• Shiba Inu (SHIB) is a dog-themed meme coin that came out in 2020 and surged 457% in 24 hours during the last crypto bull run.
• SHIB reached an all-time high (ATH) of $0.00008845, translating into a $44 billion market cap, due to its origin as a joke coin, robust community, and endorsements from celebrities.
• The current price of SHIB is nearly 90% lower than its ATH due to the bear market of 2022, but many analysts are optimistic about its future performance.
Overview of Shiba Inu (SHIB)
Shiba Inu (SHIB) is a dog-themed meme coin that came out in 2020 and initially priced at $0.000000001009. On May 10th 2021, at the height of the last great bull run to hit the crypto market, SHIB surged 457% in 24 hours to reach $0.00003791 — establishing an all-time high (ATH) of $0.00008845 and translating into a $44 billion market cap.
Factors Behind SHIB’s Success
The impressive performance of SHIB during this period was largely due to several factors: viral social media buzz surrounding its origin as a joke coin; a robust community formed around the cryptocurrency; and endorsements from notable sports, film, and music stars such as Paris Hilton, Antonio Brown, and Nick Carter which increased visibility for the cryptocurrency.
Impact of Bear Market on SHIB
Unfortunately for holders of SHIB tokens, crypto prices were hit hard by the bear market seen in 2022 which caused the current price of SHIB to be nearly 90% lower than its ATH levels established earlier in 2021.
Analysts‘ Views on Future Performance
Despite this setback however many analysts remain optimistic about its future performance given what it has achieved so far despite difficult conditions in the markets over recent years.
Conclusion
Overall Shiba Inu (SHIB) remains one of the most popular cryptocurrencies out there with potential for further gains especially when bullish sentiment returns to markets later this year or early next year depending on external events such as regulation developments or economic news around the world.