Meme Coin Shiba Inu Outperformed Bitcoin In Year’S First Half
Date
7/13/2024 9:53:12 AM
(MENAFN- Yolo Wire) To the surprise of many analysts and investors, meme coin %ShibaInu (CRYPTO: $SHIB) outperformed %Bitcoin (CRYPTO: $BTC) during this year’s first half.
Shiba Inu saw its price rise 61% in the first half of 2024, which beat the 42% gain in bitcoin over the same period.
Unlike Bitcoin, which has an underlying blockchain and some utility, Shiba Inu is a meme coin that consists only of an image of a Shiba Inu dog. The digital token serves no practical purpose.
Yet Shiba Inu continues to trend higher along with other speculative meme coins. Over the past 12 months, its price has risen 113%, outpacing most cryptocurrencies.
However, despite the price increase, Shiba Inu still trades at a fraction of one cent.
Some analysts expect the current momentum behind Shiba Inu and other meme coins to continue during this year’s second half.
Shiba Inu has been here before. Speculative fever drove the meme coin up an astounding 45,278,000% in 2021 during the last crypto bull run.
That run ended in a major collapse that saw Shiba Inu’s price drop 92% from peak to trough. Currently, Shiba Inu is trading about 80% below its all-time high.
Fans of Shiba Inu have long held onto the goal of seeing the meme coin rise to $1 U.S. per digital token. That would be a massive undertaking given that its current price is $0.000016.
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