The second-largest memecoin, Shiba Inu (SHIB), has been attempting to raise the value of its brand by partnering with retailers like Bugatti Group and English fashion designer John Richmond.
Memecoin’s market valuation increased over the past seven days from $6.3 billion to $6.9 billion, before rising to $7,647,777,419 yesterday.
As it gets closer to releasing its layer-2 network, Shibarium, SHIB is seeking to distinguish itself from Dogecoin as more than just another meme coin. In the meanwhile, the token has shown to be among 2023’s top achievers.
A technopreneur who wishes to remain unnamed invented the coin known as Shiba Inu in 2020. The concept has received plaudits from tech billionaires Elon Musk and Vitalik Buterin. Shiba Inu has been successful in luring individuals who missed the first Dogecoin mania.
Memecoins, which are not meant to be taken seriously, have become more popular as a result of investors looking to participate in the joke.
Shiba Inus have a reputation for upending management and business practices. With a one quadrillion supply at launch, the company’s founder Ryoshi originally locked 50% in Uniswap before burning another 50% to Vitalik Buterin, the man of Ethereum. We still don’t understand why this action was done.
Buterin donated the remainder of his Shiba Inu assets to charities after burning 90% of them later in 2021. He had already given $1 billion worth of SHIB tokens to CryptoRelief, a COVID-19 relief fund for India. This, he claimed, was the only way he could prevent his actions in Shiba Inu from being interpreted as commerce.
Since these coins are now kept on an unreachable public address and make up roughly 50% of the Shiba Inu coins in circulation, Buterin’s decision to burn his holdings effectively removes them from the market. Buterin was commended by Ryoshi for helping to establish a decentralized finance system.
The Shiba Inu community has received acclaim from Buterin for supporting a variety of projects, including the Fellows in AI Existential Safety.
Following the Shibarium update, the meme coin will soon go to layer 2.
The network additionally supports the Shiba Inu Incubator, which brings together a sizable number of talented digital artists and creates the impression of a decentralized movement. Along with offering them other sources of revenue, the NFT project supports artists in the creation, exhibition, promotion, and auction of their works of art.
The name of the Shib CCG game, Shiba Eternity, was revealed on Twitter by the Shiba Inu Ecosystem in the beginning of August of this year. The fact that the game would be accessible on both the Google Play Store and the Apple App Store was also announced. The game was introduced on September 17 in Australia, and there are ambitions to expand internationally.
Through its affiliation with the non-profit organization known as Shiba Inu Rescue Association, the community is also involved in the rescue of actual Shiba Inu dogs.
The future of cryptocurrencies in general, and meme coins in particular, is uncertain to skeptics. Shiba Inu and other mainstream coins were merely making fun of the claims made by mainstream cryptocurrencies that they could replace fiat money.
However, as these meme coins gained popularity, they did not move toward creating use cases for the currency. That was not intended either, and neither did the community anticipate such a surge in interest in meme coins. However, there are currently a lot of businesses in the US that accept Shiba Inu as a form of payment.
The enormous number of crypto whales selling meme coins is another element influencing the growth of the Shiba Inu currency. According to a claim, whales once owned SHIB coins worth $1 billion. But because they frequently sell and burn the currency, they now only have a tiny fraction of what they formerly did.
SHIB also found the booming cryptocurrency sector to be beneficial. As of late October 2021, the Shiba Inu community’s demand for the coin to be listed on Robinhood Markets Inc. attained an ATH of $0.00008845.
Though SHIB suffered, the second quarter of 2022 turned out to be a bloodbath. Its price at the time of publication was $0.00001191.