Amidst a broader market surge led by Bitcoin, the Shiba Inu (SHIB) community is buzzing with optimism, fueled by the token’s impressive 23.5% gain over the past 24 hours. This outperformance compared to Bitcoin’s 9% and Ethereum’s 5.43% growth has reignited hopes of a repeat of SHIB’s remarkable 2021 rally.
Past Performance Ignites Speculation
Lucie, a Shiba Inu ecosystem marketing specialist, sparked the current wave of optimism by highlighting SHIB’s past performance. She pointed out that in 2021, SHIB experienced a staggering 800% surge within a single week, even before any token burning initiatives were implemented. This claim is further supported by data retrieved by The Crypto Basic, although the exact percentage increase might be disputed.
While CMC data suggests a 2,167% increase between May 7th and May 11th, 2021, it’s important to note that Shiba Inu’s price continued to rise beyond May 11th, reaching an all-time high of $0.00008845 in October 2021. This additional surge brings the total increase closer to 5,800%.
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Can History Repeat?
Lucie emphasizes this historical feat, suggesting that even without burns, SHIB showcased its potential for significant growth. She expresses excitement about the potential for even greater gains this year, considering the ongoing burn initiatives. Based on SHIB’s current price of $0.00001340, an 800% increase would propel the token to $0.0001206, shedding one zero and reaching a new all-time high.
Factors Behind Potential Growth
Lucie identifies two key factors that could fuel this potential growth: slow burns and massive demand. As reported by The Crypto Basic, community-driven burn trackers like Shibburn highlight that SHIB’s initial 2021 surge was primarily driven by surging demand. While Vitalik Buterin’s later burning of 410 trillion SHIB did coincide with a correction, it wasn’t the sole cause of the price decline. SHIB ultimately recovered and reached its October 2021 peak.
While historical data offers a glimpse of possibility, it’s crucial to remember that past performance is not always indicative of future results. The cryptocurrency market remains inherently volatile, and investors should always conduct thorough research before making any investment decisions.
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