After seven months of correction, the Shiba Inu price has started to adopt a sideways trend above the $0.0000123 level. This consolidation trend sparks bottom-formation sentiment and reversal potential as Quarter 4 often drives a high momentum rally in the crypto market. Will the anticipated recovery replicate its 2021 rally and push SHIB to hit $1?

If SHIB Rallied Like in 2021, Will Shiba Inu Price Hit $1 in 2024?

In 2021, the Shiba Inu price saw an extraordinary surge of 45000% between January and May. After a notable correction, the coin price offered another 1500% jump to mark an all-time high of $0.00008845 in October,

While a 2021-like rally could provide explosive profits to SHIB holders, hitting the $1 target seems virtually impossible. Here’s why:

Massive Circulating Supply: Despite ongoing efforts to burn tokens, there are still hundreds of trillions of SHIB in circulation. To reach the $1 target, the Shiba inu market cap needs to grow exponentially, even surpassing Bitcoin and Ethereum combined— an unrealistic scenario given the currency market condition.

Previous Rally Context: In 2021, the SHIB price rally was driven by a perfect storm of social media hype, meme culture, and an influx of retail investors. While these factors could drive the notable rally, the market may not offer a rally of similar magnitude, given the alternative investment options.

Will SHIB Repeat Its 2021 Rally?

New Meme-Coin Competition: Following the legacy of Dogecoin and Shiba Inu, new dog-themed meme cryptocurrencies such as Dogwifhat (WIF) and Bonk have emerged. These competitors have siphoned away the investors’ interest, which once belonged to SHIB.

Rise of Cat-Themed Coins: Beyond Dogs, the Cat-themed meme coins Popcat and Mog coin have gradually" gained traction, snatching a notable share of the meme cryptocurrency sector. Their presence could draw away attention from Shiba Inu, making it harder for the token to drive a 2021-like rally.

Maturing Crypto Market: The crypto market is steadily maturing, and just hype and speculative trading is enough to drive a sustained rally.

Conclusion:

So, Will the Shiba Inu price hit $1 if SHIB rallies like in 2021? The answer is no, given the, massive supply, emerging competition, and investors’ need for better utility than just social media hype.