From Nasdaq:

Shiba Inu, a cryptocurrency launched in 2020, started at $0.000000000056 per token and reached an all-time high of $0.00008616 on Oct. 28, 2021, currently trading at about $0.00000947. A $200 investment in Shiba Inu would have briefly soared to $307.7 million before shrinking to about $34.2 million today.

Shiba Inu’s price soared in 2021 due to the social media buzz, retail investor interest, FOMO, growth, and high-profile endorsements. Additionally, the launch of ShibaSwap, listing on Coinbase, and acceptance as payment among merchants like AMC contributed to its growth.

Despite the historic rally, Shiba Inu’s price tumbled as many investors cashed out. Moreover, inflation, rising interest rates, and geopolitical conflicts drove investors away from cryptocurrencies. Shiba Inu’s recent launch of Shibarium, a new blockchain protocol, is the biggest near-term catalyst for the cryptocurrency.

Shiba Inu has come a long way in just over three years, but it remains doubtful if it can revisit its all-time highs. The expansion of its ecosystem with new features needs to drive long-term adoption before its price can soar to new all-time highs.

Before investing in Shiba Inu, consider the advice from the Motley Fool; Shiba Inu wasn’t among the 10 best stocks identified by the analyst team. They provide guidance on building a portfolio, regular updates, and two new stock picks each month.



Read more: If You’d Invested $200 in Shiba Inu in 2020, This Is How Much You’d Have Now