What Has Happened to Shiba Inu Since June 2022?

Shiboshis NFT

In the second quarter of 2023, Shiba Inu experienced a decline in trading activity, primarily due to decreased buying pressure. One of the main factors contributing to the significant drop in its price is the delayed launch of the Shibarium layer-2 network. Unlike the positive market sentiment observed in 2021 and early 2022, SHIB is currently facing a bearish trend. As a result, achieving its goal of eliminating its fractional value and reaching $0.01 becomes increasingly challenging with each passing day.

Source: Coinmarketcap

Related article: No Shiba Inu (SHIB) Burn in the Last 24 Hours; Here’s Why

Over the past year, Shiba Inu has undergone significant changes in terms of its price, social media mentions, and buying pressure. Unfortunately, these changes have mostly been negative rather than positive. In this article, we will focus on the number of decimal places Shiba Inu has reduced since June 2022 up to its current state in 2023.

The Number of Zeros Deleted Between June 2022 to 2023

In June 2022, Shiba Inu had a trading value of $0.00001100, representing four decimal places or “zeroes” in the charts. Fast forward to June 2023, SHIB is now trading at $0.00000853, indicating the addition of an extra “zero” during this period. Therefore, instead of deleting a “zero,” Shiba Inu has, in fact, added one between June 2022 and 2023.

Investors are becoming increasingly impatient with the development of Shiba Inu, as the token is no longer experiencing the meteoric rise that was previously anticipated. To reach the $0.01 mark, SHIB would need to eliminate an additional four decimal places, and achieving this target is an extremely challenging task akin to a herculean effort.

The price of Shiba Inu is prevented from steadily increasing in the indices due to its large circulating supply of 589 trillion tokens. One factor contributing to this is the absence of a burn mechanism that would send trillions of tokens to a dead wallet annually. For a more comprehensive understanding and detailed information, it is recommended to read the article, which lists various third-party apps that facilitate the burning of SHIB tokens.

As of the time of writing, Shiba Inu is being traded at a price of $0.00000848, representing a decrease of 0.46% in the past 24 hours. Furthermore, SHIB has experienced a significant decline of 90.41% from its peak value of $0.00008616, reached in October 2021.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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