Shiba Inu (SHIB) continued its strong performance this week, trading at $0.000007704 as of the time of writing. The meme cryptocurrency has gained more than 16% over the past seven days, and its market capitalization now sits at $4.54 billion.
The token’s strength can be attributed to the recent developments in its ecosystem. On Wednesday, project leader Shytoshi Kusama announced the launch of its highly anticipated decentralized ecosystem, Shiberium.
Kusama reaffirmed his commitment to the Shiba Inu community in the community’s Telegram chat. He highlighted how Shibarium will be full of potential with Shib, Bone, Leash and the upcoming Treat tokens.
According to Kusama, he will step back after Shibarium is complete and live. This decision aligns with the project’s community-driven vision, which will allow the community to decide the project’s future on its own. For now, the team focuses on bringing value to the decentralized community instead of extracting it.
As a result, SHIB’s trading volume has been healthy, reaching $105.22 million in the last 24 hours. This figure suggests that there is still strong interest in the token, despite its decline from its all-time high of $0.00008386 on June 22nd.
On Sunday, the token also experienced a slight downturn as there was a 1,619 percent increase in burn rate. A total of 330 million SHIB tokens have been burned, which is significant compared to the previous day.
Surprisingly, it had a positive impact on the price of the token. This is because burning reduces the total supply of SHIB tokens, which can create a sense of scarcity. If demand for SHIB tokens remains steady or increases, this could lead to an increase in the price of SHIB.
Developments and updates of SHIB
Shiba Inu’s token, also known as SHIB, was introduced on November 28, 2020, by its creator Ryoshi. Since its inception, it has seen a growth of 11430362.4%.
Many called SHIB “the Dogecoin [another cyprocurrency] killer.” It gained the nickname as the two are meme coins based on the same meme: the Shiba Inu dog breed known as “doge.” SHIB is available on multiple crypto exchanges, such as Binance, Kucoin, and Coinbase.
Shiba Inu, also known as SHIB, was introduced on November 28, 2020, by its creator Ryoshi. Since its inception, the ERC-20 token has grown 11430362.4 percent.
The Shiba Inu project has its own DEX called ShibaSwap. On the platform, users can trade various cryptocurrencies for SHIB tokens. SHIB holders can also earn interest through liquidity pools by depositing tokens into ShibaSwap’s SHIB pool.
Shiba Inu is currently developing multiple projects, including SHIB: The Metaverse and Shibarium. In SHIB: The Metaverse, token holders can buy land, acquire NFTs and engage with other tokens.
Meanwhile, Kusama said Shibarium will release in July, should there be no development delays. The announcement comes a mere few days after Kusama announced the release of Shibacals in a blog.
Shibacals is a new service from Shiba Inu that allows real-world assets to be connected to NFTs with an NFC chip. This service will be a part of the upcoming Shibarium ecosystem.
All collectibles by Shibacals are created in-house with a focus on authenticity and aesthetic appeal. As of the latest update, some prototypes are already available for testing and modeling.
Creators, such as those who sell on Etsy or have their own website, can add a Shibacal NFC tag to their products. They can then decide how to use the tag for their creations.
Alongside the mainnet launch of Shibarium, SHIB developers plan to release the World Paper. It will be a comprehensive guide that explores the various elements of the SHIB ecosystem, including tokens, platforms, products and services. Some on the list include but are not limited to Shib, Bone, Leash and Treat.
The World Paper will also outline the long-term plan for the decentralization of Shiba Inu. This paper will differ from the project’s first white paper titled Woofpaper.
Looking at other meme coins in the market
SHIB is currently ranked as the 17th largest cryptocurrency by market capitalization and the second largest meme coin. However, SHIB is not the only meme coin in the market on the rise.
Meme coins, apart from SHIB, have skyrocketed in value, reaching a total market cap of $15.6 billion. PEPE is leading with a remarkable 5819 percent ROI in just one month. It surged by 65 percent in the past week.
According to the data from CoinMarketCap, PEPE’s price reached $0.000001735 at its peak after reaching its lowest at $0.0000009388. As of the time of writing, it sits at $0.0000001558. Its market cap went down 2.87 percent in the past 24 hours to $610.57M, while its trading volume went down 37 percent to $252.60M.
NewsBTC predicts that Pepe could reach a maximum price of $0.000003, a minimum of $0.000002 and an average price of $0.000002 as the market recovers from the crypto winter. These price predictions indicate potential growth and stability for Pepe.
The up-and-coming meme coin Wall Street Memes ($WSM) are also gaining traction. Recently, it collected more than $10 million in presale investment within only one month of launch. It is expected to list on exchanges soon.
The Wall Street Memes project is the creation of the WallStreetBets subreddit. It aims to provide a platform for people to trade in meme coins, while still potentially making a profit. It also serves as a comprehensive compilation of internet memes, including Pepe, Wojak and various other meme coins.
Dogecoin, on the other hand, currently sells at $0.0659. It has been one of the worst-performing cryptocurrencies in 2023. Investors who bought after 2022 are now in the red. Even Tesla and Twitter CEO Elon Musk’s tweets and statements about DOGE have failed to move its price.
Despite losing its hype with prices continuously declining, the meme coin remains the number one, beating Shiba Inu. According to Finder’s panel of leading cryptocurrency experts, Dogecoin could reach $0.75 by 2030. This figure is up 2 cents from its all-time high.
Another prediction is the coin could reach $0.33 by 2025, a 410 percent ROI from today’s price. However, these were only predictions. As the market is volatile with ups and downs, no one knows for sure the future of Dogecoin.
Other meme coins, such as FLOKI (FLOKI) and Dogelon Mars (ELON), have also seen double-digit gains in the past few days. This surge is likely due to a broader market recovery in the past 24 hours.
