The Shiba Inu (SHIB) community is experiencing renewed hope as the token’s price witnesses a significant upswing. The community’s positive sentiment stems from a combination of recent price performance and historical data, leading some to speculate about potential future growth.
Notably, SHIB has exhibited impressive growth compared to other prominent cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) during this recent uptrend. Over the past 24 hours, SHIB has surged by 23.44%, significantly outperforming both BTC (up 5.49%) and ETH (up 3.39%).
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This relative strength has fueled speculation about SHIB’s potential for continued growth. The meme coin is trading at $0.00001362, having breached the crucial $0.00001 level on February 27.
Historical Performance Ignites Speculation
Capitalizing on this momentum, some members of the SHIB ecosystem, like Lucie (@LucieSHIB), have pointed to historical data to support her bullish outlook. Lucie highlights a specific instance in 2021 where SHIB experienced an 800% price increase within a single week. This significant growth, however, is crucial to be viewed in context.
$SHIB surged 800% in a week without any burns in 2021.
Eager to see the outcome in 2024.
Slow burns and steady demand are essential.$SHIB is poised for growth and waits for no one.
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼♀️ (@LucieSHIB) February 28, 2024
While the claim of an 800% surge within a week holds some truth, it’s important to note that data suggests an even more substantial rise. CoinMarketCap data reveals that SHIB traded at $0.00000153 on May 7, 2021, and reached a new all-time high of $0.00003469 four days later on May 11, 2021. This translates to a remarkable 2,168.6% surge, far higher than 800%.
It is also important to remember that this extraordinary growth occurred before the significant burn of SHIB tokens initiated by Ethereum founder Vitalik Buterin. Buterin’s burn on May 16, 2021, coincided with a correction from the all-time high, not causing the decline. After consolidation, SHIB reached a new all-time high of $0.00008845 in October 2021, fueled by a broader market recovery.
Although this comparison could mean a bigger surge for SHIB, drawing parallels between the 2021 surge and the current situation requires caution. While historical performance can offer insights, it shouldn’t be solely relied upon to predict future outcomes, as various factors beyond historical trends influence cryptocurrency prices.
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Factors that Could Influence SHIB’s Growth
In her post, Lucie highlighted token burning and steady demand as factors that could help SHIB reach its target. Ongoing initiatives to reduce the circulating supply of SHIB tokens through burning mechanisms could contribute to price appreciation.
Increased demand for SHIB, driven by factors like community adoption and utility within the Shiba Inu ecosystem, could also play a role in price movements. Increased demand combined with scarcity caused by burning could propel it even further.
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