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Shiba Inu and Dogecoin have lesser chances of hitting ATH again, Mason Versluis, founder of Gold Squad remarked.
In particular, with SHIB, Versluis claimed the token might never go beyond the $0.00008845 mark. He feels the same towards DOGE.
In response to the tweet, Tony JRNY, the creator of the NFT initiative JRNY Club, suggested that in order to surpass prior highs, it “would take some groundbreaking utility and FOMO.”
Versluis’ comments were made in light of the token seeing a large price decline despite massive purchases.
As per a recent report by IntoTheBlock, large-scale buyers bought more SHIB tokens than were sold in the previous week by over 10 trillion, or 250 billion SHIB.
Large volumes followed, but for the third week in a row, the price declined despite the massive numbers.
SHIB showed hints of an increase last week, however, this trend was temporary and the token’s value decreased during the next three days.
Shiba Inu’s price is currently trading at $0.000008851, the lowest price in the last four months, after falling by more than 10% over the weekly index.
On top of that, newcomers such as Pepe have stolen the limelight away from the OG memecoins.
Developed by anonymous developers on the Ethereum blockchain earlier this year, the crypto, according to CoinMarketCap, is a tribute to the Pepe the Frog internet meme, with the intention of leveraging the success of the likes of Shiba Inu.
Not long ago, the PEPE achieved a new feat when it trounced both Shiba Inu and Dogecoin in trading volume, TronWeekly reported.
The frog-themed meme coin has made significant progress in terms of market value, ranking 42 on CMC, but PEPE is also subject to extremely high volatility; in the past week, the token fell by 31%.
Shiba Inu Ecosystem Is Teeming With Activities Despite Price Correction
In addition, unlike PEPE, SHIB has a robust developer community and other important stakeholders striving to expand the meme coin’s visibility outside of the cryptocurrency space.
One such initiative is SHIB: The Metaverse, which recently attracted the interest of a number of important corporations and Hollywood.
Another notable mention is the meteoric rise of Puppynet, the beta version of the layer 2 scaling solution Shibarium. Barely a month after its launch, Puppynet’s number of interacting wallet addresses reached over 14 million.
SHIB proponents continue to pin their hopes on SHIB’s projects which they believe would propel the asset to newer heights.
Cryptocurrency investors are always searching for the next big thing and the Shiba Inu token is one of the stars of the crypto market right now. The Shiba Inu token (SHIB) has seen tremendous growth in recent weeks, and the hype around the coin could push it even higher. But what are the odds that SHIB will reach its all-time high?
A recent report from prominent crypto investor Lark Davis is discussing this very topic. Davis points out that the SHIB token recently made a 2,000% jump in its price over the last 30 days, and it currently stands at almost $0.000056. Davis believes that if SHIB can push past its all-time high of just over $0.000083, the token could reach prices of over $0.000400.
That would put the SHIB token into the top 5 coins by market cap, but Davis cautions that it is still a risky investment. He points out that the liquidity of SHIB tokens is not yet on par with other major coins, increasing the risk of sudden price swings. He also points out that the hype around the coin is potentially unsustainable, as some investors may be in it only for the short-term rewards.
Overall, Davis believes that there is good potential in SHIB tokens, but investors should be aware of the risks. If SHIB can continue its current trajectory and reach its all-time high, then it could bring immense reward to investors who got in early. But caution is still required, as the SHIB token remains a largely untested cryptocurrency.