Shiba Inu is not as popular as it used to be in 2020. It is known as the “Dogecoin Killer ”, but it has been in a downtrend after the 2020 rally. It was created by developer Ryoshi. Generally, meme coins do not have a good ecosystem for business, but Shiba Inu has a decent ecosystem; it includes ShibaSwap, Shiboshis, and Shiba Artist Incubator. You can find the details on their website, but here is the brief:
It is a decentralized exchange to trade cryptocurrencies, and it also provides the opportunity to Swap, Dig and Bury the token. On this platform, ‘Dig’ means liquidity, and ‘Bury’ means staking.
BONE is a governance token on Doggy DAO (a governance platform of ShibaSwap). It enables holders to vote for a proposal and upgrade the system. Users also earn LEASH, which is only used to stake on the ShibaSwap.
In 2021, SHIB released 10000 NFTs on the Ethereum blockchain, known as ‘Shiboshis.’ Each of them is a unique art portrait of Shiba dogs, and they also announced the launch of a game called Shiboshis Game.
It is a community of non-fungible token art incubators encouraging artists to introduce their arts in the Shiba NFT market. For now, they can incubate photographs, digital compositions, and paintings. Developers are working on adding more art categories in this segment.
A strong ecosystem is essential for long-term growth. Otherwise, the price of SHIB will not recover from its downtrend. Read our Shiba Inu price prediction to know if these updates can help in price recovery or not!
At the time of writing this post, SHIB was trading around $0.0000102, and it has been consolidating between the range of $0.00001 and $0.000007. Most of the technical indicators are neutral; RSI is around 48, and candlesticks are around the baseline of the Bollinger Bands. We do not think it is the ideal time for short-term investment.
On the long-term chart, it has been in a downtrend, forming support around the present level. Most of the technical indicators are bearish. As it is a meme coin, we suggest you invest wisely in such coins.
The price movement depends on the community sentiments and news. If you are active on social media, you can invest in SHIB USD. Otherwise, you should choose less risky options such as Bitcoin and Ethereum.
Though Shiba Inu extends their name in metaverse and NFT segments, will it survive in these competitive industries? It is tough to predict!