Shiba Inu, which was introduced on August 1, 2020, with a relatively low value of $0.000000000972 (nine zeroes), experienced a year of predominantly downward trading. However, starting in early 2021, there was a significant surge in demand for the token, leading to a trend of removing zeroes from its price.
Shiba Inu achieved a market capitalization of $1 billion at its highest point of popularity. This remarkable ascent, accomplished by eliminating six zeroes within a span of 10 months, positioned Shiba Inu as one of the top-performing cryptocurrencies in 2021.
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However, as the popular saying suggests, every positive trend eventually disappears. After reaching its peak value of $0.00008616 in October 2021, Shiba Inu experienced a price decline. Although its market capitalization is currently above $5 billion, the phenomenon of rapid growth has become a thing of the past. Furthermore, the trading volume of Shiba Inu has been decreasing since the second quarter of 2021.
Shiba Inu: When Did SHIB Reach $1 Billion In Market Cap?
Shiba Inu achieved a market capitalization of $1 billion within a year of its launch. Remarkably, it only took 279 days for SHIB to grow from a market cap of $1 million to reach the impressive milestone of $1 billion. Thus, on May 6, 2021, Shiba Inu successfully reached a market cap of $1 billion, accomplishing this feat in just 9 months and five days.
During this timeframe, Shiba Inu (SHIB) gained widespread attention and became a prominent topic of discussion. Influential figures in the cryptocurrency industry were actively involved and expressed significant interest in SHIB. Major media organizations extensively featured stories highlighting the astounding transformation of a $1,000 investment into a remarkable $1 million.
As a result, a large number of new and inexperienced investors were lured into the Shiba Inu community. Notably, Shiba Inu surpassed Dogecoin in popularity and enjoyed substantial recognition throughout the latter half of the year.
As of the time of writing, Shiba Inu (SHIB) is being traded at $0.00000867, reflecting a 2.08% decrease in the 24-hour trading period. Moreover, SHIB has experienced a significant decline of 89.91% from its peak value of $0.00008616, which was attained in October 2021.
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