Will Shiba Inu Ride the Crypto Bull Run and Reach $1 in 2024?
After a brutal year-long bear market, it looks like crypto may have turned a corner. The total crypto market cap has nearly doubled in 2023, adding much-needed optimism that seemed all but gone in the crypto winter.
With exuberance back in full swing, many investors might wonder if Shiba Inu (CRYPTO: SHIB) can ride this momentum and return to its previous all-time high, or potentially soar to new heights, like maybe $1.
The meme coin gets a makeover
Shiba Inu arrived on the crypto scene as the self-proclaimed Dogecoin killer. Since its launch in 2020, it has surged a remarkable 600,000%, good enough to make it the 16th most valuable cryptocurrency on the market.
Although Shiba Inu is still considered a meme coin, its community and developers are doing everything possible to change this perception. Over the last year, Shiba Inu has assumed new functionality that many of the more popular and valuable cryptocurrencies possess.
Today, Shiba Inu holders can utilize the token to yield farm, purchase non-fungible tokens (NFTs), and participate in decentralized borrowing and lending protocols. There are even plans to launch a Shiba Inu-based metaverse. However, while these new endeavors are innovative, they will likely prove to be too little, too late.
Reaching the $1 mark
In the world of cryptocurrencies, supply and demand dynamics play a crucial role in determining a token's value. Basic logic assumes that the more use cases a cryptocurrency provides, the more demand there will be. Now, this is an extreme generalization, but it highlights how other cryptocurrencies like Bitcoin and Ethereum have risen to such high valuations. Both provide unique use cases that create demand, plus they have built-in mechanisms that limit their supply. Add it all up and the two are now the most valuable cryptocurrencies on the market.
