Most Shiba Inu (SHIB) holders are still at a loss. The project had one of the most incredible launches in crypto history. However, the asset has lost substantial value over the last few years. SHIB’s incredible rally during the 2021 bull run is still spoken about within the crypto community. Let’s look at two reasons why Shiba Inu’s (SHIB) future looks bright, and two reasons it may not work out for holders.
2 Reasons Shiba Inu Has A Bright Future, And 2 Reasons It Does Not
The Shiba Inu (SHIB) team has made substantial developments to overcome its “memecoin” status. The team launched the Shibarium network in 2023 to bring more real-world use cases for the project. As more applications are built on Shibarium, the project will likely see more adoption. Such as development could lead to SHIB becoming more valuable in the future. SHIB’s rivals, such as Dogecoin (DOGE), do not have such developments as of yet.
The Shiba Inu (SHIB) team is also reportedly working on a new burn mechanism that is rumored to burn trillions of coins years. SHIB’s massive supply is a substantial barrier to its price. Reducing the supply could lead to another massive rally for the coin.
While some aspects of Shiba Inu’s (SHIB) development paint a bullish picture, other aspects of the project could present challenges. SHIB still does not have mass adoption. Adoption is key for the asset’s price to rally. If the asset does not garner more users, its price could continue to struggle.
Also Read: Are You Early on Shiba Inu? Long-Term Outlook Explained
Another factor that could present challenges for Shiba Inu (SHIB) is its supply. While the team is reportedly working on a burn mechanism, SHIB’s massive 589 trillion supply could take decades to reduce to a number that may significantly impact its price.