Shiba Inu (SHIB), the second-biggest meme coin in the crypto world, started this year on a quiet note. While other digital currencies were reaching for the stars, SHIB's price movements have been more subdued. Let's take a closer look at what's happening with SHIB.

Shiba Inu Price Check: Down 82% from Peak

Currently, Shiba Inu is priced at $0.00001522. In the last 24 hours, it's seen a slight dip of about 0.037%. But if we zoom out, the bigger picture is that SHIB is down a significant 82.8% from its all-time high of $0.00008845, which it hit back in 2021. It's been a journey trying to reclaim those highs over the past three years.

Source: CoinMarketCap

Community Still Believes: 88% Hold onto Hope

Despite the price drop, the Shiba Inu community, often referred to as the SHIB Army, remains remarkably optimistic. Data from CoinMarketCap shows that a whopping 88% of respondents are still hopeful about Shiba Inu's potential to rise again. Only 12% are taking a more cautious stance. This sentiment comes from a survey involving over 116,900 participants, showing a strong sense of belief within the SHIB community.

Source: CoinMarketCap

SHIB Burn Rate Surges – A Sign of Revival?

Adding to this optimism are recent developments around SHIB's tokenomics. On May 22, 2024, the SHIB burn rate saw an incredible surge of nearly 570%! Over 12 million tokens were removed from circulation. In crypto terms, "burning" tokens means permanently taking them out of supply, which can potentially drive up the value of the remaining tokens by making them scarcer.

Furthermore, on August 7, 2024, SHIB experienced a 20% price increase. Transaction volumes jumped to almost $120 million, and the burn rate spiked again by a massive 1,244%. These metrics suggest a possible upward trend for Shiba Inu, fueled by both community activity and token burning initiatives.

Source: CoinCodex

Challenges Remain: Burn Rate Decline

However, the journey isn't without its bumps. By August 24, 2024, the burn rate had declined significantly by 83.19%, with only 4.8 million SHIB tokens burned in 24 hours. This decrease raises questions about the consistency and sustainability of these token burn events in maintaining upward price pressure.

Looking Ahead for SHIB

In conclusion, while Shiba Inu has faced a significant price correction and market challenges, the community's unwavering optimism and recent positive metrics around token burning and price movement suggest potential for a resurgence. For those invested in or watching SHIB, keeping a close eye on these developments and the broader meme coin market will be crucial for making informed decisions.