Shiba Inu (SHIB), which launched in August 2020 and saw a price increase of millions of percent before reaching an all-time high of $0.00008616 in October 2021, has declined more than 93% since that peak. The Shiba Inu team is attempting to move the project beyond its memecoin origins with developments like the Shibarium layer-2 network and the ShibOS Web3 platform. Analysts suggest that increased adoption, rather than just token burns, is essential for a potential price recovery.
The popular cryptocurrency Shiba Inu had a meteoric launch in August 2020. Its price experienced a massive rally within months, rising by several million percent. The asset hit an all-time high of $0.00008616 in October 2021, at the peak of the bull run. However, SHIB’s price has fallen by more than 93% from its 2021 peak.
The Shiba Inu team has made progress to bring the project out of its “memecoin” persona. It launched the Shibarium layer-2 network to bring more use cases to the project. As more applications are built on Shibarium, the underlying asset’s price is expected to rise. The team also unveiled ShibOS, dedicated to helping businesses transition into Web3.
The team is reportedly working on a new burn mechanism rumored to burn trillions of coins yearly. The move could lead to a dip in supply, helping the price of each coin to go up. Lead developer Shytoshi Kusama highlighted that burns alone will not help SHIB’s price. The project needs more adoption for prices to rally.
Given the innovative developments within the SHIB ecosystem, observers could see a surge in mass adoption over the coming years. Adoption is the only way for SHIB to regain its lost luster.
