Shiba Inu Turns Six On August 1: Birthday Rally Incoming?

Shiba Inu (SHIB) made its debut on August 1, 2020. The popular memecoin will celebrate its 6th birthday later this week. With a vibrant history and a massive fan following, let’s discuss if Shiba Inu (SHIB) will see a price rally on its birthday.

Will Shiba Inu See A Price Rally On Its Birthday?

Shiba Inu (SHIB) was one of the most successful cryptocurrencies during the 2021 bull run. The asset saw a multi-million percent rally within months of its debut. SHIB went on to hit an all-time high of $0.00008616 in October 2021. One of the catalysts behind SHIB’s incredible 2021 rally was Vitalik Buterin token burn. Buterin received half of SHIB’s entire supply and decided to burn 90% of the coins he received.

While the memecoin had an incredible launch, the asset has seen a massive price dip since its 2021 peak. CoinGecko data shows that SHIB is currently down by nearly 95% from its all-time high.

While Shiba Inu’s (SHIB) birthdate may rile up some fans and lead to a slight rally, it is unlikely that the asset will see a massive break out. The larger cryptocurrency market is still in bear territory and risk appetite is significantly low. Shiba Inu (SHIB) being a memecoin carries some of the highest risks in the market.

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