Shiba Inu (SHIB) enthusiasts have been waiting for the coin to recover 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 increased Twitter to voice his doubts, sparking a debate within the crypto community. For those who don’t know, SHIB was the talk of the crypto city in late 2021 when it skyrocketed to an all-time high of $0.00008845. But since then, the coin has been on a steady decline, with the market’s latest downturn pushing it even higher.
“Dead” state of MemeCoin
Similarly, SHIB’s current market dynamics highlight the inherent risks associated with investing in meme coins. Shiba Inu was the PEPE of 2021, bringing huge profits to early investors. Unfortunately, the rally was short-lived and quickly turned into a disaster for everyone entering SHIB around the ATH.
“I’m pretty sure $SHIB will never go above its all-time high ($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 response
Tony JRNY, the founder of the NFT project JRNY Club, pointed out that it is possible for SHIB to surpass its previous peak with groundbreaking utilities 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 a few of the initiatives being developed to increase the value of SHIB. But whether these projects will be enough to pump SHIB to new heights remains 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 combustion mechanism as possible catalysts for a rally along the ATH.
It is worth noting that Versluis has changed his mind when it comes to SHIB. Last September, he admitted that he missed the first SHIB run due to his hostility to possession. But he has since dropped that hatred and is now weighing the coin’s future prospects.
In the current market-wide decline, SHIB is down 2.33% over the past 24 hours, breaking below the $0.00001 support. The asset is trading at a four-month low of $0.000009. Compared to Pepe, it is still 18% lower, which is not good for the meme coin.
