Shiba Inu Struggles but Optimism Remains: Investors Still Bullish on Canine Coin

• The price of Shiba Inu (SHIB) has fallen by around 65% since the collapse of the Terra ecosystem in May this year.
• Despite its efforts to build a full-fledged ecosystem consisting of blockchain games, NFTs and a metaverse platform, the Shiba Inu coin has struggled to perform well, losing roughly 90% of its all-time high price.
• The most active crypto community on Twitter, on the other hand, remains optimistic about the canine coin’s future.

The Shiba Inu (SHIB) coin has been struggling since the collapse of the Terra ecosystem in May 2021. The crash of the now-bankrupt cryptocurrency exchange FTX had a particularly adverse impact on the Shiba Inu coin, causing it to decline by around 65%. With a market capitalization of $4.7 billion, Shiba Inu is the 17th largest cryptocurrency today and the second-most popular memecoin, only trailing Dogecoin (DOGE).

Despite the coin’s attempts to build a full-fledged ecosystem which consists of blockchain games, NFTs, and a metaverse platform, it has been unable to perform well. In fact, the Shiba Inu coin has lost roughly 90% of its all-time high price. Nevertheless, the most active crypto community on Twitter remains optimistic about Shiba Inu’s future.

Shiba Inu was founded in 2020 by an anonymous techpreneur and has since grown in popularity. Elon Musk and Vitalik Buterin, both tech billionaires, have praised the project. Shiba Inu has been successful in attracting people who missed out on the Dogecoin craze previously. Investors seeking to join the joke have increased the popularity of memecoins, which are not supposed to be taken seriously.

The Shiba Inu project has been known to be a disrupter when it comes to management and operations. The enterprise is managed by a decentralized autonomous organization (DAO) which is made up of Shiba Inu holders. This model allows for the coin to be managed in a completely decentralized manner, free from the influence of a centralized authority.

In addition, Shiba Inu has also been successful in introducing a unique reward structure for its holders. Shiba Inu has implemented a new “Shiba Inu Rewards” program which rewards holders with a percentage of the total supply of SHIB tokens. This reward structure is intended to incentivize SHIB holders to remain loyal to the project and to increase the demand for the coin.

With the end of 2022 on the horizon, investors are still hopeful that the Shiba Inu coin will once again rise in value. This hopeful sentiment is driven by the promising reward structure, the project’s innovative approach to management, and the strong support of influential tech figures. Despite the coin’s struggles, investors remain optimistic that the Shiba Inu coin will eventually reach its all-time high price once again.