1 March 2024
Shiba Inu (SHIB) Marketing Lead, Lucie, has highlighted a move that could see the SHIB token make a 2,100% gain if history were to repeat itself. There is also the belief that the meme coin could even go on to enjoy a higher gain this time around, considering initiatives that have been put in place to increase its value.
SHIB To Replicate 2021 Run?
Lucie mentioned in an X (formerly Twitter) post that SHIB surged by 800% in 2021 without any burns and hinted at something similar happening this year. Interestingly, the 800% gain Lucie referred to is way more than that (over 2,100%). Meanwhile, she highlighted how token burns and stead demand could contribute to such a parabolic move this time.
Indeed, the token burns carried out so far by the SHIB community has so far sparked price surges for SHIB at different times. As such, SHIB can be expected to experience more moves to the upside even as more token burns are carried out. These token burns will also increase as Shibarium gains wider adoption.
As Lucie noted, demand for the SHIB token is also essential, as token burns do not work in isolation. For the meme coin’s value to rise significantly, there needs to be an increased demand for it even as it becomes more scarce. Lucie seemed optimistic that SHIB could replicate this 2021 run as she added that the meme coin is “poised for growth and waits for no one.”
More Than Just A Meme Coin
Last year, the Shiba Inu team made a statement with the launch of the layer-2 network Shibarium, revealing their intentions to make SHIB more than just a meme coin. So far, they have done a great job, as the Shibarium launch has added more utility for the crypto token and caused its demand to rise.
SHIB’s status as being more than just a meme coin is even more significant when one considers how Ripple’s CEO Brad Garlinghouse had, during the 2024 World Economic Forum (WEF), criticized Dogecoin (DOGE) for not providing any real-life utility.
While such a statement is not necessarily true about DOGE, it, however, puts SHIB on a higher pedestal, considering how much it has achieved since Shibarium launched last year. The team is also not slowing down, as they have a lot planned for 2024. The SHIB ecosystem is undoubtedly growing, and the meme coin is at the helm of all of it.
At the time of writing, SHIB is trading at around $0.00001282, down almost 8% in the last 24 hours, according to data from CoinMarketCap.