The future of the popular meme coin Shiba Inu [SHIB] may not be as optimistic as its loyal investors had hoped. Despite gaining popularity for various reasons, including its dedicated community of supporters, many investors had been holding onto the asset with the hope that it would appreciate and reach 1 cent. However, a recent remark from a prominent entrepreneur has cast doubt on this possibility.
Mason Versluis, founder of the crypto community Gold Squad, expressed his bearish prediction on Shiba Inu’s future in a recent tweet. He suggested that the asset may not surpass its all-time high, disappointing those hoping for a continued upward trend.
Shiba Inu’s Wild Ride: From Millionaire Maker to Deep Dive
Shiba Inu experienced an incredible surge in October 2021, reaching an all-time high of $0.00008845 due to a bullish rally in the market, which made several investors millionaires. However, the value of the meme coin fell by 71% over the next four months.
Despite finding support around the $0.000025 mark, the Terra crisis in May 2022 caused SHIB’s support to break, resulting in further declines in value. The coin’s price fell below the $0.00001 threshold. Currently, at press time, the meme coin is trading at $0.00000885, representing an 89.99% decline from its all-time high.
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The chart above shows a significant drop in SHIB’s value over the past year, with the Relative Strength Index [RSI] indicator currently in the oversold zone. In addition, the emergence of new meme coins like PEPE and TURBO seems to have diverted attention away from Shiba Inu. However, the recent hype surrounding meme coins did not help to increase SHIB’s price. Currently, around 78% of SHIB’s holders are experiencing losses, with only about 18% in profit.
Can Shiba Inu Rise Again?
In response to Versluis’s bearish prediction for SHIB, a Twitter user speculated that for the meme coin to reach its all-time high again, it would require significant utility and FOMO (Fear of Missing Out) from investors. They also mentioned that extensive burns could potentially aid in the coin’s possible surge.
Read Also: Burn Rate Up as 5.67B Shiba Inu (SHIB) Burnt in 7 Days
