Investors who bought stocks during the COVID-19 market crash in 2020 have generally experienced some big gains in the last two years. But there is no question some big-name stocks performed better than others since the pandemic bottom — and cryptocurrencies as well.
Shiba Inu's Big Run: As strong as the stock market has been since it bottomed on March 23, 2020, Shiba Inu (CRYPTO: SHIB) has been much stronger.
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The Shiba Inu launch in August 2020 came during the middle of the COVID-19 pandemic, and the timing couldn't have been better for investors. Younger Americans receiving three rounds of direct stimulus payments have poured a significant chunk of that cash into investments, including Shiba Inu. In addition, cryptocurrency investing became extremely trendy in 2021, and Shiba Inu was one of the most popular cryptos in the market.
In August 2020, Shiba Inu began trading at $0.00000000051. By the end of 2020, the cryptocurrency had dropped to $0.000000000168 as investors focused more on the rebounding stock market and crypto leaders Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
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While many cryptos bottomed in March 2020, Shiba Inu reached its pandemic low price of $0.000000000082 on Sep. 1, 2020. The good news for Shiba Inu investors is the crypto bounced off that level as the government started printing money and the crypto market picked up some incredible momentum.
Shiba Inu In 2022, Beyond: On Jan. 19, 2021, influential Tesla Inc (NASDAQ:TSLA) CEO Elon Musk added #Bitcoin to his Twitter bio and tweeted “In retrospect, it was inevitable.” Musk’s tweet sent the entire cryptocurrency market soaring, including Shiba Inu.
Shiba Inu absolutely caught fire during the 2021 crypto trading frenzy, hitting $0.00003532 in May, before pulling back down below $0.00001 in the months that followed.
The crypto really skyrocketed around the time Musk tweeted a photo of his new Shiba Inu puppy Floki in September 2021.
Shiba Inu ultimately hit a new all-time high of $0.00008845 in October 2021, but has since pulled back significantly. Today, Shiba Inu is trading back down at $0.00001101.
Still, investors who bought Shiba Inu on the day it hit its pandemic low and held on have generated a huge return on their investment. In fact, $1,000 in Shiba Inu purchased on Sep.1, 2020, would be worth about $132.2 million today.
Given the rise in Shiba Inu prices in the past two years coupled with the loss of stimulus payment support in 2022, some investors are understandably concerned about just how much further Shiba Inu prices could fall. Shiba Inu and other cryptos are prone to boom-to-bust drawdowns, and Shiba Inu prices are already down 71% in the last six months.
