The popular meme coin Shiba Inu (SHIB) attracted a massive following during the 2021 crypto bull run with promises of exponential growth and profits. However, as the crypto markets have cooled, SHIB holders are realizing that the coin’s fundamentals may not live up to the hype.
Recent Reddit conversations on the r/SHIBArmy subreddit indicate growing disillusionment with SHIB among its core community. One highly upvoted post highlighted how the SHIB burn rate is extremely low – by one estimate it would take over 300 years to burn a single SHIB at current Ethereum gas fee volumes.
This disappointingly slow burn rate contradicts expectations set by SHIB promoters of rapid supply reductions. The SHIB development team’s dismissive response to community requests for a higher gas fee to accelerate burns has also caused resentment.
Some users argue the advertised decentralization of SHIB via its DAO structure is an illusion, since developers make unilateral decisions despite supposed governance powers held by SHIB delegates. The lack of any community vote on the fee issue reinforces this viewpoint.
With SHIB prices languishing far below all-time highs, holders are losing patience and questioning whether SHIB can deliver on its grand vision. The vocal community that propelled SHIB to meteoric growth last year now sees minimal real utility or adoption beyond speculation.
Unless the SHIB team takes steps to align with holder interests and deliver tangible burn mechanisms, the project risks losing its grassroots support. For now, the meme coin hype appears to be wearing off as SHIB investors come to terms with the coin’s underlying weaknesses.
