Crypto analyst James Wynn has renewed his criticism of Shiba Inu after the meme coin plunged to around $0.0000042 during the latest market downturn.
Shiba Inu suffered significant losses over the past day as the broader crypto market continued its downward trajectory. Bitcoin fell below $60,000, Ethereum dropped under $1,526, and XRP slid toward the $1 mark. However, Wynn directed his criticism toward SHIB, which declined by 6.65% yesterday before trading near $0.0000042.
Wynn Declares Shiba Inu Dead, Says “SHIB Would Never Come Back”
In an X commentary yesterday, Wynn dismissed Shiba Inu’s recovery prospects, declaring that “SHIB would never come back.” He argued that the project has become old and less attractive compared to newer meme coins entering the market.
Wynn described SHIB as “dead and boring.” Nevertheless, he acknowledged that nostalgia could eventually revive interest in the token over the next five to ten years and potentially trigger another major rally.
Analyst Targets BONE and the Shiba Inu Ecosystem
Meanwhile, Wynn accused the Shiba Inu development team of executing a “cash grab” through the launch of Bone ShibaSwap (BONE).
The team launched BONE in July 2021 as the governance token for ShibaSwap, the ecosystem’s decentralized exchange. Later, developers selected it as the gas token for the Shibarium blockchain. Despite the token’s utility, critics like Wynn believe that investors became trapped in a liquidity drain following the token’s massive collapse.
For context, BONE has since fallen roughly 99.9% from its all-time high and currently trades near $0.040, reinforcing Wynn’s criticism of the project.
Weak Ecosystem Activity Adds to Bearish Sentiment
Following Wynn’s criticism, SHIB extended its decline to $0.00000408 before recovering to around $0.000004228 earlier today. Despite the rebound, the token remains down 4.8% over the past 24 hours. Its market cap stands at $2.49 billion, making it the 30th-largest cryptocurrency by market value.
Notably, SHIB’s price action continues to mirror the broader market’s performance. However, the ecosystem has produced few major developments capable of supporting demand or attracting new investors.
Furthermore, the strong community enthusiasm that powered SHIB’s historic rally has weakened considerably, with many retail investors shifting their attention to newer projects and narratives.
The Shiba Inu team’s priorities have also evolved in recent months. Lead ambassador Shytoshi Kusama has increasingly focused on developing an independent artificial intelligence (AI) initiative rather than expanding the core SHIB ecosystem.
In addition, the token burn program, which many supporters expected to boost scarcity and support prices over the long term, has slowed significantly. Only 1.12 million SHIB tokens were burned over the past 24 hours, while weekly burns totaled just 27.3 million tokens.
These factors have strengthened the bearish case against Shiba Inu and fueled criticism from analysts such as Wynn, who argue that the meme coin may struggle to recover from the current downturn.