Shiba Inu’s 82.8% Decline: Community Remains 88% Hopeful

• SHIB is currently priced at $0.00001522, down 82.8% from its 2021 peak.
• A significant 570% increase in burn rate was observed on May 22, 2024.
• Despite challenges, 88% of the community remains optimistic about SHIB’s future.

In the world of cryptocurrencies, Shiba Inu (SHIB) has captured the attention of many. As the second-largest meme coin, it began the new year on a quieter note. While other digital assets reached new heights, SHIB’s performance remained subdued.

Currently, SHIB is priced at $0.00001522, reflecting a slight decrease of 0.037% over the past 24 hours. This price is a significant 82.8% drop from its all-time high of $0.00008845, achieved in 2021. Over the past three years, Shiba Inu has struggled to approach this peak again.

Despite these challenges, the SHIB community remains optimistic. Data from CoinMarketCap reveals that 88% of respondents are hopeful about Shiba Inu’s potential rise, while 12% remain cautious. This sentiment is based on a survey with over 116,900 participants.

Shiba Inu’s Supply Reduction

Recent developments have added to this optimism. On May 22, 2024, the SHIB burn rate surged by nearly 570%, with over 12 million tokens removed from circulation. This reduction in supply could positively impact SHIB’s value. Additionally, on August 7, 2024, SHIB experienced a 20% price increase, with transaction volumes nearing $120 million and a burn rate spike of 1,244%. These metrics suggest a potential upward trend for SHIB.

However, challenges persist. By August 24, 2024, the burn rate had declined by 83.19%, with only 4.8 million SHIB tokens burned in 24 hours. This decline raises questions about the sustainability of SHIB’s growth.

In summary, while SHIB has faced setbacks, the community’s optimism and recent positive metrics indicate potential for a resurgence. Investors should monitor these developments closely to make informed decisions.