The Shiba Inu has embarked on a remarkable journey since debuting on the crypto scene in August 2020. Labeled as the ‘joke coin’, the crypto asset broke free shortly after its release and took the crypto market by storm.
SHIB initially dogecoinIt was designed to dethrone . and was even called the “Dogecoin Killer”. Thanks to market experts, analysts and traders, the Shiba Inu met that expectation by surpassing DOGE’s market cap on October 27, 2021, literally sending its price to the moon.
While it is difficult to look for logic behind the price increase, market experts attributed it to speculation rather than technical developments. Themselves ‘Shib Army’ SHIB supporters, who named it after him, have relentlessly promoted cryptocurrency on social media, with an occasional statement by SpaceX billionaire investor and CEO Elon Musk.
Some market analysts have also attributed the coin’s growth to the launch of decentralized exchange ShibaSwap, as it means many fans can reap unprecedented returns.
The Shiba Inu’s popularity grew further when the coin was listed on most exchanges in September 2021, and a petition subsequently emerged urging Robinhood to do the same. Elon MuskThe price of the digital currency continued its upward trend, with a tweet from ‘Shiba containing an image of a Shiba Inu dog causing a 600% increase in value.
However, the Shiba Inu fell victim to wild market volatility and soon suffered its fair share of market declines. Interest around the Shiba Inu has waned, but the coin looks set to make a comeback this year. SHIBalthough it has lost almost two-thirds of its value since October 2021, some developments around it still managed to grab the attention of supporters.
Bull Catalysts
According to a key member of the team behind Shiba Inu known as ‘The Archangel’, the planned new version of Shiba Inu’s decentralized crypto exchange ShibaSwap 2.0will include a feature that allows SHIB tokens to be burned, reducing their circulating supply as a result.
An exact launch date for ShibaSwap 2.0 has not been announced yet, and work is still ongoing. Despite this, many market experts believe it could hit the market before the third quarter of the year, with the token burning mechanism being a major catalyst for the coin’s growth.
Having a layer-2 solution shibariumThe imminent launch of the coin is another important development that could take the digital currency to higher heights. The Shiba Inu, which is listed on leading crypto exchanges, is relatively inexpensive and has a recent boom history, making it a popular asset for investors.
The most important factor among the factors that keep the investor sensitivity high is the huge scale of the ecosystem. metaverse are plans. SHIBArmy has already welcomed many developments in the SHIB virtual world. Last month, LEASH A private land sale was made using tokens and a public sale is expected soon.
In a recent update, SHIB developers said, “… our Metaverse acts as a source of support in our sustainable ecosystem as we add more benefits, projects and services for our beloved ShibArmy, the best crypto community in the space.” said.
Also in a recent update, SHIB developers have released LEASH tokens from community members. shiba inu asked them to keep it ready for more exclusive benefits in the metaverse.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.