The Shiba Inu team took to X this week to push back against critics, declaring that “OG culture never left, neither did SHIB” in response to crypto commentator David Gokhshtein. The exchange comes as SHIB has rallied roughly 22% over the past seven days, even as broader meme coin dominance slides to a two-year low.
Gokhshtein’s bullish take
David Gokhshtein, a well-known crypto commentator, said on X that SHIB’s move over the past two days made him more bullish and signals an OG revival across meme coins. The Shiba Inu team’s reply doubled down on that sentiment, framing the token’s recent price action as proof that its original community is still active. Gokhshtein’s post appears to have added fuel to a rally that was already underway.
Burn rate spike didn’t stick
Earlier this month, SHIB’s burn rate hit a six-month high, but that metric alone failed to move the price. Now the price is moving on social sentiment and a vocal endorsement. Historically, meme coin rallies triggered by social posts have faded within days, so the sustainability of this week’s gains is an open question.
The skeptics and the numbers
Trader James Wynn dismissed SHIB as dead about a month earlier. The token is still down roughly 94% from its October 2021 all-time high of $0.00008616. SHIB’s market cap sits at $2.99 billion, ranking 31st among cryptocurrencies. Meme coin dominance hit a two-year low as holders exited the sector, suggesting the broader trend is still against speculative tokens.
What’s next
The rally is fresh, but history suggests caution. No specific catalyst beyond Gokhshtein’s comments and the team’s response has emerged. The burn rate data from earlier this month and the current social sentiment are the main drivers for now. Whether SHIB can hold its gains or follows the pattern of past social-driven pumps will become clear in the coming days.
