Shiba Inu doesn't need Musk's tweets to reach new heights! With ShibaSwap and Shibarium, the token is making its way to offering real-world utility.
Shiba Inu (SHIB), a popular token that most people swat away as just another shitcoin, has been in the news for quite a long time now. It has been making new all-time highs and ruling the trending cryptocurrency charts on all major crypto exchanges.
The current all-time high of Shiba Inu (an increase of 777% in 30 days) stands at $0.00008845, and with the current scenario, it is most likely to break it and eat another zero in its price.
Now coming to the topic at hand, which is the owner and lover of Shiba Inu dogs, Elon Musk, who hasn’t been on the good side of the SHIB token lately.
In a reply to a Shiba Inu fan’s Twitter thread, Elon Musk mentioned that he didn’t hold any Shiba Inu coin which plunged the meme-token’s price by 20%.
However, this drop in price was temporary, and to the surprise of many crypto holders, Shiba Inu not only recovered within the next hours but also continued to make its all-time highs and break all records of major cryptocurrencies. The biggest achievement of Shiba Inu is that it overtook Dogecoin (DOGE), in terms of market cap, not long after the ‘Doge Father’ came to the Dogecoin’s rescue and with a single tweet took the price of Dogecoin up by 22% in a single day and overtook Shiba Inu again.
This whole scenario tells us one thing: A dogfight is happening, and this is just the start. However, here’s why we believe Shiba Inu is the winner… at least for now.
No Influence of Elon Musk on Shiba Inu
Going down by 20%, recovering within a day, and making continuous all-time highs is no child’s play - unless your name is SHIB. This is an achievement that every SHIB holder would be proud of. Not only because the price of the Shiba token has broken all-time highs but also because of the ‘great manipulator’ of cryptocurrencies, Elon Musk’s influence is weakening on Shiba Inu. Even the king of cryptocurrencies couldn’t recover much after Elon Musk tweeted against the use of BTC mining machines because of ‘environmental’ concerns. SHIB, however, has broken this notion and with the force of holders behind it, even when the crypto market was going through a small dip, the token kept going up.
Is SHIB Better Than DOGE?
Unlike Dogecoin, which plummeted after the SNL appearance of Elon Musk and never recovered, Shiba Inu did not follow the same destructive pattern.
Not only that, Shiba Inu has a proper ecosystem with Shibaswap, tokens like BONE and LEASH, a staking system for every token on their platform, an NFT marketplace, and much more. On the other hand, Dogecoin never came out of the “meme” umbrella and is based on the pump and dumps philosophy, solely backed by its biggest influencer, Elon Musk.
Shibarium - SHIB’s Blockchain
The Shiba Inu ecosystem is all set to launch Shibarium, a layer-2 blockchain that is likely to take Shiba Inu to new heights. According to the creator of Shiba Inu, Ryoshi, since SHIB and LEASH are more useful in ShibaSwap, they will not be the main paired token for Shibarium. It will be BONE instead. He also stated that BONE will have a fair and "zero" start in which users would not have to worry about whale holdings. When ShibaSwap originally launched, though, SHIB and LEASH holders received BONE, thus there are certainly many BONE whales out there.
At the moment, there is limited information regarding Shibarium. However, there is a rumor that one of the key aims will be to reduce transaction fees for Shiba ecosystem users.
Ryoshi stated that from the outset that Shibarium's transaction costs would be negligible if not zero. Shytoshi Kusama, the Shiba Project Lead, stated on the Shiba Discord that Shibarium will charge nominal fees for any service, game, or product that is built on it.
One of Ethereum's most significant challenges is its high gas price. Shiba's dependency on the Ethereum network resulted in high gas costs when the Shiboshi NFTs were released.
Shiba Inu To Mars… Literally!
'To the Moon' and 'to Mars' - these are some common terms used in crypto space as a symbol of the token’s price going to its all-time highs and beyond. In SHIB’s case, however, it’s going to the planet Mars, literally.
In an official tweet, the Shiba Inu Twitter handle announced its partnership with Nexus Aurora, an aerospace team that is creating a rover to explore the planet Mars.
The partnership sought to enhance understanding of how cryptocurrencies can have an influence on the world. The aerospace company has teamed up with Shiba Inu to help crypto contribute to the advancement of humanities in space.
Shytoshi Kusama is said to have donated 0.4 billion SHIB, according to reports. To be accurate, it is 414,898,000 SHIB. The funding will help the company contribute even more to its space program.
The agreement calls for a total of 20,000,000 SHIB. The logo would also be prominently displayed on the SSAM rover prototype which will be used at the Mars Society's Utah test site. Nexus Aurora also claims to have the capacity to carry 1,000,000 SHIB in the wallet, ready to be sent on Mars as the world's first universal planetary currency.
The firm is seeking 350,000,000 SHIB for branding on the future swarm of rovers included in the sponsorship. The annual cost of joint operations is estimated to be over $350 million with the possibility of two open-source collaborative organizations hitting the space.
The aerospace company clarifies its goal of having SHIB INU as more than just a sponsor. Nexus Aurora will also hold SHIB and utilize it to support project prototyping and development. Also, it will look into using this token as a currency for interplanetary colonization.
We are not done with Shiba Inu right now. Many crypto analysts are vouching for the idea that Shiba Inu is not a meme token anymore. Do you think the same? Stay tuned for more.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.