The price of Shiba Inu on the rise… but insufficiently
Since the crypto market recovered after Trump’s election victory, the price of Shiba Inu has increased by 35.96%. But compared to its eternal rival, Dogecoin, this growth ultimately seems very modest. Since November 6, DOGE has surged 146%, leaving SHIB far behind.
By broadening the analysis to the whole year, the differences widen even further. Musk’s favorite Dogecoin is up over 400%, while Shiba Inu is up just 207%. Although SHIB’s performance remains respectable on an annual basis, it seems disappointing compared to its peers in the memecoin universe.
For example, PEPE, often considered a serious contender to dethrone Shiba Inu, has exploded from 1 500 % in 2024. BONK, another emblematic project of this year, shows an impressive increase in 914 %. As for WIF, it literally pulverized the counters with a progression of 1 700 %. Even Floki Inu, a veteran of the sector, displays a performance of 914 %eclipsing Shiba Inu on all fronts.
Faced with these figures, one conclusion is obvious: in this bull market of 2024, where memecoins have already shone brightly, Shiba Inu has simply not been able to capture attention or take advantage of the widespread craze.
Efforts, but limited results
Shiba Inu, however, fought to improve its image and its fundamentals. Between the launch of ambitious projects like Shibarium et Shibverseand the initiatives of burn massif aiming to reduce its circulating supply, everything seemed to be in place to revive the Shiba Inu price.
Unfortunately, these efforts were not enough. The real explosion of memecoins in 2024 is mainly the result of a craze for new projects, often linked to Binance via launchpools or listing announcements. Tokens PolitiFi to memecoins promoted by celebrities, the market has favored novelty over established projects like Shiba Inu.
However, all is not lost for Shiba Inu. Some analysts believe that its time could come during a real alt-season. Traditionally, once Ethereum and large-cap altcoins reach their peaks, investors’ attention turns to memecoins. In such a scenario, Shiba Inu could be well positioned to take advantage of this dynamic and position itself as first or second behind Dogecoin.
In the meantime, the loyal and resilient SHIB Army remains optimistic. According to the most daring forecasts, the price of memecoin could still double by the end of the year. But faced with ever more successful competitors, Shiba Inu will have to do much more than rely on its reputation to shine again.
Moral of the story: when the other memecoins are dancing on the moon, Shiba Inu is still looking for his socks.
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased information, but market conditions may change without notice. Always do your own research and consult a professional before making any financial decisions.
