According to a CNBC-TV18 report, Shiba Inu (SHIB) was the most-traded cryptocurrency in India in 2024. SHIB dominated the Indian charts, grabbing the attention of nearly 9% of all investors. The popular dog-themed crypto was far ahead of the competition. The high trade volume was also met with positive price action. SHIB breached the $0.00003 price level in March of 2024 and then again in December. However, the asset seems to be facing some hurdles this year.
Can Shiba Inu Reclaim India’s Attention in 2025?
Shiba Inu’s (SHIB) price has faced quite a struggle in 2025. The asset has seen a gradual decline since the beginning of this year. SHIB’s price has dipped by more than 66% since December of last year. The asset is also down by more than 85% since its all-time high of $0.00008616, which it attained in October 2021.
Shiba Inu’s (SHIB) downward price action has also led to a steep dip in its market cap. The project is currently the 29th largest crypto project by market cap. SHIB was once among the top 15 projects not too long ago.
The dip in investor sentiment could be due to little developmental activity. Shiba Inu (SHIB) still does not have many real-world use cases. The project launched the Shiabrium layer-2 network in 2023 in hopes of bringing more development to the ecosystem. While the move was applauded, Shibarium still has very little activity compared to other blockchains.
Also Read: Will Shiba Inu Coin Reach $1 Soon? SHIB Price Prediction Revealed
One of the main reasons for Shiba Inu’s (SHIB) rally was the hype around the project. The bullish hype around SHIB seems to be diminishing. Adoption among new crypto users also seems low. The asset will not be able to break out of its current predicament if it continues its lackluster development and adoption curve.
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