Most Shiba Inu (SHIB) holders remain at a loss despite the token’s historic 2021 bull run. The project’s future is viewed through a dual lens of potential and challenge. On the positive side, the development of the Shibarium network aims to add utility, and a rumored new burn mechanism could reduce the massive token supply. Conversely, a lack of mass adoption and the sheer scale of the 589 trillion SHIB supply present significant hurdles to future price appreciation.
Most Shiba Inu (SHIB) holders are still at a loss after the asset lost substantial value following its incredible 2021 rally. The project had one of the most incredible launches in crypto history.
The Shiba Inu team has made substantial developments to overcome its “memecoin” status. The team launched the Shibarium network in 2023 to bring more real-world use cases for the project.
As more applications are built on Shibarium, the project will likely see more adoption. Such development could lead to SHIB becoming more valuable in the future.
The team is also reportedly working on a new burn mechanism that is rumored to burn trillions of coins yearly. SHIB’s massive supply is a substantial barrier to its price.
Reducing the supply could lead to another massive rally for the coin. However, SHIB still does not have mass adoption, which is key for the asset’s price to rally.
If the asset does not garner more users, its price could continue to struggle. Another factor is the scale of SHIB’s massive 589 trillion supply.
While the team is reportedly working on a burn mechanism, this supply could take decades to reduce to a number that may significantly impact its price. The project’s rivals, such as Dogecoin (DOGE), do not have such developments as of yet.
