Beware of the meme coin, Shiba Inu, as it attracted a lot of crypto exchanges this season of a downtrend. While reaching a value of 0.01 cents was still far fetched, the adoption of digital assets was not. The SHIB community established itself as one of the strongest groups in crypto and managed to land the asset on giant exchanges, including Robinhood in April. It also made its way to one of the top crypto exchanges in the US, Bittrex, and has now started trading.
It was interesting to see that while Shiba Inu had comedic beginnings as a rival to another meme coin Dogecoin, over time it slowly lost the image of just a funny cryptocurrency. As in the case of DOGE, the partnership with Elon Musk has recently taken the digital asset out of low-value pits to gain some usability. We may be able to see a similar but bigger boom in the SHIB ecosystem because of the multiple projects already underway.
The Changing Landscape of Shiba Inu
The latest update to make SHIB more usable comes from NOWpayments. The popular payment gateway has added Shiba Inu to its platform allowing users to instantly withdraw fiat currency for SHIB tokens. This was a huge improvement to make SHIB useful to its holders and traders.
In addition, the SHIB Metaverse is coming and the Shiba Inu team is building for the same. It recently added David Kern, former Principle Technical Artist for Sony at Zipper Interactive, to the team. Kern’s skills in graphic design, video production, 3D modeling, animation, level building, and production management for games across platforms will take full advantage of the team.
Meanwhile, the team together with the SHIB developer, Shytoshi Kusumar announced the upcoming launch of stablecoin, Shi. Shi will act as a common stablecoin within the ecosystem and will counter and balance payments without being affected by market volatility. However, it was not the only new coin introduced to the users.
Shytoshi previously revealed this in a blog post noting that a reward token called TREAT was being designed for users. However, the network didn’t want to overwhelm the ecosystem with another token with no use case, so it wouldn’t go into it. Kusuma outlined that TREAT will entail a limited offering and that the use case will not be limited to: Shibariumlayer-2 solution, but will give way to the Metaverse.
With a wave of developments coming Shiba Inu, it would be interesting to see how the new crypto asset bridges the gap between hype and usability. Only when it becomes more useful can it transition from a meme currency to a cryptocurrency.