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Shiba Inu staged a spectacular bull run following the third Bitcoin halving cycle that occurred in 2020.
The price gains were so significant that they made many dollar millionaires from those with meager initial capital of below $10,000.
It’s been six months since the fourth and most recent Bitcoin halving occurred, and market participants are pondering how Shiba Inu could perform this time. While future price actions could be challenging to forecast, The Crypto Basic leveraged mathematical reasoning to project Shiba Inu’s potential.
Specifically, this article explores Shiba Inu’s prospects for this market season using its historic price action following the 2020 Bitcoin halving.
Shiba Inu Monumental Price Pump Post-2020 Halving
It is worth mentioning that Shiba Inu was not even launched at the time of the 2020 halving in May of that year. Shiba Inu came to life three months later, in August, trading with several zeros.
During this launch phase, Shiba Inu experienced limited trading activity even during Bitcoin’s growth in late 2020. Its price fluctuations from August 2020 to the end of the year were relatively minor, ranging in the low thousands of dollars.
However, this changed by the end of January 2021. By this time, Shiba Inu saw a substantial spike in trading volume, reaching $5.7 million, though its price was still at just $0.00000001.
Following the significant trading activity in February, SHIB consistently maintained substantial trading volumes in millions of dollars. When Bitcoin peaked at around $64,000 in April 2021, Shiba Inu had exploded and reached $0.00000417, dropping four zeros.
As Bitcoin continued to climb to its cycle peak of $68,789 in November 2021, Shiba Inu had already reached its own cycle top of $0.00008845 a month earlier, dropping one more zero.
Effectively, from the January low price of $0.00000001 to the October price of $0.00008845, Shiba Inu orchestrated a monumental price growth of 884,400% or an 8,844-fold return on investment in less than ten months.
Shiba Inu Price if It Sees Another 884,400% Growth
At press time, Shiba Inu is worth $0.00001728. Factoring in an 884,400% growth from this current price would amount to a price of $0.1528. With this magnitude of growth, even a $100 investment in SHIB today would come close to being worth $1 million.
However, market commentators disagree on the prospects of Shiba Inu engineering such monumental growth in this cycle, especially as it is now a crypto project worth several billion dollars already.
For context, at the price of $0.1528, Shiba Inu would have a hypothetical market cap of $90 trillion, assuming its circulating supply does not reduce. This raises the question of what the market cap of Bitcoin could be in such a scenario if SHIB alone would be $90 trillion.