Despite the 70% drop from its all-time high, Shiba Inu (SHIB) remains relevant in the cryptocurrency market. With a market capital of almost $15 billion, SHIB ranks as the 13th largest crypto asset.

SHIB investors have had a tough time, but the Shiba Inu team is working on new products that could boost its value. Among them, Shibarium stands out, a layer 2 scaling solution that runs on the Ethereum blockchain, designed to provide fast and cheap transactions for decentralized applications, especially in the gaming and metaverse sectors.

Shibarium has implemented a SHIB token burning mechanism, increasing deflationary pressure on the SHIB price. However, the number of SHIB tokens burned depends on the demand for Shibarium.

Despite these positive outlooks, there are reasons to be cautious. SHIB is not technologically innovative and may have already reached its peak. Furthermore, a recession in 2024 could negatively impact coins like SHIB.

In short, SHIB could be a good investment in 2024, but it will likely need bullish conditions in the broader cryptocurrency market to perform well.