Shiba Inu (CRYPTO: SHIB) days as a breakout meme coin darling may be numbered. Once celebrated for explosive rallies and major milestones, SHIB now finds itself struggling to maintain relevance in a market rapidly shifting toward practical use cases.

This year alone, SHIB has slid to $0.0001238, dropping nearly 55% from its year-ago levels.

Despite a modest 2.2% daily increase, the broader picture remains bleak. Weekly losses stand at 6.8%, and SHIB has now lost over 85% from its 2021 peak.

Shiba Inu: A Deeper Look

Shiba Inu is a layer-1 blockchain and ecosystem aiming to provide a decentralized platform for various applications, including NFTs, games, and the metaverse. The token is used for governance and ecosystem participation.

Shiba Inu is known for its strong community presence, engaging in charity initiatives and supporting social causes. The project was launched in August 2020.

Shiba Inu Price Performance (Last 12 Months)

Chart: TradingView

Shiba Inu Holder Sentiment Remains Low

On-chain data reveals that 62% of current SHIB holders are underwater, highlighting the significant price decline and the resulting losses for many investors. Only 35% of SHIB holders are currently in profit, indicating a small portion of the community has realized gains from their investments.

The mood within the Shiba Inu community has shifted from optimism to quiet frustration as the token struggles to regain momentum. Many small investors are becoming increasingly uneasy as the large holder presence continues to influence price movements.

The majority of SHIB's supply, over 74%, is concentrated in the hands of large holders, who can move the market at will. This lack of distribution and the high concentration of tokens among whales amplify volatility and make it difficult for smaller investors to profit.

As confidence in a Shiba Inu rebound wanes, attention is turning to projects that offer real-world utility and growth potential.

One such project is Remittix, which is rapidly gaining popularity among investors seeking more substance over speculation.

Earlier this week, Remittix announced a partnership with PayMongo to facilitate seamless crypto payments for over 40,0000 businesses in the Philippines. This integration marks a significant step in expanding Remittix's reach and providing accessible crypto payment solutions within the Southeast Asian nation.

Remitrix's native token, RTX, has surged over 1,000% in 2023, and its price target of $100 by year-end is now in sight.

As crypto use cases become increasingly critical, projects like Remittix are poised to benefit from the growing demand for practical and valuable blockchain applications.

This article was written by Benzinga and has not been edited by TechCrunch.