Shiba Inu (SHIB) experienced a price contraction in early August, retracing some gains from its notable surge in July. The meme token’s value dropped by 2.09%, declining from a late July position of $0.00001598 to $0.0000116 by August 2.
This recent market movement reflects broader volatility but corresponds with acknowledged internal challenges within the project’s community. Developer Kaal Dhairya publicly addressed these issues, pinpointing internal divisions and infighting as significant hurdles hindering SHIB’s progress.
Dhairya emphasized that overcoming these obstacles requires renewed community unity and the critical empowerment of the SHIB DAO. Highlighting decentralized governance via the DAO as essential, he advocated for a framework enabling democratic community-driven oversight to steer future development.
Shiba Inu currently holds the position as the 22nd largest cryptocurrency by market capitalization, valued at $7.17 billion. Notably, its trajectory has included falling out of the top 10 rankings, attributed by observers to persistent market-wide volatility coupled with the ongoing internal governance challenges.
The price volatility witnessed is understood to stem from a combination of factors, including general crypto market sell-offs and the friction within the Shiba Inu ecosystem identified by project leadership.