The Shiba Inu’s ecosystem is expanding. Can it give up its meme coin status?

key takeaways

  • Thanks to their strong memes and community support, Shiba Inu 2021 has a blast.
  • Now, the ecosystem is looking to launch a Layer 2 network, metaverse, play-to-earn games and stablecoins.
  • With so little information available, it is still unclear whether the Shiba Inu can get its meme coin status.

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crypto briefing Meme Coin goes down the rabbit hole to see if the Shiba Inu has what it takes to grow into a more serious crypto project worthy of a $6.4 billion market cap.

shiba inu state

Shiba Inu wants to be more than just a meme, but it can be a challenge.

After experiencing a parabolic run in the fall of 2021 that saw the SHIB rise over 1,000%, the Ethereum-based MEM coin continues to surprise market participants with its persistence in the face of the most severe crypto bear market in history .

While SHIB has achieved its position as a retail investor-backed meme coin, it has maintained its position as the top 20 cryptocurrencies during the market downturn, outperforming many other established projects. The relative strength of the Shiba Inu is partly thanks to its dedicated holder base and online community. Loyal followers of the token continue to hold SHIB despite brutal market conditions, bringing their community to life TwitterReddit and other social media platforms.

Additionally, unlike Bitcoin and Ethereum, which bore the brunt of the recent round of crypto firm liquidations, SHIB has faced relatively few transitions – if any – of companies taking advantage of the token’s exposure.

It has become clear that the Shiba Inu is here to stay, despite setbacks such as Ethereum co-founder Vitalik Buterin selling and burning trillions of SHIB tokens sent to his wallet by the project’s pseudonymous creator Ryoshi. Over the past year, the project’s developer team has come up with a plan to help Shiba Inu surpass its reputation as a moonlight token and grow into a fully-fledged crypto ecosystem.

Sheba Ecosystem Expansion

After gaining public attention during the bull run of 2021, the developers of Shiba Inu have taken several initiatives to help what started as a simple meme token gain traction as a more legitimate project.

So far, developers under the pseudonym of Shiba Inu have executed plans to create an Ethereum-compatible layer 2 chain called Shiberium, a collection of cute NFT avatars known as “The Shiboshis”, a metaverse. , a mobile play-to-earn game and a Shiba Inu-themed stablecoin.

While progress is being made at a slow pace. In November 2021, the Shiba Inu’s first NFT collection, The Shiboshis, launched in a whirlwind of hype, escalating Ethereum gas fees as fans raced to mint one of the 10,000 pixel art avatars. Most recently, in April, the Shiba Inu team sold 100,000 virtual land plots for the upcoming Shiba Inu Metaverse project.

While details about the Metaverse are sparse, that hasn’t stopped the Shiba Inu faithful from loading up on the virtual land. In a few brief updates on the project from pseudonym Shiba Inu developer Shiotoshi Kusama, “SHIB: The Metaverse”, as it is currently called, will be developed in partnership with a major AAA game studio. However, according to Kusama, several non-disclosure agreements have barred developers from revealing further details.

Other plans, such as developing a Layer 2 shibarium network, are also moving forward. Blockchain development company Unification has been tasked with building the new network, which will form the base layer for the Shiba Inu ecosystem. Kusama’s blog post says that the network will be “optimized for gaming” and will offer lower fees and higher throughput than Ethereum.

According to a recent blog post by Unification Product Lead Maziyar Sadri, Shiberium will launch its public beta later this year, allowing independent developers and users to fully interact with the network and participate in its verification process. Once fully launched, the SHIB token and all Shiba Inu-related NFTs will be transferred to Shiberium, and future ecosystem developments will launch directly on the new Layer 2 network.

However, it may be the planned mobile play-to-earn game that Shiba Inu fans are most excited about. Announced in November 2021 at the height of the Shiba Inu frenzy, development of the yet-to-be-named game is led by gaming industry veteran William Volk with over 25 years of experience at top-tier companies such as Activision and ROKIT. Play.

Like SHIB: The Metaverse, very little is known about Shiba Inu games beyond Volk’s involvement. Volk’s latest update came three months ago when he posted an invite to an in-person meetup on Twitter along with teaser screenshots of art from the upcoming game.

