the stunning performance of Shiba Inu attracted a significant number of first-time investors. These were people who had never before considered investing in crypto but were lured in by the astonishing growth of SHIB.
Comparison with Dogecoin
During its prime, Shiba Inu didn’t just draw attention – it even outshone its rival, Dogecoin. With its meteoric rise, SHIB managed to elbow Dogecoin out of the spotlight, at least for a time.
Current State of SHIB
As of today, the Shiba Inu token stands at a price of $0.00000868. Though the token has seen a 2% drop in the last 24-hour trade, the token has shown resilience despite its past challenges.
Percentage Drop from ATH
That being said, SHIB is down by a significant 89.91% from its all-time high of $0.00008616, achieved in October 2021. Yet, it’s essential to remember that the world of crypto is known for its unpredictability – who knows what the future holds for Shiba Inu?
Conclusion
While Shiba Inu has had quite a journey since its launch, experiencing both the highs and lows of the crypto market, it still maintains a market cap well above the $5 billion mark. Despite a drop in price and trading volume, the popularity and resilience of the Shiba Inu token cannot be denied. As it continues to hold its ground, we wait to see what the future has in store for this unique token.
