Shytoshi Kusama, the Shiba Inu lead developer, is more bullish on the dog-themed coin than most, recently noting that a $0.00012 price projection is a conservative one for the token.
Shiba Inu has captured the attention of the broader crypto community, recently breaching multiple psychological resistance thresholds to hit the $0.000021 mark. Before this spike, The Crypto Basic called attention to a disclosure from Lucie, a Shiba Inu marketing specialist.
SHIB’s Previous Rally
Amid the persistent calls for increased Shibarium-based burns to bolster price, Lucie emphasized on X this week that part of Shiba Inu’s historic rally in 2021 occurred even before Ethereum founder Vitalik Buterin executed the monumental 410 trillion SHIB burn.
According to Lucie, Shiba Inu rallied by over 800% before the burn occurred. On-chain data confirmed that the surge was as high as 2,167%, with SHIB hitting a high of $0.00003469 six days before the Buterin burn.
The rationale is that if Shiba Inu could hit such a high price based on demand even before Vitalik Buterin’s burn or any burns, then the asset has the potential to record a similar surge now that it witnesses periodic burns coupled with increased demand.
The Crypto Basic assessed the feasibility of this projection, evaluating how high SHIB could go if it replicated that previous surge. At the time, an 800% rise in Shiba Inu’s price would take the crypto asset to $0.0001206, representing a new all-time high.
Kusama: $0.00012 an “Underestimate” for Shiba Inu
Most recently, Shytoshi Kusama addressed this evaluation, indicating his overwhelming confidence in Shiba Inu. While others expressed doubt about SHIB clinching the $0.0001206 point, Kusama stressed that this price target was even too low for the asset.
Underestimate https://t.co/7X7dPTPO2t
— Shytoshi Kusama™ (@ShytoshiKusama) March 2, 2024
Quoting the article from The Crypto Basic, the Shiba Inu lead developer remarked, “Underestimate,” signaling that he believes the projected price was underwhelming for Shiba Inu. This exemplifies the confidence most Shiba Inu community members have in the asset, leading to price predictions to as high as $0.001.
Interestingly, shortly after the article from The Crypto Basic, Shiba Inu demonstrated that it could indeed rally without increased burns. The asset surged by 87% from $0.00001256 yesterday to a high of $0.00002350 today, outperforming the entire crypto market.
Despite witnessing a roadblock at $0.00002350, Shiba Inu has retained most of its recent gains. The crypto token has maintained its position as the top gainer among the 100 largest cryptocurrencies, currently trading for $0.00002154, with an impressive 64% surge in the past 24 hours.
