SHIB Price Dips 15% in Over a Week, but Team Points to Long-Term Utility as Key

The Shiba Inu (SHIB) team is maintaining its optimistic outlook for the token’s potential to reach $0.01, even as the broader crypto market struggles. While SHIB currently trades around the $0.000012 mark, key team members continue to project confidence in the asset’s long-term value.

The Team’s Vision: The Road to One Cent

Lucie, the Shiba Inu team’s marketing lead and a vocal supporter, has been a strong voice for the $0.01 goal. A holder since 2021, she acknowledges that the journey won’t be quick but stresses the importance of long-term commitment. She says her optimism is based on the team’s ongoing development work within the Shiba Inu ecosystem.

Related: SHIB Burn Explained: Everything to Know About Shiba Inu Coin Burning

She points to the team’s focus on increasing SHIB’s utility as a key factor. Major projects like the Shibarium layer-2 network, the ShibaSwap decentralized exchange, and the Shiba Eternity game are all designed to build a broader ecosystem. The gas fee mechanism on Shibarium also contributes to burning SHIB, which is intended to gradually reduce the token’s massive circulating supply..

The Market’s Reality: Price Pressure and Weak Data

Despite the team’s confidence, the recent market downturn has taken a toll on SHIB’s price. At the end of July, the U.S. Federal Reserve’s decision to keep interest rates high rattled investor confidence. Soon after, former President Donald Trump’s new tariff proposal created further uncertainty, leading SHIB to dip as low as $0.00001179 before making a mild recovery.

Despite this, SHIB trades at $0.00001202, reflecting a 0.90% dip over the past 24 hours and a 14.80% decline over the week. Its RSI (Relative Strength Index) stands at 35.88 close to oversold territory.

SHIB/IUSD daily price chart, Source: TradingView

While this suggests possible short-term recoveries, indicators like MACD continue to show bearish momentum. The MACD line sits below the signal line, suggesting that bulls remain on the sidelines for now.

Token Burn Rate Slows

Source: Shiburn

Another concern among investors is the declining SHIB burn rate. Over the past 24 hours, the burn rate has dropped by 73.24%, totaling just over 2 million tokens burned.

Related: Shiba Inu Price Falls 12% After Rejection From Key Resistance

This figure marks a notable decline from the previous 3.2 million. While token burns are essential for reducing supply, consistent burn activity will be crucial for long-term price growth.