thecryptobasic.com
The Shiba Inu community is witnessing a renewal of optimism amid the uptrend, with new speculations of a possible 800% surge in the next week as recorded in the 2021 bull run.
Amid the Bitcoin (BTC) pump, Shiba Inu has outperformed the rest of the market, soaring 23.5% over the past 24 hours when other assets have recorded less growth. For instance, despite retaining $62,000, BTC is only up 9% within this timeframe, while Ethereum (ETH) has gained 5.43%.
SHIB’s latest bullish momentum has sparked a new wave of optimism among market participants, leading to speculation around lofty price growths. Lucie, a Shiba Inu ecosystem marketing specialist, recently called attention to a possible rise in SHIB’s price, citing historical data.
SHIB Rallied in 2021 Without Burns
According to Lucie, Shiba Inu spiked 800% within a week in 2021 despite not recording any burns. An investigation by The Crypto Basic confirms the accuracy bold claim from the ecosystem marketing specialist. However, data suggests that the asset might have actually surged much higher.
$SHIB surged 800% in a week without any burns in 2021.
Eager to see the outcome in 2024.
Slow burns and steady demand are essential.$SHIB is poised for growth and waits for no one.
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼♀️ (@LucieSHIB) February 28, 2024
Notably, CoinMarketCap (CMC) shows that Shiba Inu traded at $0.00000153 on May 7, 2021. Nonetheless, the asset recorded a massive price spike, surging to a new all-time high of $0.00003469 on May 11, 2021. This marked a 2,167% increase in four days.
At this time, Ryoshi, the anonymous founder of Shiba Inu, had already allocated half of the token’s supply to Ethereum founder Vitalik Buterin. However, Buterin had not yet executed the historic SHIB burn when SHIB recorded this spike.
Shiba Inu Could Hit $0.0001206 on an 800% Spike
Lucie called attention to this feat, noting that the asset was able to witness such substantial growth even when no burns had been recorded. Speaking further, she expressed her eagerness to see how far the token would surge this year, especially with the periodic burns it now experiences.
At Shiba Inu’s current price of $0.00001340, an 800% rally would result in a jump to $0.0001206, essentially resulting in SHIB shedding off one zero. Such a price spike would result in a new all-time high, and historical data suggests that it might actually be possible.
According to Lucie, Shiba Inu’s growth could be propelled by slow burns and massive demand. As previously reported by The Crypto Basic, Shibburn, a community-driven Shiba Inu burn tracker, stressed that Shiba Inu’s massive surge in 2021 was primarily due to increased demand.
Buterin executed his burn of 410 trillion SHIB on May 16, 2021, five days after SHIB surged to $0.00003469. Buterin’s burn coincided with a correction from the $0.00003469 high but could not stop the decline. After hitting a floor, SHIB rallied to the ATH of $0.00008845 in October 2021 amid the recovery.