What’s New, Shiba?

Do you know a lot about Shiba Inu? Except for it’s a super cute dog, it’s also a cool coin that succeeded two years ago and continues surprising its community and other crypto enthusiasts. Let’s see what’s new on this project.  

Shiba Inu is one of the most popular coins in the crypto industry. It was launched in 2020 along with many other meme coins following the steps of the first dog coin which ticker is DOGE. 

SHIB: The Metaverse

The project team is currently developing its own metaverse called "SHIB: The Metaverse". On October 4, the team presented the first concept developed by The Third Floor studio. They introduced the image of in-game lands with spectacular landscapes, real-looking flora and landscapes. The gameplay will include outdoor activities such as rafting, rock climbing, water skiing and many more. All Shiba Inu coins, such as SHIB, LEASH, BONE, will participate in the metaverse economy. Stablecoin will also be added to the ecosystem in order to pay various rewards.

Developers of Shiba Inu metaverse claim that users will be able to earn different rewards, collect resources and get passive income as well as create their own projects and trade NFT lands.

The metaverse from the memecoin authors does look very promising though. Considering the size of the created universe, diverse user toolset and the abilities of earning described in the concept. The huge, powerful Shiba Inu community is a valuable advantage of the metaverse which many existing competitors don’t have.

The increased usage of the SHIB coin due to the launch of the metaverse can positively affect the growth of transaction quantity, which in the future can provoke an increase in the value of the coin.

Shib Eternity

The Shiba Inu team has also announced the launch of an NFT card game called Shib Eternity. The game is developed by an experienced dev team of PlaySide Studios and Shiba Inu Games, led by William David Volk, ex vice president of technology at Activision (American Game Console and PC Company). Players will have 10,000 NFT heroes, exciting battles and beautiful visual effects.

According to the developers, the revenue generated by the transactions of players within the app will be partly directed to the burning of SHIB and LEASH coins. Active coin burning can lead to a strong increase in the price of these tokens by reducing supply and increasing applicability.

Over the past 355 days, the coin has declined by 89% from its ATH, which is justified by the global bearish trend of the entire crypto market. Also, there is a lack of a foundation for the project and a huge emission of 549 trillion.

Nowadays the coin ranks 15th in the Coinmarketcap’s top cryptocurrency capitalization with $5,309,656,639.

For more than 4 months the coin has been in a state of consolidation with false inference from the range. It is worth observing the growth of trade volumes as new projects are announced. This could mean an increase of interest from big players and growth of community’s activity. These indicators will signal an upcoming price rise.

Shibarium

In January 2023, the Shiba Inu team announced that they are working on the layer-two network called Shibarium. The developers do not mention when exactly it will appear: their answer is “soon”. According to them, Shibarium is a way for the project to develop in accordance with Ryoshi's (the founder’s) vision.

The network is going to run on top of Ethereum (this is the blockchain used by the three Shiba coins: SHIB, BONE, and LEASH). The developers see Shibarium being used for Metaverse, web3 innovation, NFT, and gaming purposes. It is supposed to be scaleable and cheap in terms of gas as well as keep the transactions private. The team aims to bring utility to the meme coin and build a comprehensive ecosystem around it. Another highly anticipated feature is the burning mechanics – all transactions will be accompanied by burning of some of the tokens.

Shiba’s community which is known to be active and loyal has reacted positively, which immediately caused the token price to go up 25%. While FOMO was probably the case here, the news on the layer-2 solution definitely helped SHIB’s price which has been on the rise ever since.

To learn more about the Crypto World, stay tuned with SimpleSwap Blog! Here we discuss lots of topics concerning crypto assets (e.g. best cheap coins in 2022), blockchain terms (such as Merkle trees), popular metaverse projects and other crypto related things. 

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.