While critics often dismiss Shiba Inu as a “dead token,” addressing the project’s core issues could help revive its momentum and potentially breathe new life into SHIB.
Shiba Inu has struggled to regain the explosive momentum that previously defined its early days. Since reaching its all-time high (ATH) of $0.00008845, SHIB has crashed over 86% from this level.
Its price has also plummeted nearly 44% this year alone to $0.00001185. While the broader crypto market has endured phases of volatility, SHIB’s underperformance stands out. Unlike Bitcoin and Ethereum, which have recorded steady gains this year, Shiba Inu has remained stuck around the $0.00001 range.
How to Revive Shiba Inu Again
SHIB’s stagnant performance has drawn criticism across social media, with skeptics frequently dismissing it as a “dead” project. However, for Shiba Inu to regain momentum and prove otherwise, key challenges must be addressed to reignite growth.
1. Greater Transparency from the Team
A major concern among investors is the lack of transparency surrounding the project. The core team has continued to operate under pseudonyms. This practice may have been acceptable in SHIB’s early days, but it is less appropriate now that it has evolved into a multi-billion-dollar ecosystem.
While the Shiba Inu team continues to operate under an anonymous leadership structure, other multi-billion-dollar crypto projects, including XRP, Cardano, and even SHIB’s direct rivals, like Dogecoin, are led by teams with publicly known identities.
Establishing a verifiable public identity would build credibility, foster accountability, and restore investor confidence in SHIB.
2. Refocus on the Shiba Inu Ecosystem
Over time, some team members have been observed supporting other cryptocurrency projects outside the ecosystem. Shiba Inu’s lead developer Shytoshi Kusama has continuously promoted the SHY token, which was themed after him.
This practice has shifted investors’ attention away from SHIB and other ecosystem tokens, such as TREAT, LEASH, and BONE.
If the team refocuses its commitment to SHIB, this could help boost confidence and possibly drive adoption.
3. Reignite Community Engagement
The community, widely known as the Shib Army, was once the driving force of the ecosystem, actively campaigning and pushing for SHIB’s listing on major platforms. This support fueled past rallies, including the 2021 surge that pushed SHIB to an all-time high.
However, this support has waned recently. Reinvigorating grassroots engagement through transparent communication, interactive initiatives, and incentive-driven programs could restore the vibrant energy that once propelled SHIB forward.
4. Commit to Meaningful Supply Reduction
Shiba Inu’s enormous supply has remained a challenge since its inception. The massive supply of 589 trillion tokens reduces the growth rate of SHIB, making it difficult for the token to reach new heights.
Shiba Inu has made notable progress in reducing its enormous supply. More than 41% of the total supply has already been burned, thanks to coordinated community efforts and a significant burn contribution from Ethereum co-founder Vitalik Buterin.
Reducing SHIB’s supply by sending more tokens to the dead wallet creates scarcity and possibly drives the price higher.
To achieve a meaningful impact, the community must actively participate in a structured and consistent burn mechanism designed to significantly reduce the circulating supply.
5. Rebuild Trust After the Shibarium Bridge Hack
The Shibarium Bridge attack shook investor confidence and raised serious concerns about the ecosystem’s security. So far, it has taken steps to strengthen security and rebuild trust.
These include collaborating with law enforcement agencies, adopting a multi-party custody solution, and even offering scammers a 50 ETH bounty, which they refused to accept.
Nonetheless, the team must sustain this momentum to rebuild confidence fully. Safely reopening the bridge would be a key step toward regaining trust and encouraging users to return.
6. Complete Unfinished Projects
Critics have frequently faulted the ecosystem for its unfinished projects, such as Shib: The Metaverse. Also, there have been no meaningful updates on other previously announced projects, including the NFT marketplace.
Rather than announcing new ventures, the team should prioritize finishing and delivering on existing commitments. Successfully launching these projects could boost ecosystem utility and drive renewed interest in SHIB.
Tackling these issues could help Shiba Inu regain momentum and stage a rebound from its prolonged underperformance.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
