, on the other hand, has a huge token supply of 590 trillion, which is deemed practically worthless for everyday use, demonstrated by the fact that more than 900,000 tokens are required to purchase an $8 latte.
The utility of Shiba Inu is very limited, as its decentralized exchange, ShibaSwap, has only been able to generate around $430 a month from transaction fees.
The lack of genuine economic activity has turned Shiba Inu into a market sentiment and speculation-dependent asset, which is one of the reasons why its value has decreased by 90% since its peak in 2021.
The price pattern of SHIB has been characterized by sudden price rises followed by drastic falling of prices, indicating that trading is mainly driven by market sentiment rather than long-term value creation.