A teaser for the Shiba Inu’s mobile game (source: @william_volk,

elsewhere, many Tweets And Kusama’s blog post has dropped a few more breadcrumbs of information. The game will take the form of a collectible card game similar to Pokémon and Magic: The Gathering. More recent updates indicate that Volk-led Shiba Inu Games and Australian studio Playside are both involved in the game’s development.

Although the earn-to-play aspect of the Shiba Inu game is yet to be revealed, there are several clues as to how it might work. In Kusama’s July 6 blog post, he revealed that players will be able to earn a new token called Treat through the game upon release. Kusama also indicated that many of the token synapses for the treat will be woven into the Shiba Inu ecosystem. TREAT will “receive rewards for the metaverse” and “help provide balance to the Shiba Inu stablecoin employed,” he wrote. However, like most of Kusama’s post, he did not give any concrete details on the token ecosystem, other than that TREAT would “benefit the current SHIB ecosystem holders greatly” and that the token “won’t disappoint.”

Can a Shiba Inu become more than a meme?

Although the developers of Shiba Inu are dedicated to develop the token into a fully fledged crypto ecosystem, several factors may be preventing them from achieving their vision.

While shibarium and the collectible card game have sparked excitement within the Shiba Inu community, concrete details on what is being built and how it will work are best left out. Information is often spread across multiple sources, with no centralized hub of all the latest announcements.

Most of the information has come from Kusama after Rayoshi stepped down from the project earlier this year. Kusama’s posts are often casual, lack structure, and make bold claims about the Shiba Inu ecosystem and its upcoming plans without providing specific details. As a result, Shiba Inu fans continue to speculate about the details of the much-anticipated update, causing confusion and causing fear, uncertainty and doubt from opponents of the project.

For example, Kusama has stated that Shiberium Layer 2 will not require ETH for its transaction fees and will instead use the Shiba Inu ecosystem governance token Bone to process transactions. However, according to the Shiba Inu whitepaper, Bone has a limited supply of 250 million tokens. It is currently distributed only to those participating in various staking and liquidity-providing activities on ShibaSwap, the official Shiba Inu decentralized exchange. Kusama’s post has yet to reveal further details about how both Bone Gas and the governance token will function, enabling holders to do due diligence on how the token system will function after the launch of Shiberium. Instead of being, giving up hope for the best.

Questionable tokens aside, another concern is that many of the Shiba Inu ecosystem initiatives are copies of ideas previously pioneered by other crypto projects. The Shiba Inu’s Metaverse offering will be in direct competition with those developed by well-funded companies such as Yug Labs, maker of Bored Ape Yacht Club, and Metaverse, owner of Facebook. A number of smaller NFT projects have also tried to copy the Metaverse playbook into their roadmaps, which has exhausted the concept even before a single Web3-native Metaverse game has successfully launched.

Crypto gaming is also experiencing a sharp slowdown from titles like Axi Infinity and STEPN, two popular games that experienced dramatic growth but failed to create a self-sustaining token ecosystem. The current play-to-earn model, which the Shiba Inu’s play-to-earn game has not yet differentiated itself, requires a constant influx of new players to keep existing players interested in playing and is therefore unstable. It’s unclear whether the Shiba Inu collectible card game will be able to overcome this issue when it launches. Still, with so little information to work with, it is proving difficult for crypto enthusiasts to leave behind a project with so many unknown factors.

Finally, in light of the collapse of the Terra ecosystem and its algorithmic UST stablecoin, the idea of ​​a native stablecoin will have the most potential for the wider crypto community. No information has been released explaining how the stablecoin will function or whether it will be overcollateralised. However, the little information available that points to a role for the Treat Rewards token in the peg mechanism of the stablecoin is not encouraging.

The big question is whether the Shiba Inu community is interested in stablecoins, complex token systems, and yield generating opportunities. The early success of the Shiba Inu relied on its memorizing power and passionate community. From an outsider’s perspective, a game that prioritizes player engagement, community, and fun over profit-making potential may be more on-brand for the Shiba Inu, especially when the cryptocurrency got caught in a bear market. Are.

However, it’s hard to deny that the Shiba Inu is establishing itself as a serious cryptocurrency contender. There’s a lot going on behind the scenes, and it’s only a matter of time before the finished product hits the market. Still, if the project’s developers don’t consider what the project’s community really wants, one of the biggest drivers of crypto adoption could end up as a forgotten meme of the past.

Disclosure: At the time of writing this feature, the author held ETH and several other cryptocurrencies.

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