Becoming a Millionaire with SHIB by 2024: A Shiba Inu Analysis

• The Fall and Possible Rise of Shiba Inu (SHIB)
• Shiba Inu's Performance Compared to Other Cryptocurrencies
• What Could Be The Turning Point for Shiba Inu (SHIB) in 2024?
• The Factors That Could Contribute to SHIB's Success
• Anticipation of a Bull Market in 2024
• Increase in Adoption of Shiba Inu (SHIB)
• Increased Token Burns by Shiba Inu (SHIB)
• Is Millionaire Status Possible with Shiba Inu (SHIB) in 2024?

The Fall and Possible Rise of Shiba Inu (SHIB)

Having converted many early investors into millionaires, and some into billionaires, Shiba Inu$0.000010 -2.05% (SHIB), a popular dog-themed memecoin, has seen a dramatic decrease of over 87% from its 2021 highs. The drastic dip has left investors questioning the feasibility of future investments in SHIB, while others remain optimistic about its potential rebound in 2024.

Shiba Inu's Performance Compared to Other Cryptocurrencies

Since the start of 2023, SHIB has seen a rise of approximately 30% in its price. Although a notable growth, it falls far behind other cryptocurrencies like Solana$104 5.03% (SOL), which has seen an incredible increase of nearly 1000%, and Bitcoin$42,260 -0.64% (BTC), which has surged over 150% in the same period.

What Could Be The Turning Point for Shiba Inu (SHIB) in 2024?

There exists a possibility of SHIB regaining and even surpassing its all-time high of $0.00008616 achieved in October 2021. However, several factors need to be in place for this levelling up to occur.

The Factors That Could Contribute to SHIB's Success

Anticipation of a Bull Market in 2024

One of the crucial elements for SHIB's rise is the onset of a bull run similar to that of 2021. Speculation is rife about the potential emergence of a bull market in the cryptocurrency space in 2024. Significant events such as the likelihood of a Bitcoin (BTC) ETF (Exchange Traded Fund) approval and BTC's halving event have been highlighted as potential triggers for a bull run.

Increase in Adoption of Shiba Inu (SHIB)

Another vital factor that could drive SHIB's price is a significant increase in adoption. The project's layer-2 network, Shibarium, launched in August 2023, but it didn't significantly affect the asset's price. However, an increase in applications launching on Shibarium could boost SHIB's adoption, potentially leading to a rise in its value.

Increased Token Burns by Shiba Inu (SHIB)

A further element that could contribute to SHIB's growth is increasing token burns. The SHIB development team announced that the Shibarium network would begin burning tokens. The projected removal of trillions of tokens yearly could lead to a significant rise in SHIB's value.

Is Millionaire Status Possible with Shiba Inu (SHIB) in 2024?

If all these factors align, Shiba Inu (SHIB) could potentially reclaim or surpass its previous all-time high. In such a situation, early investors who bought at a low could reap substantial profits, potentially making millions.

Edited by Jonathan Stoker