Can Shiba Inu Reach $1 in 2024? Consider This $589 Trillion Problem
Cryptocurrency token Shiba Inu (CRYPTO: SHIB) delivered a return of more than 43,000,000% in 2021. It was one of the greatest gains in the history of financial markets, and it would have been enough to turn a perfectly timed investment of $3 into more than $1 million.
But the token has since plummeted 89% from its all-time high. A couple of things have contributed to the weakness: Shiba Inu has failed to gain traction as a payment mechanism, and investor sentiment toward speculative cryptocurrencies deteriorated starting in 2022.
However, the tide appears to be turning for the better in the crypto industry. Bitcoin is up 23% in 2024 already, and the total value of all crypto in existence has reached $2 trillion for the first time in almost two years.
Source Fool.com
