Shiba Inu has great ambitions. The price fell recently. Do you expect another Shiba Inu price explosion soon?
Shiba Inu (SHIB) is currently only the second-largest meme coin. However, its developers have high ambitions. Shiba Inu is presently working on a Layer 2 solution to drastically reduce the network fees that many Altcoins are currently struggling with. Will that keep the Shiba Inu price rising?
Lively interest in SHIB
Shiba Inu is seeing tremendous interest. The number of addresses rose from 600,000 to over a million in the last three months. Although SHIB reached a new all-time high in late October and has been steadily declining since then, the number of addresses continues to grow.
Above all, the project of the anonymous founder Ryoshi is supposed to bring joy and describes itself as a “Dogecoin Killer”. SHIB has made a brilliant rise, but Dogecoin is still the largest memecoin.
SHIB lacks almost a third of the market capitalization to catch up with the big model. But in the ranking, DOGE and SHIB occupy twelfth and 13th place in this order.
Will there be a Shiba Inu price explosion soon?
However, DOGE and SHIB have some striking differences. While DOGE is a descendant of Litecoin, SHIB is an ERC20 token. So Shiba Inu runs on the Ethereum blockchain.
However, this causes a lot of trouble for some users. Ethereum is known for its particularly high network fees. However, users of the DOGE do not feel this concern.
SHIB does not have to wait for the implementation of Ethereum 2.0. A layer 2 solution is being considered for the near future.
Layer 2 should be named Shibarium. As a result of this, the utility value of the Memecoin would of price increase immensely. This may also make SHIB practically competitive.
Shiba Inu (SHIB) is deflationary
In the long term, a high Dogecoin rate seems illusory. DOGE does not have a maximum supply. Hence, sooner or later its price will decline.
Shiba Inu takes a different stance in this regard as well. SHIB is deflationary and caused quite a stir when a large amount of tokens were sent to Ethereum founder Vitalik Buterin in the spring .
Although this measure was actually intended as a token burn, Buterin used the donated fortune, which was worth over a billion US dollars.
He donated the money to the Indian Crypto Relief Fund, which supports important projects in the healthcare sector.
Is SHIB coming soon in the Metaverse?
Some supporters have even bigger plans for SHIB. The message is spreading that the largest VR park in North America will accept Shiba Inu as a means of payment. The New York City amusement park has supported BitPay payments for a long time.
The payment provider has expanded its offering to include an additional currency. Namely: Shiba Inu.
As a result, it is now possible for visitors to pay with Shiba Inu New York’s VR World.
However, SHIB’s founder Ryoshi announced that SHIB should get its Metaverse in the future. The gaming project is called Oshiverse and appears in collaboration with Playside Studios.