Shiba Inu (SHIB) had one of the biggest launches in crypto history. The asset saw a massive price spike within months of its launch in August 2020. SHIB’s price rallied by several million percent and went on to hit an all-time high of $0.00008616 in October 2021. SHIB’s price has seen a significant dip since its 2021 peak. Let’s discuss how SHIB has gone from being a memecoin to becoming an all-rounder cryptocurrency project.
Shiba Inu’s Big Strength Is Not Meme Crypto Culture Anymore
Shiba Inu (SHIB) was first launched as a rival to Dogecoin (DOGE). The coin was also labeled as the “Doge killer.” SHIB’s price was also moving in tandem with the larger memecoin market. While SHIB was initially launched as a memecoin, the project has since outgrown its meme origins.
Firstly, memecoins do not have any real world use cases. They represent online internet culture and are defined more as collectibles, than actual assets. Shiba Inu (SHIB), however, has made substantial inroads into becoming a real blockchain project.
Firstly, the launch of Shibarium took Shiba Inu (SHIB) away from the Ethereum network. SHIB now has its own layer-2 network where developers can build on. The number of applications on Shibarium has seen significant growth and the pattern is expected to continue growing.
Shiba Inu (SHIB) has also launched a host of products that aim to bring more use cases to the ecosystem. One of the most significant platforms is ShibOS, a platform to bridge businesses from Web2 to Web3. As blockchain technology becomes more mainstream, ShibOS could see a massive surge in adoption.
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The Shiba Inu (SHIB) team is also reportedly working on a new burn mechanism that could potentially burn trillions of coins every year. SHIB’s massive supply is a significant barrier to the asset’s price. If the team can drastically reduce supply while maintaining demand, SHIB’s price could see a massive surge.
