Could the world’s second most-loved meme crypto Shiba Inu overtake the top dog?

Shiba Inu – The Rise

Firstly, the rise of Shiba Inu, a cryptocurrency was created to emulate Dogecoin. Moreover, which itself was built as a joke, is nothing short of spectacular.

Secondly, after one year following its launch in 2020, SHIB rallied to an all-time high in October 2021.

Actually, it represented a rise of over 19,000,000% in just 11 months.

Currently, the token sits within touching distance of DOGE in terms of market cap. But could flipping be on cards?

Despite only beginning its journey in 2020, Shiba Inu is now the 12th largest cryptocurrency in circulation simply put.

Mainly, it is based on market capitalization and is less than $2 bn behind its inspiration DOGE.

But can SHIB really usurp the original meme coin to put it simply?

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What is Shina Inu?

Chiefly, Shiba Inu is an Ethereum-based meme coin that was created in 2020. It gained traction when it gave half of its total supply to Vitalik Buterin, who then donated it to the India Covid-Crypto relief fund.

Recently, it has been in the news because of its layer – 2 Shibarium.

Although Shiba Inu was created as a meme token to celebrate the absurdity of Dogecoin, which itself was created in tribute to the “Doge” simply put.

Secondly, it is an internet meme that rose to prominence in 2013. Essentially, the cryptocurrency has evolved to develop a decentralized ecosystem during its short lifespan.

Shiba Inu Tokens

Firstly, the Shiba Inu ecosystem currently consists of 3 tokens, SHIB, LEASH, and BONE. Additionally, these different tokens have extremely varied levels of supply.

For instance, LEASH is limited to a circulation of 107,000, BONE, as the ecosystem’s governance token.

Further, it has around 250,000,000 available tokens. While SHIB has a current circulation of 590 trillion to put it simply.

Additionally, SHIB is Shiba Inu’s foundational currency, and SHIB’s massive circulation goes some way to explaining how the coin behaves as it does.

Despite ranking, 12th across the entire cryptocurrency ecosystem in terms of market capitalization, SHIB’s value stands at just $0.00001 approx simply put.

Moreover, when Binance listed SHIB for the 1st time, the exchange was quick to deliver warnings to investors about the specifications of the coin.

Essentially, Binance had stated – Top #1, #2, and #3 wallets hold 50.5%, 7. .0%, and 3.0% of total supply respectively.

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Could Shiba Inu overtake Dogecoin?

Firstly, the fact that SHIB has built a market capitalization of over $6.5 billion in the space of 2 years is extraordinary.

Furthermore, Shiba Inu is currently the youngest cryptocurrency that populates the top 12 tokens throughout the crypto ecosystem in terms of market cap.

However, it’s also important to note at this stage that as an asset, SHIB is virtually useless in terms of quality to put it simply.

Further, it means that, like Dogecoin, the asset will only ever overtake its predecessor by becoming more popular among investors.

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Dogecoin’s Trajectory

Firstly, to better understand whether SHIB can flip DOGE, let’s take a look at Dogecoin’s trajectory.

Although the asset soared during the meme token surge of May 2021, the coin failed to encounter a price rally on the same scale simply put.

Furthermore, DOGE currently sits some 91.5% adrift from its all-time high value. Although SHIB is faring better in terms of performance sitting 87% below its all-time high.

Shiba Inu Spec’s

Price – $0.00001203

Market Cap – $6.6 billion

Circulating supply – 549 Trillion

Max.Supply – 590 Trillion

Also Read: SHIBA INU Meme Token Price Prediction: Why You Need to Invest in this Coin?

What is Shibarium?

Shiba Inu. Which will help scale, secure, and innovate the Shiba ecosystem. It can serve different industry areas such as Metaverse, Web 3, and Gaming.

Additionally, it is about to launch its beta testnet in the coming days.

Its native token is BONE with a max supply of 250 million.

SHIB The Metaverse takes action to promote Gender Diversity in Crypto & Blockchain

Firstly, in an effort to promote gender diversity in the cryptocurrency, blockchain, and Web3 sectors, Shiba Inu’s SHIB The Metaverse has formed strategic partnerships with The International Women of Blockchain (IWB) and NOWPayments.

Mainly, in a bid to promote gender diversity in the realms of cryptocurrency, blockchain, and Web3.

Secondly, IWB, an annual conference hosted by a nonprofit organization, focuses on bolstering the blockchain industry through diversity.

Further, the collaboration between SHIB The Metaverse, IWB, and NOWPayments, which facilitates crypto payments and donations, aims to create a more inclusive Web3 environment for individuals of all genders and nationalities.

Essentially, this would entail fostering diversity among users, developers, and executive roles.

