Shiba Inu's Price Plummets by 94%: Can It Recover?

Shiba Inu, the meme token that rose to fame in recent years, has fallen significantly from its all-time high. Its market capitalization stands at $3.3 billion as of September 28.

The token's developers have been working on innovative features such as a metaverse, decentralized exchange, and layer-2 scaling solution, but these efforts have not driven up the price.

Instead, the token's value is heavily influenced by the enthusiasm or disappointment of its community, known as the Shib Army. Currently, Shiba Inu trades at 94% off its peak from almost five years ago.

The team has been burning tokens to reduce the circulating supply, but this process is happening slowly and represents a tiny fraction of the massive 589.2 trillion token supply.