#MuskAmericaParty SHIB climbed to $0.000036 in March of 2024. It then faced a big price correction before climbing to $0.000032 in December of 2024. Since December, SHIB has struggled to reclaim the $0.00003 price level.
One of the most significant reasons for SHIB’s lackluster performance could be the overarching bearish market environment. Bitcoin (BTC) has hit multiple all-time highs. A few assets, such as Solana (SOL), BNB, and Pepe (PEPE), have followed BTC’s trajectory to new peaks. SHIB, unfortunately, is not one of those assets.
Another reason Shiba Inu (SHIB) has performed poorly is its lack of utility. The SHIB team launched the Shibarium layer-2 network to bring more use cases to the SHIB ecosystem. Despite their efforts, not a lot of projects have been built on Shibarium. The demand for SHIB continues to slump.