Chiefly, Oalyinka Odeniran, IWB’s Executive Director, and Xena Kash, NOWPayments ‘ CEO, have expressed enthusiasm for increasing female participation in the crypto and blockchain sectors.

Mainly, the cryptocurrency and blockchain sectors have witnessed exponential growth over the past few years despite see-sawing crypto prices.

Yet, the industry has faced a lot of criticism for the underrepresentation of women in various roles: from run-of-the-mill developers to executive leadership.

Above all, this disparity highlights the need for increasing gender diversity in the rapidly evolving industry.

Lastly, it is worth noting that there has been a growing push for increased representation and gender diversity in the crypto and blockchain space.

Additionally, industry leaders such as Kusama are now recognizing the importance of a more inclusive environment to ensure continued growth and innovation.

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What is a Shibarium?

Firstly, Shibarium is a layer-2 solution that was proposed by the Founder of Shiba Inu, Ryoshi.

Secondly, Shibarium is being built by UNIFICATION & SHIB DEVELOPERS which say that SHIBARIUM will have transactions “approved in seconds for pennies”.

Thirdly, there were so many developers waiting for the release as they want to build upon it.

Essentially, one of the most anticipated projects, Pawzone/PAWZAAR, is fired up and ready to go.

Especially, with BONE being the only GAS to be used on SHIBARIUM and a Max supply capped at 250 Million it is possible to see similar price action to Ethereum in its early days.

Basically, BONE serves as the required gas token for operability within Shibarium, so each Shibarium transaction will burn SHIB.

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Shiba Inu’s Mainnet registers increased activity alongside Shibarium’s Puppynet.

Chiefly, Shibarium’s native testnet, Puppynet, has been making a lot of noise of late. As reported recently, the test network processed more than 1 million transactions with the assistance of more than 200k unique wallets to put it simply.

Interestingly, there has been a corresponding network growth on the main Shiba Inu network as well.

Secondly, the latest data from IntoTheBlock revealed that the number of new and active addresses on the network increased by 5.29% and 7.55% respectively over the past week.

Basically, an address is considered to be active when it becomes a direct participant in a successful transaction.

Mainly, new addresses, on the other hand, gauge the number of forest entrants into the ecosystem.

According to the thumb rule, the higher both the numbers, the better, for they hint towards refining participation by traders/investors to put it simply.

Thus, it can be said that the latest upward trend registered on both these fronts is quite an encouraging sign.

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How ShibaSwap Boosts the Shiba Inu’s Ecosystem?

Firstly, over the years, meme coins have grown in popularity. Further, there is still one thing most of these coins lack; real utility.

Additionally, Meme coins can be used as a store of value as well as a mode of payment, but little else.

Secondly, Shiba Inu has found plenty of utility after the launch of the ShibaSwap platform. Additionally, this could help propel its valuation in the future.

These coins do not drive an ecosystem and their value is decided largely by culture and community strength.

Mainly, one coin that is looking to change this narrative is Shiba Inu.

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What is ShibaSwap?

Firstly, ShibaSwap acts as the native Ethereum-based decentralized exchange (DEX) of the Shiba Inu project.

Additionally, the platform is a hard fork of the SushiSwap DEX and came into being in July 2021.

Firstly, it allows users to swap tokens without the need for a central authority. intermediary or counterparty.

Instead, it uses smart contracts to automate functions and could, in theory, function on its own as long as people provide liquidity to it.

Besides, token swapping, ShibaSwap also offers stacking, liquidity pools, and an NFT marketplace known as Shiboshis.

Further, each of these services revolves around Shiba Inu and two other Ethereum tokens, ShibaSwap Bone (NONE) and Doge Killer (LEASH).

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What can you do on SHIBASWAP?

Firstly, as a hard fork of SushiSwap which is itself a hard fork UniSwap, ShibaSwap provides many of the same functions you would find on these two platforms and other decentralized exchanges.

There are 6 functions that you can perform.

DIG

NFTs

BURY

SWAP

DOGGY DAO

WOOF

Basically, these are nothing but doggy-themed names for standard DEX services such as liquidity pools (dig), staking(bury), yield farming(woof), and the governance page (Doggy Dao).

Furthermore, the other 2 services (NFTs & Swap) are self-explanatory.

Benefits

Firstly through the staking function, you can stake SHIB, BONE, or LEASH to generate high-interest yields paid in BONE tokens. to put simply.

With DIG, you can deposit crypto pairs into existing liquidity pools or create new ones. Either way, they will be rewarded with ShibaSwap liquidity pool tokens (SSLP).

Mainly, these SSLP tokens can be redeemed for BONE through ShibaSwap’s WOOF (yield farming) function.

