A prominent market veteran believes we’re not there yet in this cycle, calling attention to an early Shiba Inu run that saw it rise exponentially.
Lark Davis (TheCryptoLark), a renowned Bitcoin investor and market commentator, said this to his over 1.3 million followers on X today. The analyst sought to highlight that the market is still in the early bull run phase, and things could “go crazy” from here.
Notably, while Bitcoin (BTC), the crypto market leader, is already retesting all-time highs, the altcoin market is still looking to recover the losses of the past few months, with the TOTAL2 index down 9.66% year-to-date to trade at $1.21 trillion despite the 17.11% gain this month.
Lark Cites SHIB to Illustrate How Wild the Crypto Market Can Get
Most major altcoins, including Ethereum (ETH), XRP, and even Shiba Inu (SHIB), are still miles away from their 2021 peaks. This has triggered caution among investors. To address this, Davis began his commentary by insisting that the market is not there yet despite Bitcoin’s gains.
He stressed that the crypto market, which often presents opportunities for massive gains, tends to go crazy during bull seasons. However, Lark suggested that this “crazy” period has not yet materialized in the current bull market cycle. According to him, “things get so stupid” when such crazy times come, leading to unreasonable gains.
To present an instance, he quoted a disclosure from crypto trader Trade IV, who recently indicated that Shiba Inu exploded from an $8 million market cap to $2.5 billion in just 50 days. This translates to a 312x increase, showing how massive crypto gains can go once those crazy times come.
Notably, this 312x rise likely occurred in 2021 during the previous bull run, but Trade IV provided no further context. The Crypto Basic sought to verify the claim but found that the reality was even more impressive.
Did Shiba Inu Ever Deliver Such Gains?
Specifically, data from CoinMarketCap indicates that Shiba Inu had a price of $0.00000008 as of April 11, 2021. This was about eight months after SHIB launched, boasting a modest volume of $6.9 million at the time. At the price of $0.00000008, SHIB had a market cap of $80 million, considering its supply of 1 quadrillion tokens then.
However, a month later, on May 11, 2021, Shiba Inu’s price jumped to $0.00003469. With this price, Shiba Inu’s market cap hit a high of $34.69 billion. This marked a massive 433x increase from the valuation the meme coin had a month before.
Lark confirmed that besides Shiba Inu, other assets have delivered similar returns, confirming that this remains a pattern within the crypto market. According to him, “there is money to be made” in the crypto market, and there will be a particular time for that.
He noted that such a time might come up this year. In his words, investors have to survive the ongoing market lull and just hold on till those crazy times come up. Currently, Shiba Inu changes hands at $0.00001479, still down from the May 11 peak.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
