The team behind the Shiba Inu cryptocurrency has teased "something new" in its recent social media post.
The new project has been described as wallet-friendly, useful and unmistakably SHIB.
The social media account, which boasts nearly 4 million followers, has also tagged Bitget Wallet in its most recent social media post.
Jaded community
The community responses are clearly mixed, with SHIB holders showing visible frustration with the team.
Some users have criticized the rather unfortunate timing of the announcement, given that the entire cryptocurrency market recently experienced a rather severe price crash.
There are also those who are dissatisfied with slow and inefficient burns.
The perceived lack of transparency also appears to be a major concern among SHIB naysayers.
SHIB's massive price decline
The price of the SHIB token is down 89.4% from its record high, according to CoinGecko data.
The enormous price decline can be explained by a combination of market dynamics, investor sentiment and internal ecosystem factors.
SHIB experienced rapid hype in 2021, which led to speculative buying. However, hype faded, and many investors sold off, contributing to a sharp correction.
The token has a massive circulating supply (trillions of tokens), which dilutes scarcity. Even though token burns occur, the effect has been limited compared to the total supply.
SHIB has tried to expand its ecosystem (ShibaSwap, NFTs, Layer 2 Shibarium), but adoption and practical use cases remain limited. Investors often lose confidence when a token lacks strong utility.
Other meme coins have captured attention, diverting speculative capital away from SHIB.
However, there are some recent signs that SHIB might be getting more utility, going beyond the meme coin status.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team