Will Shiba Inu’s 390% Bull Run Replicate in the BRETT Memecoin?
NOIDA (CoinChapter.com) — Brett Token (BRETT) is the latest addition to the expanding memecoin universe, using aggressive marketing tactics to drum up hype. Like many others in this space, the project is riding the speculative wave with bold claims about its potential for explosive growth, with comparisons made against memecoins like Shiba Inu.
Some analysts have compared it to Shiba Inu (SHIB), suggesting it could follow a similar price trajectory as we approach the end of 2024. However, the validity of such claims is questionable.
Why Brett Token Won’t Explode Like Shiba Inu
The comparison between Brett and Shiba Inu is flawed for several reasons, especially given the differences in market conditions and token fundamentals.
Traders have been comparing Brett’s price action to Shiba Inu’s during its 2024 bull run.
Firstly, the memecoin landscape has changed significantly since SHIB’s rise. In 2021, the memecoin market was not as saturated as it is today. SHIB gained traction during a bull market, with relatively few competitors in the memecoin space.
By contrast, in 2024, there are hundreds of memecoins fighting for attention. The market’s oversaturation means that any single project, including Brett, will find it harder to stand out and generate the same returns.
Shiba Inu rose due to unique catalysts available at that time that the Brett project might be unable to access in the current market scenario. For instance, Elon Musk’s indirect promotion boosted SHIB, and major exchanges listed it, giving SHIB liquidity and exposure that Brett currently lacks.
Shiba Inu supply distribution shows whale accumulation during the 2021 bull run. Source: Santiment
Also, whale accumulation played a significant role in driving SHIB’s price. Santiment data shows that SHIB had a large portion of its supply concentrated in the hands of whales during its 2021 bullrun, which amplified its price movement.
Brett, by comparison, has not seen the same level of interest from large holders.
Different Tokenomics and Market Environments
Another critical factor is the difference in tokenomics. SHIB had a large initial supply and a significant burn mechanism, including the famous token burn by Ethereum co-founder Vitalik Buterin.
This drastically reduced its circulating supply, driving up demand. On the other hand, Brett does not have a comparable burn strategy, making it unlikely to replicate the same kind of supply-demand dynamics that propelled SHIB.
Lastly, the broader market environment is much less favorable for memecoins now than during SHIB’s rise. The bull market conditions in 2021 attracted a flood of retail investors, which helped push SHIB to new heights.
However, in 2024, the market faces higher interest rates and greater regulatory scrutiny. These factors create a more challenging environment for speculative assets like Brett to thrive.
In light of these factors, claims that Brett will follow SHIB’s explosive trajectory are speculative. Instead of chasing memecoins that offer little in terms of fundamentals, investors would be better off considering tokens with stronger use cases or more sustainable growth models.
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