Are the golden days of 'Dogecoin Killer' Shiba Inu over?

economictimes.indiatimes.com:

Shiba Inu, which once was among the top 10 digital tokens, but now is struggling to hold its place in the top-15. The dog-based meme token or the joke token has dropped about 75 per cent from its peak value of $0.00008, hit in late October 2021. It was trading at 0.00002008 on Thursday at 13.30 IST. Once called the 'Dogecoin Killer', Shiba Inu is losing its charm. The price drop is in line with cryptocurrencies across the board after the price of Bitcoin crashed to a six-month low.

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The total market cap of Shiba Inu has dropped to $11.35 billion. It was as much as thrice the current value during its golden days. However, the trading volumes of the token have remained healthy, thanks to its dirt-cheap price. Shiba Inu does not have its blockchain and is built on the Ethereum blockchain. Shiba's circulating supply is highly concentrated, which makes the meme token a highly risky bet. Holding by only a handful of wallets; limited adoption among merchants; and a fuzzy development future could put this dog coin in hibernation, said Raj A Kapoor, Founder, India Blockchain Alliance. «About two-third of SHIB tokens total available supply is held by 10 wallets,» he added. «Even Shiba's audit report posted to its website shows that more than half of its available supply is held in four wallets.» There is a total supply of 589,735,030,408,323 SHIB tokens, with 549,063.28 billion of them available for circulation in the market, the data from Coinmarketcap suggested. Shiba also has a limited number of use cases right now, and even as a payment option,