SHIB Price Jumps 36.5%, Market Cap Hits $8B: Can Shiba Inu Repeat its 2021 Run?

Published by

Mustafa Mulla

February 29, 2024

In the current crypto boom, all eyes are on Shiba Inu, marking an impressive 36.5% gain in the past 24 hours, surpassing the growth seen in other assets. In the meantime, Shiba Inu’s market cap has now exceeded $8 billion, and its trading volume is outpacing major altcoins like ADA, LINK, and LTC.

Amidst this excitement, speculation is rife about a potential 800% surge in the coming week, reminiscent of its 2021 bull run performance.

Shiba Shines Bright

In the last 24 hours, Shiba Inu’s price has climbed by an outstanding 36.6%, riding the positive trend in the overall crypto market. Notably, this surge has lifted Shiba Inu’s market cap to over $8 billion, a level not seen since May 2023. This marks a significant doubling of its market cap from the lows witnessed in November.

Simultaneously, Shiba Inu’s trading volume has skyrocketed to about $1.5 billion in the last 24 hours, surpassing major altcoins like Cardano, Chainlink, and Litecoin. Cardano, ranked 8th, trails with $1.38 billion, Chainlink (12th) follows with $1.33 billion, and even Litecoin (19th) lags behind at around $1 billion.

Historical Data in Focus

Adding fuel to the speculation, Lucie, a Shiba Inu ecosystem marketing specialist, tweeted about a potential surge in SHIB’s price, citing historical data. Lucie highlighted how $SHIB experienced an 800% leap in just one week during the 2021 bull run.

With Shiba Inu currently priced at $0.00001340, Lucie’s tweet has ignited curiosity about the coin’s growth potential.

Future Projections

At its current price of $0.00001340, a speculated 800% surge could take Shiba Inu to $0.0001206, eliminating one zero and setting a new record. Past data suggests that such shifts could unfold in the upcoming weeks.

Shiba Inu’s trajectory in the crypto world is one to watch, and the coming weeks will reveal whether it can replicate its historic ascent.

With the recent rise in trading volume, is Shiba Inu a good investment opportunity? Let us know what you think!

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.