Shiba Inu (SHIB) reached an all-time high price of $0.00008616 on October 28, 2021, as well as an all-time high market cap of $42.25 billion on the same date.
Shiba Inu was fully distributed in its creation of 1 quadrillion SHIB, as 50% was locked into Uniswap’s Liquidity Pool — under the control of the tokens creator — and the other half was sent to Vitalik Buterin’s known address, later partially donated, and burnt.
Interestingly, since the meme coin’s deployment, around 410 trillion SHIB have already been burnt.
Considering data retrieved by Finbold on August 25, with a current circulating supply of around 589.33 trillion SHIB, by press time, one Shiba Inu would be worth close to $0.0000717 — $0.00001446 (16%) less than its price all-time high in US dollars, two years ago.
Nevertheless, SHIB is trading at $0.00000808 at the time of publication, which would potentially offer the possibility for Shiba Inu’s investors to gain close to 10 times more for purchases made at this moment if the meme coin ever meets previous demand. Comparatively, the current price is -90.60% lower than the all-time high price.
All things considered, there are no guarantees that SHIB will ever again reach its all-time high market cap of $42.25 billion, depending entirely on further development, news, sentiment, and demand for the Shiba Inu ecosystem. Therefore, it’s also possible that the second most popular meme coin could overcome this historic mark.
Can Shibarium affect SHIB’s price?
Although most recent developments related to the launch of Shibarium directly impacted SHIB’s price — as the price pumped ahead of positive expectations pre-launch, dumped following Shibarium’s failure, and slightly consolidated as the team is working to solve previous issues — the token doesn’t have a clear direct utility to the layer-2 blockchain that is being built.
SHIB is the flagship digital asset for the ecosystem, therefore being affected by the public perception of everything related to the Shiba Inu ecosystem. But the token that will be directly used on Shibarium is BONE, native for the ShibaSwap decentralized exchange, migrating to the new environment.
BONE is an inflationary token, currently under the control of the developing team behind Shibarium and ShibaSwap.
All SHIB that is intended to be used on Shibarium will be required to go through a bridge, using smart contracts, connecting the original token on the Ethereum (ETH) Network, to the second layer network.
How other cryptocurrencies would perform according to their all-time high market cap?
Notably, Avalanche (AVAX) — among the leading layer-1 blockchains for DeFi and Web3 — could suffer a significant negative impact in price on August 26, as 9.54 million AVAX ($101.14 million) of new tokens will be put into circulation on this day.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
