Entrepreneur Says Shiba Inu Unlikely to Hit ATH Again

According to the founder of Gold Squad, the likelihood of Shiba Inu recapturing its 2021 all-time high (ATH) value of $0.00008845 is relatively low.

Shiba Inu (SHIB) has been caught in a bearish storm amid the prevalent bear market, but the community has kept the fire burning in hopes of a breakout. However, individuals such as Mason Versluis have asserted that the asset might not be able to reclaim the previous highs it registered in 2021.

Versluis, who is well-known as an entrepreneur and the founder of the crypto community Gold Squad, made these remarks in a recent tweet, seeking the public’s opinion on the matter.

Shiba Inu skyrocketed by an unprecedented scale to an all-time high of $0.00008845 in October 2021 during a market-wide run. SHIB plummeted by 71% four months later but found support around the $0.000025 territory. SHIB’s support broke in the wake of the Terra implosion of May 2022, leading to dips below the $0.00001 zone.

The asset now seeks to reclaim its previous highs, but Versluis believes this is not feasible. “I am pretty confident $SHIB will never go past all-time high again ($0.00008845).” He remarked in the latest tweet.

I am pretty confident $SHIB will never go past all time high again ($0.00008845)

What do y’all think?

— MASON VERSLUIS 🏆🔮 (@MasonVersluis) May 8, 2023

Investors React

Responding to his assertion, Tony JRNY, the founder of the NFT project JRNY Club, implied that, to hit previous highs, it “would take some groundbreaking utility and FOMO.” 

It would take some ground breaking utility and FOMO

— JRNY Crypto (@JRNYcrypto) May 8, 2023

It is important to note that the Shiba Inu community is hard at work on introducing utility to the ecosystem through a series of projects aimed at bolstering adoption. These projects include Shibarium, the Shiba Inu ecosystem L2 network as well as SHIB: The Metaverse, the ecosystem’s metaverse project.

Some proponents believe SHIB could revisit the ATH value. One Twitter user mentioned that it would depend on the level of adoption by new retail investors. Others believe the introduction of Shibarium, the Metaverse, and the burn mechanism – features that SHIB didn’t have in 2021 – could help the asset rally past the ATH.

It bears mentioning that, last September, Versluis expressed his regret over missing out on the initial SHIB run due to his “hate” on the asset. He noted that he had to drop this animosity and leverage the next meme coin rally to invest in SHIB.

Meanwhile, Shiba Inu has broken below the support stationed at $0.00001 in the wake of the latest market-wide downtrend. The asset has declined by 2.33% in the past 24 hours, currently trading for $0.000008782, its lowest value in the past four months.