Shiba Inu (SHIB) had one of the most incredible launches in crypto history. The asset saw a massive price surge within months of its launch in August 2020. SHIB went on to hit an all-time high of $0.00008616 in October 2021, a little over a year after its debut. The asset’s price rose by several million percent, leading to massive wealth generation for early investors. However, despite its incredible beginnings, SHIB’s price has taken a beating over the last few years.
According to CoinGecko data, the asset’s price is down by more than 92% since its all-time high. However, the future may be brighter than what many anticipate. Let’s discuss if you are still early for Shiba Inu (SHIB), and what long-term holders should know.
Long-Term Outlook For Shiba Inu
Shiba Inu (SHIB) developers are actively trying to bring more use cases for the project. The team launched the Shibarium layer-2 network in 2023, which created more opportunity for developers to build applications around the SHIB ecosystem. As more development takes place on the SHIB network, the underlying asset’s price is expected to surge substantially.
The Shiba Inu team also brought forth ShibOS platform, aimed to help businesses transition into Web3. As we enter the era of blockchain, more firms will likely want to move into the Web3 realm. Shiba Inu’s ShibOS platform could be at the forefront of such a movement.
The Shiba Inu team has also launched a metaverse for the SHIB ecosystem. While metaverse initiatives have taken a backseat over the last few years, we could see a change in the trend in the future.
Also Read: Shiba Inu Launches ‘SHIB Owes You’ On-chain NFT
Shiba Inu is also reportedly working on a new burn mechanism, rumored to burn trillions of coins yearly. SHIB’s massive supply is one of its barriers for higher price levels. A new and improved burn mechanism could lead to a big dip in SHIB’s supply.
In the long-term, Shiba Inu (SHIB) holders could see big gains as more adoption and development comes into the SHIB ecosystem. Telegaon analysts also paint a bullish trajectory for SHIB’s price. The platform anticipates the asset to hit a new all-time high of $0.000124 by the end of this decade.
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