Further, on ShibaSwap’s NFT platform, you can buy, sell and trade Shibashis, a 10,000-strong NFT collection of pixelated Shiba Inu cartoons.

Where each cartoon has different traits and rarity. Finally, with SWAP, you can trade several different cryptocurrencies.

Essentially, another feature of ShibaSwap is BONEFOLIO, which users can use to track their returns and check current interest rates on the DIG and BURY functions.

Lastly, the platform has a burn portal where you can voluntarily discard your SHIB, BONE, or LEASH.

Shiba Inu (SHIB) has now been accepted at Vietnam’s Top Water Sports Destination

Firstly, Shiba Inu holders can now use their SHIB assets to book activities such as snorkeling, kayaking, sailing, and scuba diving, at Vietnam’s top destination for Water Sports.

Secondly, Travala, a crypto-friendly travel booking platform, has recently expanded Shiba Inu’s utility as a payment method.

Thirdly, Travala has indicated that Shiba Inu holders can now use the canine-themed token to book activities at Phu’ Quoc, Vietnam’s most popular destination for water sports.

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Why You Should Care?

One big criticism of SHIB is its massive supply, which is over 500 trillion. After the Shibarium launch, SHIB will be burned on every transaction, which will help SHIB reduce its supply.

Decreasing supply and increasing demand can help SHIB explode in price.

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SHIBA INU Metaverse to Partially Launch in December 2023

According to Shiba Inu (SHIB) developers, the project’s planned metaverse will partially open by the end of 2023.

Secondly, developers added that the ‘Partial’ opening is because SHIB’s metaverse might not be fully completed on release.

Instead, the upcoming decentralized universe will be an “ongoing [project” that will keep onboarding new features and enhancements even after its projected release date.

Thirdly, developers pointed out that the planned 2023 Shiba Inu metaverse seeks to expand the utility of the SHIB ecosystem.

Further, they also expressed commitment to fully enhancing user experience and onboarding more businesses onto the SHIB metaverse.

Chiefly, slated for December launch, “SHIB”: The Metaverse ” will feature 100,595 plots of land available for minting by users.

Furthermore, landowners will be able to generate passive income from their virtual real estate, accumulate in-game resources, and generate rewards.

In addition, developers look to introduce several other earning opportunities for you and ensure they have customizable personal space in the SHIB metaverse.

Moreover, developers also emphasized that metaverse participants can create their own avatars, like humanoid dogs, to explore the in-game economy.

Basically, exploration occurs via visiting and interacting with virtual lands and elements. As well as, contributing to the digital world’s expansion and growth.

Essentially, the development of the Shiba Inu metaverse takes place in the upcoming layer 2 network Shibarium.

The host network uses Shiba ecosystem tokens, including LEASH and BONE, and has a testnet that is already live.

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SHIB The Metaverse takes Action to promote Gender Diversity in Crypto and Blockchain.

Firstly, Shiba Inu’s SHIB The Metaverse has forged new partnerships with The International Women of Blockchain (IWB) and NOWPayments in a bid to promote gender diversity in the realms of cryptocurrency, blockchain, and Web3.

Secondly, IWB an annual conference hosted by a nonprofit organization, focuses on bolstering the blockchain industry through diversity.

Thirdly, the collaboration between SHIB The Metaverse, IWB, and NOWPayments, which facilitates crypto payments and donations, aims to create a more inclusive Web3 environment for individuals of all Genders and nationalities.

Essentially, this would entail fostering diversity among users, developers, and executive roles.

Olayinka Odeniran, IWB’s Executive Director, and Xena Kash, NOWPayments’CEO, have expressed enthusiasm for increasing female participation in the crypto and blockchain sectors to put it simply.

Overall, the cryptocurrency and blockchain sectors have witnessed exponential growth over the past few years despite see-sawing crypto prices.

Yet, the industry has faced a lot of criticism for the underrepresentation of women in various roles: from run-of-mill developers to executive leadership.

Chiefly, this disparity highlights the need for increasing gender diversity in the rapidly evolving industry.

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Conclusion

Considering such major market pullbacks have taken place, it can be difficult to draw conclusions.

Especially, pertaining to the popularity of specific coins, though a less -severe fall from grace may indicate that investors are marginally more favorable towards Dogecoin.

Although, the world’s richest man, Elon Musk has long been a key Dogecoin supporter

SHIB may gain more of a following thanks to the growth of the Shiba Inu ecosystem.

Shiba Inu can overtake Dogecoin in terms of market capitalization is simply by becoming a more popular investment option.

And that will involve building a cult following that’s strong enough to rival the DOGE phenomenon of last year.

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