Shiba Inu (SHIB), following the larger crypto market trend, has seen a meteoric rise over the last few days. SHIB’s price is up 255.9% in the weekly charts, 306.5% in the 14-day charts, and nearly 332% over the previous month. Moreover, SHIB’s price has increased by 250.6% since March 2023.
Also Read: Shiba Inu To Announce Launch of New Product: Will Push SHIB To $0.001?
SHIB’s latest rally has brought a majority of holders into profits. According to the data from IntoTheBlock, 84% of SHIB holders are now in the money. Meanwhile, 12% are still at a loss, and 4% are even.
You could have grown your profits 4x with Shiba Inu (SHIB) since 2023
If you had invested $1000 monthly since June 2023, you would have put in $9,000 till now. However, the portfolio’s value would have grown to $38,388.02, a rise of 326.5%. Your investment would have grown 4X in the last nine months.
Also Read: Wall Street Analyst Buys Shiba Inu: Says Happy It Outperformed Bitcoin
Shiba Inu (SHIB) is currently down by nearly 55% from its all-time high of $0.00008616, which it attained in October 2021.
If the crypto market continues its bullish trajectory, SHIB could reclaim its 2021 highs this year. With Bitcoin (BTC) inching closer to its all-time high, other assets may follow suit. Furthermore, BTC will undergo its next halving cycle in April. Many analysts consider halvings bullish as they reduce an asset’s supply.
Also Read: Shiba Inu: How High Can SHIB Rise in March 2024?
Furthermore, the Shiba Inu (SHIB) team is working on a new burn mechanism, rumored to burn trillions of tokens yearly. If the team can reduce SHIB’s supply, it may lead to another price spike. However, the team has not given an official launch date for the new burn mechanism.
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