Shiba Inu and Dogecoin have lesser chances of hitting ATH again, Mason Versluis, founder of Gold Squad remarked.
Versluis said that SHIB’s token price might never rise over $0.00008845. He feels the same towards DOGE.
In response to the tweet, Tony JRNY, the creator of the NFT initiative JRNY Club, suggested that in order to surpass prior highs, it “would take some groundbreaking utility and FOMO.”
Versluis’ comments were made in light of the token seeing a large price decline despite massive purchases.
As per a recent report by IntoTheBlock, large-scale buyers bought more SHIB tokens than were sold in the previous week by over 10 trillion, or 250 billion SHIB.
Large volumes followed, but for the third week in a row, the price declined despite the massive numbers.
SHIB showed hints of an increase last week, however, this trend was temporary and the token’s value decreased during the next three days.
Shiba Inu’s price is currently trading at $0.000008851, the lowest price in the last four months, after falling by more than 10% over the weekly index.
On top of that, newcomers such as Pepe have stolen the limelight away from the OG memecoins.
According to CoinMarketCap, the cryptocurrency was created early this year by anonymous developers on the Ethereum blockchain as a tribute to the internet meme Pepe the Frog with the aim of capitalizing on the success of Shiba Inu.
Not long ago, the PEPE token achieved a new feat when it outperformed both Shiba Inu and Dogecoin in trading volume, TronWeekly reported.
The frog-themed meme coin has significantly increased in market value and is currently ranked 55 on CMC. However, it also had exceptionally high volatility; in the last week, the token dropped by 31%.
Shiba Inu Ecosystem Is Teeming With Activities Despite Price Correction
In addition, unlike PEPE, SHIB has a robust developer community and other important stakeholders striving to expand the meme coin’s visibility outside of the cryptocurrency space.
One such initiative is SHIB: The Metaverse, which recently attracted the interest of a number of important corporations and Hollywood.
Another notable mention is the meteoric rise of Puppynet, the beta version of the layer 2 scaling solution Shibarium. Barely a month after its launch, Puppynet’s number of interacting wallet addresses reached over 14 million.
SHIB proponents continue to pin their hopes on the diverse projects in the ecosystem which they believe would propel the asset to newer heights.