Shiba Inu (SHIB) is among the most popular cryptocurrencies in the market. The asset’s astronomical rally during the 2021 bull run solidified its name as a “millionaire-maker.” Several early investors made massive returns with minimal investments. While SHIB continues to be a popular crypto asset, the coin has failed to regain its 2021 momentum over the last few years.
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SHIB has faced a substantial price dip since its 2021 highs. The dog-themed crypto reached an all-time high of $0.00008616 on Oct. 28, 2021. SHIB’s price has fallen by more than 85% since its peak.
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SHIB is currently down by 2% in the daily charts, 6.6% in the weekly charts, and 47.4% since May 2024. Despite the big red numbers, the asset is up 1.5% in the 14-day charts and 4.7% over the previous month.
Will The Asset Recover
The recent crypto market rally was likely fueled by institutional investors. BlackRock purchased over $3 billion worth of Bitcoin (BTC) since Apr. 22. The lack of retail money in the market may be a reason for SHIB’s current predicament.
Low prices may also present a good opportunity for new investors to buy the asset at cheaper prices before the bull market kicks off. SHIB is an incredibly popular project with a lot of room for growth. The Shibarium network has brought more utility to the SHIB ecosystem. As more projects build on Shibarium, SHIB’s price may see an uptick.
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The Shiba Inu (SHIB) team is also working on a new burn mechanism. The new burn mechanism is rumored to destroy trillions of tokens yearly. The move could lead to a substantial dip in SHIB’s supply, causing a price rally. We are yet to know more about the new burn mechanism and its launch date.
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