One of the biggest success stories this year was the meteoric rise of the Shiba Inu memecoin. The cryptocurrency, which gained over 44.622.335% over the year (here the quotation in real time), has often been touted as a rival to OG Dogecoin. It goes without saying that, in line with the theme of dogecoins and shitcoins, many consider it useless.
To troubleshoot SHIB
In fact, the usual talking points like the apparent lack of use cases, development activity, and low public opinion are often thrown at SHIB supporters.
In an effort to counter this negative perception and not become obsolete, the team behind Shiba Inu has constantly evolved its ecosystem. In fact, ShibaSwap developer Eric M even gave an update on the progress of Shib's layer 2 solution, Shibarium, on Discord recently, saying it will launch "soon". He further added:
“Those who had faith in the pre-swap project have had post-swap success… A timeline is not necessary when one has faith in a project. This is how Shib has worked up to now and will continue to be like this ”.
Announced in October, Shibarium was first proposed by Shiba Inu creator Ryoshi. The blockchain / layer 2 will be built on top of the Ethereum network and will host not the performing SHIB or LEASH as a native token, but rather BONE so that a fair and fresh start can be given.
Since Shiba Inu is an ERC-20 token, it is often marred by the congestion problems faced by Ethereum. This could be significantly reduced through a scaling solution such as Shibarium. The goal is also to reduce the high transaction fee, possibly bringing it to zero.
NFTs will make SHIB great
Scaling is particularly important now that the SHIB ecosystem is expanding towards NFTs and blockchain gaming. Shiba Inu's NFT collection, known as Shiboshis, was first released in October amid much fanfare and anticipation. Unsurprisingly, they sold out within 35 minutes of their release, highlighting the excessive popularity the network enjoys.
NFTs will eventually be needed to play Shiba Inu's metaverse game project, Oshiverse, which is expected to be launched on the Shibarium layer-2 chain.
Since launching its own decentralized ShibaSwap exchange earlier this year, the network has been looking for ways to strengthen its growing ecosystem. In a previous blog post, Ryoshi revealed that:
"We are working on so many aspects of Shiba Inu including Shibarium, Shi, Shibanet, The Decentralized Shiboshi Game, Incubator and more that it won't become evident until the foreseeable future."
While giving its usefulness a boost, this ecosystem-centric development is helping SHIB remain relevant in the current cryptocurrency industry. An industry that has often not been too kind to memecoin.