Shiba Inu (SHIB) exchange rate: how a token became one of the leading memcoins on the crypto market
Early stage Shiba Inu (2020 — 2021)
The Shiba Inu meme token appeared on the crypto market in August 2020 — almost at the height of the first phase of the crypto industry bull market. Despite such an auspicious moment of appearance, not many people knew about the token at the time of its release. However, this allowed many investors to purchase the Shiba Inu meme token at an incredibly low price: at the time of listing, the value of SHIB was less than one billionth of a US dollar, or about $0.000000001.
Until April 2021, the SHIB meme token remained little known, although, at that time, its price had already increased significantly and reached $0.00000011, which is already more than a hundred times higher relative to the rate at the time of listing.
The most active growth phase of Shiba Inu began in April 2021, and by May, the price of the meme token SHIB amounted to $0.000017, reaching a new all-time high (ATH). In other words, in just one month, the value of the Shiba Inu cryptocurrency has increased almost 170 times, and since its listing, it has risen about 17,000 times. This was one of the first reasons for the meme token's popularity. Shiba Inu's early investors could make huge profits even with small investments, information about which quickly spread in the media and social networks.
As with other similar digital assets, social media was the primary catalyst for Shiba Inu's popularity. For example, the developers of Shiba Inu sent about half of all existing SHIBs to Ethereum co-founder Vitalik Buterin, who ended up burning 90% of the tokens he received as a gift by sending them to a non-existent address.
Burning tokens was one of the features of the Shiba Inu meme coin that made SHIB even more attractive to investors. The publications of Elon Musk, the head of Tesla and SpaceX, and an extensive marketing campaign, including on such well-known resources in the crypto community as CoinMarketCap and CoinGecko, attracted additional attention to the Shiba Inu meme token.
Another reason for the popularity of the Shiba Inu meme token was its ecosystem, which initially consisted of a game with NFT tokens and a decentralized exchange Shibaswap and later was supplemented by other projects such as:
- metaverse;
- an online store:
- namespace;
- Shibarium's own L2 blockchain and others.
All this made Shiba Inu the primary meme token on the crypto market and the second memcoin after Dogecoin.
However, after rapid growth, the price of the SHIB token quickly corrected, and by September 2021, it had already decreased to $0.000007. Then, a new, even more active growth phase began when the price of the Shiba Inu meme token first updated its absolute maximum to $0.000027 in October 2021 and, after that, to $0.000088 in November. The latter ATH remains valid to this day as of October 2024.
Protracted correction in the crypto market (2021 — 2023)
After a massive bull run that ended in November 2021, a new phase of correction began in the crypto market that lasted almost two years — until October 2023.
First, the price of meme-token SHIB fell to $0.000021 by January 2022, followed by a pullback. The next wave of decline began in May of the same year amid the collapse of the infamous Terra project: then the price of Shiba Inu dropped from $0.000022 to $0.000009 in just one month.
Throughout the correction period from June 2022 to October 2023, the SHIB cryptocurrency rate varied from $0.000007 to $0.000014. Between October 2023 and February 2024, the value of the SHIB meme token rose from $0.0000071 to $0.0000096.
The most rapid growth was recorded in March 2024, when the price of cryptocurrency Shiba Inu rose sharply to a two-year high of $0.000035. After that, the crypto market started to correct again, and the cost of SHIB cryptocurrency retreated along with Bitcoin and other altcoins, reaching a local low of $0.000013 in September 2024.
As of October 2024, the SHIB meme-token exchange rate is $0.000018, down 78% from its all-time high. However, according to CoinMarketCap data, compared to the SHIB token price at the time of listing, the SHIB token is up 22,946,381%.
Memcoins remain one of the crypto industry's major trending areas. Therefore, if a new bull run starts, the SHIB cryptocurrency will likely show growth and have a good chance to renew its ATH.