Shiba Inu Price Drops 93% From All-Time Peak as Recovery Doubts Persist

Shiba Inu has struggled to regain its former strength after a historic rally faded. The meme coin now trades far below its peak levels, while market sentiment around the token has weakened alongside broader pressure on altcoins. Still, some on-chain signals suggest the possibility of a longer-term recovery.

From explosive growth to prolonged decline

Shiba Inu reached its all-time high of $0.00008854 in October 2021, when its market capitalization exceeded $54 billion. The surge briefly pushed SHIB ahead of Dogecoin as the top meme coin, reflecting strong retail enthusiasm and bullish sentiment across crypto markets.

Today, SHIB trades near $0.00000613, representing a 93% decline from its peak. Despite the drop, early investors still hold substantial gains, exceeding 600,000% since launch. However, buyers from nearly six years ago would have seen little value at the current price.

The token’s rise has been linked to major supply changes. In May 2021, developers transferred 500 trillion SHIB to Vitalik Buterin. Buterin later burned 410 trillion tokens and donated the remainder, permanently removing 41% of the supply and contributing to a price surge.

After that period, SHIB faced headwinds tied to its large supply. As the broader crypto market entered a downturn in 2022, SHIB declined sharply. By June 2023, it traded at $0.00000543, adding another zero, with market data indicating continued weakness across meme tokens during that time.

Holder growth signals potential recovery

The current market cycle has not favored meme coins. While Bitcoin and major altcoins reached new highs, SHIB peaked at $0.00004567, still well below its 2021 record. As conditions softened again, the price returned toward earlier lows.

Despite weak price performance, on-chain data points to growing user interest. Reports indicate that between 5,000 and 12,000 new wallets join monthly, a pattern that can precede increased network activity.

Holder growth has also continued. Total SHIB holders rose from 1.5 million to 2.93 million within a year, even as the token’s price fell 45.8% over the same period. Market observers have cited this as evidence of ongoing community engagement.

Potential upside scenarios and outlook

Analysts continue to monitor possible recovery paths. Market watcher MMBTrader said in January that strong weekly rallies could return over time, projecting a potential move toward $0.00007730 if momentum builds again.