Here’s How Much A $1,000 Investment In Shiba Inu Now Could Be Worth If The Meme Coin Returns To Record Highs By Benzinga

Benzinga – Shiba Inu (CRYPTO: SHIB) is among the most widely followed cryptocurrencies with a huge, fanatic following that goes by the name “Shibarmy.”

A Rollercoaster Ride: SHIB has shown promising signs only to deceive this year. After starting 2023 on a solid footing alongside the rest of the cryptocurrencies and other financial assets, the meme crypto peaked in early February. Since then, Shiba Inu has lost most of its gains.

2022 marked an especially low point for Shiba Inu, as it shed more than three-fourths of its value. The meme coin, named after the Japanese canine breed, ended the year at $0.00000807, down 75.8% year over year, as investors avoided risky bets and moved toward safer investments amid macro and geopolitical uncertainties.

This year, indications from the Federal Reserve suggested that it would pause rate hikes, encouraging a “risk on” mood. Shiba Inu quickly ran up to a high of $0.00001562 by February 4 but has since struggled to reclaim this level.

The cryptocurrency previously hit its all-time high of $0.00008848 on Oct. 28, 2021.

See also: How To Buy Shiba Inu (SHIB) On Robinhood

Imminent Catalyst: Shiba Inu, which debuted in August 2020, could benefit in the near term from updates related to Shibarium, a layer-2 blockchain project that is overlaid on the existing blockchain to enhance functionality.

Shibarium aims to remove Ethereum’s bottlenecks, such as higher transaction fees during periods of congestion.

Social-media frenzy could also give the meme coin a lift.

Returns From Shib: If $1,000 is invested now in Shiba Inu, it could fetch roughly 92 million of the crypto (based on Saturday’s closing price of $0.00001087). And if the meme coin revisits its late-2021 high, that same amount could be worth $8,140.16, a neat return of 714%.

At last check, Shiba Inu traded up 0.86% at $0.00001096, according to Benzinga Pro data.

Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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