The Shiba Inu development team has responded firmly to growing skepticism surrounding the project’s relevance, pointing to strong on-chain metrics that reflect continued activity and engagement. The clarification came after critics questioned whether the token still held value in today’s fast-evolving crypto landscape.
Despite its significant price decline from previous highs, the team insisted that Shiba Inu remains a functioning ecosystem with a large and active community. The response aimed to reinforce investor confidence following renewed discussions about SHIB’s long-term sustainability.
Shiba Inu Team Highlights Strong Market Presence
Following Bitcoin’s record high of $126,198 on Monday, Shiba Inu’s official X account hinted that SHIB could be next to reach a new peak. At that time, the token traded at $0.00001290, needing a 586% rally to surpass its October 2021 all-time high of $0.00008845.
The post stirred optimism among supporters but also triggered skepticism from those who questioned the project’s momentum and relevance. One user went as far as asking whether the Shiba Inu project was still “alive.”
In response, the team shared updated figures to demonstrate the project’s continued market activity. According to their data, SHIB currently has over 1.5 million on-chain holders and records daily trading volumes exceeding $214 million. These numbers, the team stated, confirm that Shiba Inu is “still very much here” and remains active in the broader crypto market.
The figures underline that SHIB continues to draw significant participation despite its current market struggles. The token’s strong holder base and daily volume suggest consistent trading interest across major exchanges. The team’s emphasis on data was seen as an attempt to counter the narrative that Shiba Inu has faded amid the rise of newer meme coins and evolving blockchain projects.
Price Struggles and Internal Challenges Persist
SHIB’s price performance paints a less favorable picture. Since reaching its all-time high of $0.00008845 in October 2021, the token has fallen by 85.51%. It has also dropped 39.6% year-to-date, remaining stagnant around the $0.00001 range. At the time of writing, SHIB trades at around $0.00001268, up 0.1% in the last 24 hours.
SHIB Price. Source: CoinMarketCap
Some community members attributed SHIB’s sluggish momentum to internal and structural challenges. They pointed to the project’s anonymous leadership style and occasional disputes among key figures. Others noted that certain team members have been involved in promoting tokens outside the Shiba Inu ecosystem, which has raised concerns about divided focus and commitment.
Investors have also highlighted SHIB’s enormous circulating supply of 589.24 trillion tokens as a major hurdle to growth. Although the total supply has been reduced by 41% from its original 1 quadrillion, many argue that more aggressive token burns are necessary to drive substantial price movement. Without a significant reduction in supply, critics warn that the token’s price could remain constrained despite strong trading activity.
Source: https://coinpaper.com/11484/shiba-inu-team-defends-project-s-relevance-amid-criticism-and-market-doubts
