Shiba Inu Dominates the Indian Market in 2024, Can SHIB Regain Its Glory in 2025?
According to CNBC-TV18, in 2024, Shiba Inu (SHIB) became the most traded cryptocurrency in India, dominating the Indian cryptocurrency market and attracting nearly 9% of investors. This dog-themed popular cryptocurrency is far ahead of its competitors. The high trading volume has also driven its price positively, with SHIB breaking through the key price level of $0.00003 in March and December 2024. However, entering 2025, the asset seems to face some resistance.
Can Shiba Inu regain attention in India in 2025?
In 2025, Shiba Inu (SHIB) experienced a tough period. Since the beginning of the year, its price has gradually declined, dropping over 66% compared to December last year. Additionally, since reaching an all-time high of $0.00008616 in October 2021, SHIB's price has cumulatively dropped over 85%.
The continuous decline in Shiba Inu's price has led to a significant reduction in its market value. Currently, SHIB ranks 29th in the global cryptocurrency market capitalization, whereas it once ranked in the top 15.
The low investor sentiment may be related to a lack of project development activity. Shiba Inu (SHIB) currently still lacks practical application scenarios. Although the project launched the Shibarium Layer 2 network in 2023, hoping to inject more vitality into the ecosystem, the activity level of Shibarium remains low compared to other blockchains.
The previous surge of Shiba Inu (SHIB) largely relied on hype surrounding the project. However, this bullish sentiment seems to be waning, and the adoption rate among new cryptocurrency users is also low. If SHIB's development progress and user adoption rate continue to languish, it will struggle to break free from its current predicament.
