Shiba Inu Becomes a Bullish Candidate for the Next 'Dog Season'..."Memecoins That Survived Without Dying Are Coming Back"

▲ Shiba Inu (SHIB)

Shiba Inu (SHIB) is once again being discussed as a representative memecoin that survived despite the bear market and waning interest, leading to predictions that it could see a strong rebound when the so-called 'Dog Season', a period for dog-themed memecoins, returns.

According to CryptoBasic on May 27 (local time), crypto commentator Shelby named Shiba Inu as one of his preferred dog-themed cryptocurrencies, alongside Dogecoin (DOGE) and Floki (FLOKI), via X (formerly Twitter). He claimed that Shiba Inu survived years of a bear market and market manipulation controversies, and could show a strong upward trend when the next Dog Season begins.

Shelby cited Shiba Inu's resilience through a prolonged slump as a key reason. Unlike many memecoins that disappeared after a brief trend, Shiba Inu has been expanding its ecosystem since its launch in August 2020. CryptoBasic reported that Shiba Inu has evolved from a simple meme token into an ecosystem with various projects, including Shibarium.

He believes that Shiba Inu, Dogecoin, and Floki could move strongly when Dog Season returns, a period when dog-themed cryptocurrencies show stronger momentum than the overall market. Shiba Inu surged above $0.000033 at the end of 2024 but then saw only a limited rebound amid a broader market downturn. While optimism persists, some critics point to slowing community engagement, weak Shibarium adoption, sluggish burn activity, and claims of weak team support as potential limiting factors for future growth.

Recent network indicators also showed mixed trends. Over the past 24 hours, only 8.61 million SHIB were burned in the Shiba Inu ecosystem, and Shibarium's daily transaction volume remained at approximately 7,220 cases. At the time of writing, Shiba Inu was trading at $0.000005530, with a market capitalization of approximately $3.25 billion, ranking it 30th among cryptocurrencies worldwide. It has fallen by 0.78% in the last 24 hours and 3.85% in the last week.

However, exchange holding data showed a potential easing of selling pressure. Investors withdrew approximately 204.5 billion SHIB from exchanges in the last 24 hours. CryptoBasic reported that this trend could be interpreted as a sign of reduced short-term selling volume. Despite Shelby's bullish forecast, whether Dog Season will resume and whether Shiba Inu will rise with it remains an unconfirmed variable.

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