![]() The cryptocurrency was last trading around $0.000008 per token and within the $0.000005-0.000010 range that prevailed throughout much of 2021. This move really put Shiba Inu on the map, given that at its monthly peak, its market cap briefly surpassed that of rival Dogecoin and surpassed $41 billion.Ī significant deterioration in cryptocurrency market sentiment since last November as a result of a worsening global economy (inflation rising and growth weakening) and central banks turning more hawkish has seen SHIB/USD drop over 90% from its October 2021 peaks. ![]() SHIB/USD increased ten-fold in value between 1 October, when it was changing hands under $0.000008 and 27 October, when it hit $0.00008. SHIB/USD then consolidated in the $0.000006-0.000008 area until another explosive move to the upside in October 2021. History was to repeat itself less than one month later, with SHIB/USD increasing more than twenty-fold in value from around $0.0000015 to as much as $0.000035 in a matter of days in early May. In the space of a few days in April 2021, SHIB/USD increased nearly twenty-fold in value from under $0.0000002 per token to around $0.0000037, before then pulling back to around $0.0000015. Shiba Inu’s ascent to fame began during the meme-stock craze of early 2021, which also coincided with explosive upside in Dogecoin. ![]() The ERC-20 token was launched on the Ethereum blockchain by pseudonymous creator “Ryoshi” back in August 2020 and spent the first few months of its life in relative obscurity. Shiba Inu, the second-largest dog-inspired memecoin by market capitalization after Dogecoin and self-proclaimed as the “Dogecoin killer”, has a short history. If cryptocurrencies recover and SHIB developers deliver utility to the ecosystem, a challenge of 2021 highs before 2025 is likely. ![]() SHIB/USD currently trades near $0.000008, over 90% lower versus October 2021 highs at $0.00008. Shiba Inu has seen significant volatility in its short history, routinely increasing by more than ten-fold in a few days. ![]()
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