Leading meme currency Shiba Inu experienced a significant decline in the charts, erasing nearly 60% of its value over the past year. This is the complete antithesis of what investors expected the dog-themed token to do. Traders were blinded by the 85,000,000% (85 million percent) explosion in value between 2020 and 2021.
This triggered a mass entry point where global traders blindly believed that SHIB would replicate the success in the coming years. Right after hitting its all-time high of $0.00008616 in October 2021, Shiba Inu has only been generating losses. SHIB experienced a few price spurts in 2023 and 2024, but headed south immediately in a week.
Even during Trump’s ascension to the White House, Shiba Inu rallied hard but went back to square one. The dog-themed token is unable to maintain its momentum and move to a higher price range. This is because SHIB has lost its hype and buzz, which carried it to the finishing line during its early days.
Also Read: Shiba Inu (SHIB) Is A Terrible War Time Asset: Here’s Why
How Long Will Shiba Inu’s Brutality in the Charts Last?
Chances of Shiba Inu heading south or remaining stagnant in the indices are high when compared to a price rise, which is lower. For instance, SHIB is receiving less inflow of funds as the meme currency market is the hardest hit in three years. Investors are focusing on other assets that can deliver returns rather than blindly throw their money into meme coins.
The meme coin era is now a thing of the past, as traders are looking for assets with utilities. Therefore, Bitcoin, Ethereum, and XRP, among others, are the preferred choice and not Shiba Inu and Dogecoin. This adds more pressure on SHIB as it boasts of no real-world usecases. The world can do without it and still make no difference. The downturn would likely continue for a longer term until it catches up with utilities.
