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Shiba Inu is down at August's start, falling 2.09% in the month, per TradingView data, after a 9% surge in July.
SHIB price is down 13.23% weekly following an earlier market sell-off, but is up 1.05% in the last 24 hours to $0.000012.
Shiba Inu started dropping after reaching a high of $0.00001598 on July 21. This was exacerbated by the recent sell-off, which saw Shiba Inu decline from a high of $0.00001437 on July 28 to a low of $0.0000116 on Aug. 2 before slightly recovering.
The drop has caused SHIB to fall further in crypto rankings, and it is now the 22nd largest cryptocurrency with a market capitalization of $7.17 billion.
Shiba Inu recently marked its fifth anniversary; at its peak of $0.000088 in October 2021, Shiba Inu briefly entered the top 10 cryptocurrencies by market capitalization.
SHIB top priority revealed
Amid the recent declines, Shiba Inu developer Kaal Dhairya highlights the top priority for Shiba Inu: unity.
"Currently, our priority should be uniting against external pressures," Kaal wrote in a recent tweet, urging unity against external pressures, including those that have pushed Shiba Inu out of the top 10.
According to Kaal, the primary challenge facing Shib today is a lack of unity — internal divisions and constant infighting, which undermine collective growth.
Achieving this unity, according to Kaal, requires empowering the SHIB DAO and creating genuine community governance. By adopting decentralized, inclusive decision-making, every Shiba Inu community member will have an equal voice, eliminating favoritism and ensuring transparency. The DAO should manage community projects democratically, supporting initiatives that contribute real value while ensuring no genuine project is overlooked.
In a call to the Shiba Inu community, Kaal stated, "Let’s unite behind a fair, community-led Shibarium driven by unity, accountability, and genuine democratic governance."
Dan Burgin
Vladislav Sopov
U.Today Editorial Team