The creators of the well-known meme coin attempted to host a contest, but it backfired and led to disapproval from their followers.
The price of SHIB has started to recover, and several positive signs indicate it might increase significantly soon.
The SHIB Army Demands Action
Following Spain’s win at the FIFA World Cup, the official Shiba Inu X (formerly Twitter) account playfully asked its followers which country boasts the biggest community of meme coin enthusiasts.
While a few responses mentioned countries like Brazil, Japan, the USA, and Turkey, most people thought the question wasn’t relevant and advised the SHIB team to prioritize more important issues.
People are increasingly frustrated with the lack of development in the Shiba Inu ecosystem and are calling on developers to take quick action, fearing further loss of community interest. One user on X, Mehmet, expressed strong disappointment, stating that the team seems to be disrespecting those who believed in the project and regretting his initial investment in SHIB.
I’m deeply disappointed and regret getting involved with this project. People put their trust and money in, but it’s all gone wrong. Leash is now worthless, and the value of Treat and Bone continues to fall. This is incredibly disheartening.
Others went even further, labeling Shiba Inu as a scam and a dead project.
Good Days Ahead?
SHIB holders are not only disappointed by the slow progress of its ecosystem, but also by the significant drop in its price. Currently trading around $0.000004272, the coin is down 72% over the past year. However, there’s some positive news: the price has increased by 4% in the last week, and some indicators suggest a potential price recovery in the near future.
One key factor driving recent interest in Shiba Inu is an increase in its token burning process. Over the past month, the rate at which SHIB tokens are permanently removed from circulation has jumped almost 280%. However, because there’s still a very large number of SHIB tokens available, continued and increased efforts from both the development team and the community will be necessary to significantly boost its price.
Another concerning sign is the decreasing amount of this meme coin held on cryptocurrency exchanges. Data from CryptoQuant shows it’s at a five-year low, suggesting many investors are moving their coins to personal wallets where they have more control. This likely means less immediate selling activity, as those coins aren’t readily available on exchanges.
2026-07-21 23:19