The Growth of Shiba Inu Ecosystem
The Shiba Inu ecosystem has experienced remarkable growth since its inception as a meme cryptocurrency inspired by the doge meme and positioned as the Dogecoin killer. It has evolved to have its own layer-2 blockchain, known as Shibarium, which is designed to process SHIB transactions quickly and execute smart contracts off-chain the Ethereum network. This ecosystem consists of three tokens, SHIB, BONE, and LEASH, along with a decentralized trading platform called ShibaSwap. The popularity of SHIB has been a driving force behind this growth.
Revealing SHIB’s Roles
Lucie, the marketing lead for Shiba Inu, recently emphasized SHIB’s position as Shibarium’s governance token and highlighted some of its utilities. At present, SHIB is the second biggest meme crypto after Dogecoin, with a market cap of $5.31 billion. Lucie shared key features of SHIB inside and outside of the Shibarium ecosystem on social media.
The first feature noted was SHIB’s role in governance within the ecosystem, enabling every holder to participate in decision-making processes, community proposals, and council elections. Additionally, SHIB has found utility outside the Shiba Inu ecosystem as a payment method accepted by various vendors and companies such as AMC, Gucci, GameStop, and Twitch.
Current State Of The Shiba Inu Ecosystem
The Shiba Inu ecosystem is undergoing active developments with sporadic announcements of new projects and innovations. Over the past 30 days, SHIB has seen a 33% gain compared to the larger crypto market inflow. LEASH has also experienced a 23% increase during the same period. However, BONE, used as gas fees on Shibarium, has seen a 4% decline due to reduced activity on the layer-2 network.
Data from Shibariumscan indicates that there were only 9,230 transactions in the past 24 hours. Lucie recently suggested that Robinhood should list the BONE token. At the time of writing, SHIB is trading at $0.000009049. According to CoinCodex’s price prediction algorithm, it is expected to reach $0.000009534 by December 11.
Hot Take: The Future of Shiba Inu
The future looks bright for Shiba Inu with continued development within its ecosystem and growing adoption outside of it. With Shibarium’s advancements and mainstream acceptance of SHIB as a payment method by major companies, there are promising prospects for this meme-inspired cryptocurrency.
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