Shiba Inu (SHIB) has declined nearly 95% from its all-time high of $0.00008616 set in 2021, according to CoinGecko data. The token, once one of the best-performing cryptocurrencies of the 2021 bull run, has struggled to maintain momentum. Its rally was largely fueled by a massive token burn from Vitalik Buterin, who destroyed 90% of the SHIB he received. Lead developer Shytoshi Kusama has stated that burns alone will not push SHIB’s price, emphasizing the need for broader adoption. The project is building a real-world ecosystem, including the Shibarium layer-2 network, ShibOS for business web3 transitions, and a metaverse. A new burn mechanism is also reportedly in development, which could burn trillions of coins annually.
Shiba Inu (SHIB) has experienced a steep price decline from its 2021 all-time high of $0.00008616, falling by nearly 95% as CoinGecko data shows. The asset was one of the best-performing cryptocurrencies of the 2021 bull run, rising by several million percent within months of its launch.
One of the most significant catalysts for SHIB’s 2021 rally was Vitalik Buterin’s famous token burn. Buterin received half of SHIB’s entire supply and decided to burn 90% of the coins he received, leading to a sudden supply dip and massive price spike.
While many SHIB fans have actively pursued more burns, lead developer Shytoshi Kusama has stated that burns alone will not push SHIB’s price. Kusama said that the project needs more adoption for prices to rally.
Upon launch, SHIB was considered a memecoin, but the project has made substantial progress to bring more real-world use cases. The launch of Shibarium layer-2 network was one such innovation, with several applications built on it.
Shiba Inu also launched ShibOS to help businesses transition to web3, a metaverse, and a thriving ecosystem. Such developments may lead to a surge of users in the years to come, as more adoption is the only way for SHIB to regain its lost glory.
The Shiba Inu team is reportedly working on a new burn mechanism rumored to burn trillions of coins every year. The new burn portal, coupled with increased adoption, could propel SHIB to a new all-time high.
