The team behind the popular meme coin tried to settle an interesting competition, but instead became the subject of criticism from its community.

SHIB’s price has finally rebounded, while several bullish factors suggest a much more substantial rally could be on the horizon.

The SHIB Army Demands Action

Inspired by Spain’s victory in the FIFA World Cup, Shiba Inu’s official X account tried to settle “the real competition,” asking where on Earth the meme coin has the strongest presence.

Some of the answers included Brazil, Japan, the USA, and Turkey, yet the vast majority of users found the question totally inappropriate, suggesting that SHIB’s team should focus on more pressing matters instead.

Many showed their frustration at the recent inactivity of the entire ecosystem, urging the developers to act fast before they lose even more traction. One X user, named Mehmet, said Shiba Inu’s team has been “mocking” people who trusted the project, adding that he regrets the moment when he learned about SHIB.

“People trusted you and invested. I really regret the day I learned about Shib. Leash has turned to trash. The value of Treat and Bone keeps dropping every day. Shame on you.”

Others went even further, labeling Shiba Inu as a scam and a dead project.

Good Days Ahead?

Besides the stalled ecosystem developments, SHIB’s holders are perhaps even more frustrated by the meme coin’s price collapse. It currently trades at around $0.000004272, representing a 72% decline on a yearly scale. On the bright side, this is a 4% increase over the past week, while certain elements signal that the bulls may stage a more decisive comeback in the short term.

The first is the resurgence of Shiba Inu’s burning mechanism. The burn rate has soared by nearly 280% over the last month, indicating that many tokens have been effectively removed from circulation. Still, SHIB’s supply remains extremely large, meaning that both the team and the community will need to ramp up their efforts in that field to support a stronger rally.

Next on the list is the meme coin’s declining amount on exchanges. According to CryptoQuant, the figure has dropped to a fresh five-year low, signaling that numerous investors have abandoned centralized platforms in favor of self-custody wallets, thereby reducing immediate selling pressure.

Source: CryptoPotato