Benzinga - One of the cryptocurrencies that trended late in 2022 was Shiba Inu (CRYPTO: SHIB). Here’s a look at where the coin stands compared to its all-time high and what could be next.
What Happened: Shiba Inu launched in August 2020 as a similarly themed cryptocurrency to Dogecoin (CRYPTO: DOGE). The coin has quickly gained a following and is now one of the 15 largest cryptocurrencies by market cap.
Shiba Inu is part of a decentralized exchange called ShibaSwap, which also includes the tokens Leash and Bone.
A Shiba-Inu based NFT project called Shiboshis launched in November 2021.
Shiba Inu was previously only available on decentralized exchanges like Uniswap. The addition of Shiba Inu to cryptocurrency platforms like Coinbase, Kraken and Robinhood helped increase awareness of the coin and its valuation.
In late 2021, Shiba Inu became a trending cryptocurrency and hit an all-time high price. The coin trended on Twitter and Google searches. Fans of the cryptocurrency called for Shiba Inu to hit 1 cent.
Shiba Inu is up over 50% year-to-date in 2023, but remains well off of its highs hit in 2021. Here’s a look at how much an investment today could be worth if the coin returns to all-time highs.
Related Link: How To Buy Shiba Inu
Investing $100 in SHIB: A $100 investment in Shiba Inu today could purchase 7,390,983 coins based on the current price of $0.00001353 at the time of writing.
If Shiba Inu gets back to its all-time high of $0.00008845, the $100 investment would turn into $653.53, marking a return of 553.7%.
Shiba Inu has a market capitalization of $7.4 billion, ranking 13th among all cryptocurrencies.
There is no guarantee that Shiba Inu will return to its all-time highs, with some believing that 2021 marked the peak of many cryptocurrencies.
The hypothetical investment shows that a small investment could gain over time if the cryptocurrency market returns to highs.
Read Next: Shiba Inu Consolidates As Bitcoin Busts Through $25,000, What's Happening
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.