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- Shiba Inu’s SHIB token remains one of the most watched memecoins amidst a vicious memecoin battle whose performances have matched or exceeded large-cap altcoins.
- SHIB has undergone some key developments bolstering its adoption and demand with two of these emerging as the most influential.
Shiba Inu’s native token SHIB has emerged as an investor favorite in recent months, with recent performance seeing it climb into the top 15 ranked cryptocurrencies based on its market cap.
Its performance comes off the back of key network developments that have led to a robust ecosystem, a dynamic development team that keeps driving innovation, and an active and committed community of users, developers, and investors. Additionally, the team has forged some strategic partnerships that are driving adoption and investor interest.
After launching in 2020, the token has become the second largest memecoin after Dogecoin (DOGE) and has been tipped to flip DOGE over the coming months. The Shiba community, widely regarded as the ShibArmy shares a dream of canceling some zeros from its price. The community has a vision of reaching $0.001 soon.
At the time of writing, SHIB is trading for $0.00001712 after a marginal change in the last 24 hours. The token has come under bearish pressure, losing 8% in the last week. With a market cap of a little over $10 billion, the token is ranked 15th. Notably, this is a slip from its 10th rank reached earlier this year.
To see SHIB erase a number of these zeros, experts anticipate that two developments around Shiba Inu could be key to taking a bullish turn.
Shiba Inu’s Shibarium Development
One of the key developments watched by the Shiba Inu community is around Shibarium, Shiba Inu’s layer 2 scaling solution. Since its launch, the network has allowed the ecosystem to grow and scale at an unprecedented rate. Data shows it has recorded nearly 400 transactions and produced more than 5.5 million blocks.
Shibarium has allowed the network to challenge prominent networks such as Cardano, Solana, and Ethereum. It has attracted developers and users worldwide and taken a significant market share from the more established projects that have failed to innovate and keep up with the up-and-comers.
Additionally, Shibarium has helped accelerate SHIB burns which help drive demand and prices higher.
SHIB Burn Rate
Speaking of token burning, this has been key to the recent rally and will keep driving prices in the long term. The Shib burn system allows for a share of the circulating supply to be permanently incinerated, therefore, helping drive tokens lower and prices higher. The rate and quantity vary with the team continuously promising higher numbers. Shibburn data suggests nearly 60 million tokens have been burned in the last 24-36 hours.
As Crypto News Flash highlighted, there have been calls for Binance to implement an automated burning system similar to LUNC which has seen the crypto exchange billions of LUNC tokens in months.
Other developments around the SHIB ecosystem could further bolster the token’s position. According to Cryptorank, Shiba Inu may reach the $0.001 price mark by any year between 2035 and 2040. Changelly, on the other hand, suggests that SHIB could reach the $0.001 level sometime between 2033 and 2040,
