Meme coin with ambition: how Shiba Inu builds its meta-empire

It’s often common not to take meme coins like Shiba Inu seriously. Our review will show that this is a misleading impression. You might be surprised, but Shiba Inu is building its own metaverse, has already created a decentralized exchange (recognized as the second safest in the world), and is also hiring employees from IT giants. 

General introduction

Shiba Inu is an ERC-20 token on the Ethereum blockchain created in August 2020. It represents the image of the Japanese hunting dog Shiba Inu and claims to be the main competitor of the meme coin DOGE.

SHIB is the main currency of the Shiba Inu ecosystem, which supports its own decentralized exchange ShibaSwap and various charitable initiatives. This company also has a “woof paper” — a kind of analog of a “white paper”, which informs about the mission and plans of this cryptocurrency.

Shiba Inu is trying hard to surpass Dogecoin, and it’s following the same scheme. It has a logo similar to the latter meme token, and its workflow is based on the same algorithms. This is why traders consider SHIB to be the main competitor of Dogecoin.

One reason for the popularity of SHIB is that most of the major investors from China are very interested in it. This is partly why its price is growing — because influential Chinese figures in the crypto community are aggressively promoting it on various platforms.

What is happening on the project now?

As of the fall of 2022, the project has three main areas of development in active operation:

• The project is actively developing its own decentralized platform (crypto exchange), which is called ShibaSwap and is a priority for Shiba Inu. Its key feature is to provide crypto traders with a really reliable and safe place to trade any digital coins.

This DEX was recently ranked as the 2nd safest exchange in the crypto industry. The data was compiled and verified by security research firm CertiK Security Leaderboard.

 

• The team’s efforts are currently focused on developing Shibarium’s internal wallet (Shiba Inu’s Layer’s 2 solutions).

“The wallet should be a comprehensive application, capable of moving assets between Layer 1 and Layer 2, the possibility of stacking and, in the future, ShibaSwap will also be integrated into it,” says developers.

• A third important vector of development is the creation of its own meta-universe. Shiba Inu will soon begin selling virtual land in the Shibverse, which is currently under construction. This project recently surprised many when Netflix movie producer Brandie Konopasek joined the SHIB’s Metaverse development team.
• Another interesting element worth mentioning is The STAFFY Ecosystem, which is also in development (is a community-powered ecosystem that aims to give people full control of their finances).

Finally, it is also worth mentioning the constant coin burns from Shiba Inu, which the project regularly arranges in order to achieve deflation. After the launch of Shibaswap 2.0 with the burning portal, SHIB supply shrinks at an extremely high rate (much faster than Ethereum), which is quite favorable for the coin’s price.