Remember four years ago, when meme coins Dogecoin and Shiba Inu (SHIB +3.81%) were skyrocketing in value? It just seemed so incredibly easy to make money hand over fist by speculating in silly dog-themed meme coins.
That was then, this is now. Shiba Inu is down 54% for the year and shows few signs of turning things around anytime soon. So what exactly does the future hold for this one-time investor favorite?
Admittedly, Shiba Inu has shown some promise of turning things around. Unlike other meme coins, which trade on pure hype and speculation, Shiba Inu seemed to offer at least the faintest glimpse of utility.
Back in 2023, Shiba Inu launched a new Layer 2 blockchain called Shibarium. This was supposed to provide a new blockchain layer to enable everything from decentralized finance (DeFi) to blockchain gaming. There were even plans to develop an entirely new metaverse world based on the iconic Shiba Inu dog.
But when was the last time anyone mentioned “the metaverse” in a serious conversation? Moreover, all the initiatives to transform Shiba Inu into a DeFi powerhouse have sputtered. According to DeFi Llama, the Total Value Locked (TVL) on Shibarium is less than $1 million. That’s a paltry figure compared to the total market cap of Shiba Inu, which is approximately $6 billion.
It’s time to forget about Shiba Inu. The crypto token is down a stunning 89% from its all-time high in October 2021, and it no longer ranks among the top 20 cryptocurrencies by market cap.
Ultimately, your money could be better invested than in a dog-themed meme coin.
