web3.0Notable Figures in the Crypto Community Express Apprehension About Shiba Inu (SHIB) Despite Recent Price Gains
The crypto scene is witnessing a resurgence of bullish momentum, and Shiba Inu is one of the major beneficiaries. SHIB now trades at $0.00001927
As the crypto market experiences a bullish resurgence, several prominent figures in the community have expressed contrasting views on the meme coin Shiba Inu (SHIB). While some remain apprehensive about SHIB investments, others anticipate substantial gains for the token this bull cycle.
Highlighting the massive circulating supply of Shiba Inu, Computer Systems Engineer Charu Bey, known for his commentary on SHIB burns, expressed sympathy for the token in a post on X today.
This sentiment follows an update from community burn tracker Shibburn, which revealed a 75.88% decrease in the SHIB burn rate over the last 24 hours. During this period, only 156,044 SHIB tokens were removed from circulation.
The update also noted a 44% increase in the burn rate over the past seven days, with 93 million SHIB tokens incinerated.
Commenting on the situation, Bey lamented the vast supply of 589 trillion SHIB tokens and observed the relative silence within the community. He contrasted this with the LUNC community, where members remain dissatisfied despite burning millions of LUNC tokens daily while the supply still exceeds 5 trillion units.
“I feel sorry for SHIB,” remarked Bey, alluding to the widely touted '1 cent' dream for LUNC, which appears far-fetched given its massive circulating supply.
In a separate conversation, Sajad, a well-known community figure and meme coin enthusiast, shared his strategy of avoiding Shiba Inu and focusing on newer meme coins.
“Personally I am staying well away from shib, doge and other older memecoins cos chart does not support it and TA is showing newer ones will out perform,” Sajad stated.
Sajad added that even if Dogecoin and Shiba Inu experience a favorable bull run, new large-cap meme coins will likely perform exceptionally well and yield higher profits for investors.
“Remember though, even if doge/shiba run…. your newer large cap memecoins will run harder as a result anyway,” he noted.
Ambitious analysts largely anticipate Shiba Inu to peak around $0.0001 this cycle, which would mark a return of slightly above 400% from its current value.
In contrast, newer meme coins like Dogwifhat (WIF) have already achieved growth of over three times this 400% surge in Q1 and continue to maintain it, with the likelihood of even further surges.
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