Evaluating Why Shiba Inu (SHIB) Has Been Plunging Despite Massive Token Burns

Though started as a joke, Shiba Inu has gained a recognizable community. Meanwhile, developers have attempted to develop the ecosystem rapidly to justify SHIB’s investments and existence.

SHIB Burns

Last week, the project started with the SHIB Metaverse land sales and declared the SHIB Burn portal launch, which has made massive strides. The portal recorded more than 20 billion Shiba Inu tokens removed from circulation. Nevertheless, users control the burn feature, which shows their commitment to making the meme token a valuable and sustainable currency.

SHIB tries to turn the asset’s joke of existence into a legit purpose by infusing the false notion of accomplishment and pride. Moreover, a token with its supply amounting to trillions will hardly have a high value.

Despite the burning functionality, Shiba Inu remains far in its journey as the canine-themed token’s worth is less than 1 sats, for now. Therefore, exploring $1 could be beyond its dreams. Furthermore, Shiba Inu has been declining instead of surging higher. The 14% plunge within the past 72 hours saw the altcoin hitting seven-month lows, trading around the $0.00002084 mark.

Meanwhile, the token’s price actions seem to repel investors, and such reasons had more than 70K Shiba Inu holders exiting the market over the past month. Meanwhile, such moves make it challenging for enthusiasts to keep their commitment to the meme asset.

Nevertheless, the platform continues to receive backing from brands and various companies, like the SHIB-inspired burger place Welly. Welly revealed that the Shiba Inu community would get 15% of the Well Company’s ownership. Moreover, the platform will utilize BONE DAO to monitor fund usage for burns and different purposes.

Meanwhile, community support and trials to keep up with trends help SHIB remain relevant. The narrative shifts when it comes to the chain’s foundation and utility. The canine-themed crypto may witness declines soon, as it will hardly rely on the hype for long.

What are your views about the content above? Will the meme coin ever reach $1? Feel free to share your opinions in the comment section below.