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The value of Shiba Inu fell by 91.78% from its peak in 2021, amid ongoing controversy over the possibility of making a fortune from this rise.
Vitalik Buterin burned 410 trillion tokens in 2021, while the community has not increased its burning activities since then.
Daily transactions on the Shibarium platform have dropped from 4 million at launch to thousands currently.
The idea that Shiba Inu can generate massive wealth overnight remains entrenched in its community, despite the digital currency (SHIB) dropping from its all-time highs in 2021. This belief stems from the previous bull market when SHIB's value rose from about $0.000000000056 to its all-time high of $0.00008845.
Among the stories circulated during that period is that of a truck driver who allegedly turned $650 into millions by early holding of SHIB. These stories continue to circulate as an incentive for new participants hoping for similar financial outcomes. The currency is currently trading at around $0.000007269, recording a decline of 91.78% from its peak.
It is unlikely that massive SHIB token burns will be repeated.
The SHIB tokens burn process carried out by Vitalik Buterin, co-founder of the Ethereum network, in 2021, was a key incentive for the historic rise of the currency.
After acquiring nearly 500 trillion tokens, representing half of the total supply, Buterin burned 410 trillion SHIB tokens and donated the rest to charity. This action garnered widespread global attention and paved the way for the subsequent price rise.
The current market structure makes another burn of this magnitude unlikely. Most of the supply is now held by individuals who have no incentive to burn their personal holdings. Although daily burn reports continue to emerge, they remain insufficient to significantly reduce the circulating supply.
Since Buterin's actions, the total value of unused wallets has only risen to about 410.75 trillion tokens, indicating that the community has burned less than one trillion tokens over many years.
Shibarium blockchain activity has dropped from processing four million transactions daily during its early operational stages to processing only thousands of transactions currently. This sharp decline contrasts with the expectation that ecosystem adoption would lead to a sustainable price recovery.
Many initiatives remain incomplete or delayed. The third-layer privacy blockchain, announced in April 2024, has received only minor updates. Additionally, the metaverse project, previously described as revolutionary, has not yet been fully launched. These delays may deter major investors whose capital could have contributed to reviving price momentum.
The account @Shibtoken, which many consider an official channel despite the ongoing controversy regarding its status, recently promoted external projects, including Hachi Token. This diverts attention from SHIB and may reduce venture capital focus on the original coin.
Internal tensions arose following the security breach incident of the Shibarium Bridge in September. Developer Kal DeHyria publicly criticized former team members for abandoning the project. K9 Finance suggested moving its liquidity storage platform away from Shibarium if breach victims do not receive compensation.$SHIB
