Is Shiba Inu poised to capitalize on the current crypto bull run and achieve a $1 valuation by 2024?
Experiencing a surge of over 100% in 2023, the cryptocurrency asset class appears to have officially exited the challenging period known as the crypto winter. Fueled by renewed optimism and the anticipation of a bull market, it's time to assess the performance of Shiba Inu (CRYPTO: SHIB), a standout from the last bull run in the crypto market.
In the midst of widespread cryptocurrency gains in 2021, Shiba Inu unexpectedly claimed the spotlight, achieving remarkable growth of over 28,000,000%. This meme coin now holds the position of the 19th-most valuable cryptocurrency globally. The next significant milestone for Shiba Inu is the highly coveted $1 mark. The question now arises: Can it attain this milestone?
Shiba Inu gets a makeover
Cryptocurrency prices are influenced by various factors, with no fixed formula for their determination. The prevailing belief is that a cryptocurrency's value is closely tied to its demand, often driven by innovative applications that attract holders.
In the realm of crypto, speculation also plays a significant role. Shiba Inu experienced a price surge during the previous bull market primarily fueled by speculation, as it lacked distinctive features or use cases compared to other cryptocurrencies.
Acknowledging the token's shortcomings, Shiba Inu's developers have embarked on a significant journey over the past two years to enhance its utility. The goal is to transition Shiba Inu from its meme coin status to being taken more seriously.
Surprisingly, substantial progress has been achieved. Presently, Shiba Inu holders can utilize the token in ways similar to some top cryptocurrencies. Following its transformation, Shiba Inu can be used for activities such as yield farming, buying and selling non-fungible tokens (NFTs), and various applications within the decentralized finance (DeFi) ecosystem. Ambitious plans even include the launch of a Shiba Inu-based metaverse.
