The price of Shiba Inu (SHIB) has fallen over 85% from its historical high of $0.00008616. Over the past few years, the asset has struggled to gain much upward momentum. Although SHIB is one of the most popular cryptocurrency projects in the market, its price still faces significant challenges. Shiba Inu (SHIB) was once among the top 15 cryptocurrency projects by market capitalization. According to data from CoinGecko, the project is currently the 31st largest cryptocurrency in the world. Let's take a look at two developments that may help SHIB return to its historical high.
Two things can help Shiba Inu reach its historical peak.
Many hope that the price of Shiba Inu (SHIB) can rise again like it did in 2021. Ethereum co-founder Vitalik Buterin burned 410 trillion SHIB tokens after acquiring half of the project's supply in 2021. It is almost impossible for a burn of such magnitude to happen again. Therefore, SHIB's price may not reach a new all-time high.
Shiba Inu (SHIB) chief developer Shytoshi Kusama stated that simply burning tokens cannot elevate the price of SHIB. Kusama indicated that high adoption is the only way for SHIB to achieve a higher price level. Mass adoption may be the only factor preventing SHIB from reaching a new all-time high.
Shiba Inu (SHIB) launched the Shibarium network in 2023. The release was quite successful, but there are very few applications built on the Shibarium network. If the team can attract more developers to build on Shibarium, it may help drive its adoption.
Thus, adoption and development of Shibarium may be the only two things that can help Shiba Inu (SHIB) recover its historical highest price level.
Another potential factor driving SHIB's price increase is the overall bullish sentiment in the market. Over the past few months, the cryptocurrency market has experienced some significant volatility. A new bull market could lead to more investment flowing into risk assets, such as memecoins. This scenario may also help SHIB achieve a new all-time high.
