Shiba Inu (SHIB) enthusiasts have been waiting for the coin to bounce back from its current slump, but one entrepreneur is skeptical that it will ever reach its previous all-time high.
Mason Versluis, the founder of the crypto community Gold Squad, recently took to Twitter to express his doubts, stirring up a debate within the crypto community. For those who don’t know, SHIB was the talk of the crypto town in late 2021 when it skyrocketed to an all-time high of $0.00008845. But since then, the coin has experienced a steady decline, with the latest market downturn sending it spiraling even further.
“Dead” State of MemeCoin
Likewise, the current market dynamics of SHIB highlight the inherent risks associated with investing in meme coins. Shiba Inu was the PEPE of 2021, bringing enormous gains to early investors. Unfortunately, the rally was short-lived and quickly turned into a disaster for anyone who entered SHIB around the ATH.
“I am pretty confident $SHIB will never go past all-time high again ($0.00008845),” He tweeted. While not everyone agrees with him, his statement raises a critical question: Can SHIB regain its former glory, or is it destined to remain a “dead” meme coin?
Bullish Community Reaction
Tony JRNY, the founder of the NFT project JRNY Club, pointed out that it’s possible for SHIB to surpass its previous high with groundbreaking utility and FOMO (fear of missing out). And with the Shiba Inu community working hard to introduce new projects aimed at boosting adoption, it’s not out of the question.
Shibarium, the Shiba Inu ecosystem L2 network, and SHIB: The Metaverse are just some of the initiatives being developed to increase SHIB’s value. But whether these projects will be enough to pump SHIB to new heights is yet to be seen.
Some investors believe it all comes down to adoption. If new retail investors flock to SHIB, it could see a resurgence in value. Others point to the introduction of Shibarium, the Metaverse, and the burn mechanism as possible catalysts for a rally past the ATH.
It’s worth noting that Versluis has had a change of heart when it comes to SHIB. Last September, he admitted to missing out on the initial SHIB run due to his animosity toward the asset. But he’s since dropped that hate and is now weighing in on the coin’s future prospects.
In the current market-wide decline, SHIB has dropped 2.33% in the previous 24 hours, breaking below the $0.00001 support. The asset is trading at its four-month low of $0.000009. In comparison to Pepe, it is still down by 18% which is not favorable for the meme coin.