Is Shiba Inu Dead? 2023 Statistics Reveals This
By Nerly Shammah May 04, 2023
With a 24hrs trading volume of over $104million and a market capitalization of over $5.8billion as of May 2023, Shiba Inu does not appear to be dead.
Shiba Inu, what many may consider a revolutionary cryptocurrency given its sudden popularity in the ecosystem based on the weirdest of value concepts - the dog and the meme, has however been speculated of being dead given the lack of solid price movements from the cryptocurrency in the past months.
The dog-inspired coin, like many others, was created as a "joke", more commonly referred to as a "memecoin". However, unlike many other memecoins like Dogecoin, Shiba Inu has evolved and embraced more utility via diverse developments including Shiba Swap, more recently the Shibarium - the layer 2 blockchain for digital products, and more excitingly the SHIB - The Metaverse.
SHIB - the Metaverse was first announced Mar 30, 2022, in a blog post outlining the development process of a virtual universe for the SHIBARMY. In July, THE THIRD FLOOR was announced to be partnering with the Shiba Inu project to handle the design and construction of its Metaverse. The Third Floor(TTF) as promoted by the SHIB team is a world-class visualización studio, one of the largest contributors to the production of popular IPs across film, television, video games, VR/AR, and location-based entertainment.
With over 17 years in business with publicly shown expertise, it seems like an easy pick for the SHIB ecosystem for the build-up of SHIB - THE METAVERSE.
More recently, on Jan 15, 2023, the SHIB team published an introduction to Shibarium, a supposedly scalable layer 2 blockchain aimed at powering diverse digital products including fungible tokens, NFTs, game applications, DeFi applications, and all other web3 innovations. $BONE, a governance token of the SHIB ecosystem which was formerly utilized in the Doggy DAO for voting on development proposals within the SHIB ecosystem across its applications like the Shiba Swap is now being adopted as the governance token for the Shibarium layer 2 blockchain and thus, the gas fee token and reward token for validators on the network.
Although this means that the $SHIB token will not be the blockchain's primary token, the structural build of the network allows for $BONE and $SHIB to have a unique relationship in that every single transaction on the chain will burn $SHIB token which means greater effects on the Shiba tokens' supply and potentially its future value as it becomes scarce over time.
Is Shiba Inu Dead?
No, these 2023 development statistics reveal that Shiba Inu is not dead. Shiba Inu has surprisingly been one of the most active communities in crypto with a not sleeping development team securing diverse partnerships as explored above and building tools and applications to further push the community higher for better economic grounds and ecosystem size.
Just like many other cryptocurrencies on the markets, the SHIB token has not had major price movements over the past months, however, as though assets prices are not largely an indication of developments and growth, it's important to look at other areas of the Shiba Inu ecosystem for better understanding of its future place in the advancement and enlargement of the blockchain, Web3, and cryptocurrency industry.