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

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.