Shiba Inu was the most talked-about cryptocurrency in the market, making a unique name for itself. It had even outpaced Dogecoin in fame for a brief period as investors flocked towards it. During 2021, SHIB delivered explosive returns of 85,000,000% (85 million percent). The surge occurred between 2020 and October 2021. Stories of several investors turning millionaires were aplenty, which Watcher Guru covered extensively.
As the saying goes, what goes up must come down, and has struck Shiba Inu. The dog-themed token went on a downward spiral in 2023, never to reclaim its previous glory. It went from trading with four zeroes to five years, extending the losses to traders. The majority of the holders are currently underwater, while some are struggling to break even. Amidst all of this, can SHIB make a comeback?
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Can Shiba Inu (SHIB) Make a Meaningful Comeback?
The hype has faded, the buzz is eroded, and the curtains have fallen on Shiba Inu. After a long period of consolidation, instead of heading north, SHIB slipped south and is testing the patience of investors. The 2021 mindblowing rally is all memories now, but the happiness is replaced with sadness due to its bearishness.
Another problem added to Shiba Inu’s woes is that the meme coin market got overcrowded. Tokens such as Bonk and Pepe, among others, have taken a larger share of the market’s pie. Dogecoin and SHIB no longer command the attention they deserve. Other meme currencies are churning out returns every once in a while.
A comeback for Shiba Inu no longer depends on hype and buzz but on the performance of its ecosystem, which has been lackluster. Shibarium, which was touted to burn a trillion of SHIB tokens, has burned only 1 billion tokens. SHIB, the Metaverse is now a concept of yesterday and has no relevance today.
The other projects launched by the Shiba Inu team have not been accepted by the community. The team also sounds like they’re washing their hands away from the token. The most important part of them all, the 589 trillion token circulation, is stunting its growth. Unless the circulation is decreased, the demand for SHIB will not increase.
In conclusion, Shiba Inu’s comeback in 2021 style looks impossible. The dog-themed token will have its ups and downs, but a rally like the previous time is out of the equation. It is now a high-risk, high-reward type of token that might be a hit or a miss. Only those who can afford to lose money are advised to invest in SHIB hereafter.
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