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Notable figures in the crypto community have expressed apprehension about Shiba Inu and advised staying away from it 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, reflecting a rebound of 48.91% from its recent bottom of $0.00001294.
While Shiba Inu still trades about 5% below its monthly high, its latest comeback has attracted significant admiration from proponents in the crypto community. Meanwhile, critics have ignored the massive gains and voiced apprehension about SHIB investments.
Systems Engineer Feels Sorry for Shiba Inu
In a post on X today, Charu Bey, a computer systems engineer, expressed his sympathy for Shiba Inu due to its excessive circulating supply. This sentiment follows an update from community burn tracker Shibburn.
The update revealed that the Shiba Inu burn rate dropped 75.88% in the past 24 hours, with only 156,044 tokens removed from circulation. However, over the past seven days, the burn rate increased by 44%, with 93 million SHIB tokens incinerated.
Reflecting on the situation, Bey lamented the vast supply of 589 trillion SHIB tokens and noted the community’s relative silence. He compared this to the LUNC community, where members are dissatisfied despite burning millions of LUNC daily, with the supply still exceeding 5 trillion units.
As a result, Bey remarked, “I feel sorry for SHIB,” noting that the widely touted 1 cent dream remains far-fetched for LUNC, much less Shiba Inu.
Feel sorry for SHIB
There is a supply of 589 trillion and the #SHIB community is very quiet.#LUNC community is still dissatisfied, despite burning millions of LUNCs every day, and circulating supply is only 5.44 trillion1 cent is not a dream for $LUNC💰
Not financial advice https://t.co/nPT8UkzBjS— CharuBeyチャル🌖𐱅𐰼𐰇𐰰 (@CagriBey83) July 16, 2024
Staying Away from SHIB Amid Perceived Lesser Upside Potential
In a separate conversation, Sajad, a widely followed community figure and meme coin enthusiast, declared that he is personally keeping a distance from Shiba Inu. Sajad said he would cease investing in established meme coins like SHIB and Dogecoin this bull season.
According to him, market charts do not support the potential for these coins to deliver astonishing returns in the current bull run. Instead, he believes the technical indicators now favor newer, emerging 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 outperform
remember though, even if doge/shiba run…. your newer large cap memecoins will run harder as a result anyway
— Sajad 💫 (@SajadFlips) July 16, 2024
Moreover, Sajad stressed 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.
Notably, amid this sentiment, 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.
Newer meme coins like Dogwifhat (WIF) have already grown by over three times this 400% surge in Q1 and continue to maintain it, with the likelihood of even further surges.