Shiba Inu’s (SHIB) price has fallen by more than 85% from its all-time high of $0.00008616. The asset has struggled to gain much momentum over the last few years. Despite being one of the most popular crypto projects in the market, SHIB’s price has faced substantial challenges. Shiba Inu (SHIB) was once among the top 15 biggest crypto projects by market cap. According to CoinGecko data, the project is currently the 31st largest cryptocurrency. Let’s look at two developments that could help SHIB reclaim its all-time high price levels.
Two Things That Can Help Shiba Inu Hit An All-Time High
Many hope for another 2021-like burn for Shiba Inu’s (SHIB) price to rally. Ethereum co-founder Vitalik Buterin burned 410 trillion SHIB tokens in 2021 after receiving half of the project’s supply. Another burn of this scale is nearly impossible. Hence, burning its way to a new all-time high may be out of the question for SHIB.
According to Shiba Inu (SHIB) lead developer Shytoshi Kusama, burns alone will not help SHIB’s price. Kusama stated that adoption was the only way SHIB would attain higher price levels. Mass adoption may be the only thing stopping SHIB from hitting a new all-time high.
Shiba Inu (SHIB) launched the Shibarium network in 2023. The launch was quite successful, but very few applications have been built on the Shibarium network. If the team can bring more developers to build on Shibarium, it could help drive up adoption.
Also Read: Number of Investors in Shiba Inu (SHIB) Stalls
Hence, adoption and development on Shibarium may be the only two things that can help Shiba Inu (SHIB) reclaim its all-time high price level.
Another factor that could help SHIB’s price is a general market bullishness. The cryptocurrency market has seen some volatile swings over the last few months. Another bull run may lead to more investments flowing into risky assets, such as memecoin. Such a scenario may also aid SHIB’s pursuit of a new all-time high.
Credit: Source link