- After some silence in the ecosystem, Shiba Inu launches stablecoin.
- Davis also reveals new upgrade plans to SHIB, including the launch of a new reward token.
What is going on in the Shiba Inu ecosystem? One minute it looks dead; the next minute Shiba Inu is launching a stablecoin bringing life back into this meme coin. However, according to veteran crypto advocate, Lark Davis, there are several real questions to answer. Davis shares his insights about the resurgence of SHIB in his latest YouTube podcast on Friday.
Like every other crypto investor, Davis seeks to know whether meme coins are dead and dusted or are they still relevant; why meme coins like SHIB keep attracting investor money. SHIB has jumped back up in the charts recently. So, everybody wants to know what is going on with SHIB. Is it dead or just preparing to take over the cryptocurrency market and be the top dog?
What differentiates Shiba Inu from Dogecoin
Davis explains what separates Shiba Inu from its predecessor, Dogecoin. Dogecoin was built using the Bitcoin blockchain code and was made to be its blockchain. So, Dogecoin is its blockchain. But Dogecoin is limited in interactions with innovations in the crypto space like DeFi products built over the past few years. However, the upcoming doge chain network may bring some new life to Dogecoin. By comparison, the creation of the Shiba Inu coin was based on dogecoin meme culture. However, it was built on the Ethereum network. Thus, enabling the meme-loving community to be able to participate in decentralized finance.
Surprisingly, the meme coin right now is at the next highest level of market cap liquidity apart from Floki Inu, which is way down (outside the top 350 coins). Meanwhile, Shiba has been a top 20 coin for a long time.
With half of 2022 already over, Shiba Inu has been no exception to the carnage that’s happened in the bear markets. The crypto market is down around 90 percent from its all times highs. But despite the bearish crypto markets, SHIB has taken one step forward.
The upcoming SHIB upgrades
New big upgrades are coming for SHIB, which would drive some renewed excitement into this big meme coin. However, it is important to understand that aside from a small NFT collaboration that happened not so long ago, there haven’t been many changes for Shiba Inu this year.
It’s been pretty slow. The best that happened last year was the launching of the Shiba swap decentralized exchange. This decentralized exchange barely trades over 2 million daily, a small volume considering the huge trading volumes in the crypto market. Hence, that cannot be the main reason for Shiba’s resurgence. But, the Shiba army has been pushing for the SHIB coin to be listed on more exchanges.
A few weeks ago, Shiba Inu received its long-awaited listing on Bittrex. This listing will help grow SHIB’s market cap since there are now more places where people can buy it. But this growing liquidity hasn’t stopped the anti-Shiba crowd from insisting that nobody cares about Shiba Inu anymore. Davis claims that most of this anti-Shiba crowd are dogecoin enthusiasts.
However, the largest holders of Shiba Inu among Ethereum whales are making it clear that Shiba Inu is not going away soon. According to Davis, these whale holders are some of the reasons SHIB has become the largest project on Ethereum apart from stablecoins. Nevertheless, Shiba recently announced its next steps into the decentralized finance world. There are five unique upgrades in the works for Shiba Inu.
There would be a layer-2 upgrade called Shibarium. The time frame for this release isn’t known yet. But this upgrade will allow for micro-transactions for the SHIB coin. Also, it will greatly reduce gas fees for trading SHIB on the SHIB exchange. The second upgrade is a new stablecoin called SHI. The next upgrade is the launch of a new reward token called TREAT.
Davis believes that if Shiba Inu can deliver on these upgrades, they can remain relevant. They can even remain a top 25 crypto project for years to come.