Massive developments underway for Shiba Inu: Could SHIB soon overtake Dogecoin and join top ten by market cap?

  • The most awaited development by the Shiba Inu community is that of Metaverse which could likely propel SHIB into the top ten crypto list.
  • The Shiba Inu developers are also working on a Metaverse project which could uplift the entire ecosystem to a whole new level.

During the massive crypto bull run of 2021, two meme-coins that became investors’ favorites were undoubtedly Dogecoin and Shiba Inu. While both the meme coins faced strong correction amid the broader crypto market sell-off in 2022, Shiba Inu has continued with some strong developments within the ecosystem.

Currently, Dogecoin (DOGE) still precedes Shiba Inu (SHIB) as the world’s largest meme coin while holding a spot in the top ten crypto list. At the ninth spot, Dogecoin has a market cap of $9.7 billion while Shiba Inu is at the 15th spot with a market cap of $6.03 billion. Thus, DOGE is clearly 50 percent more valuable than Shiba Inu.

However, the Shiba Inu developers have been working hard enough to bring new features to the ecosystem and make it robust. Rumors have been that Shiba Inu will eventually climb up the ladder and at one point overtake Dogecoin to become the leading meme coin in the crypto sphere.

Let’s take a look at some of the key developments taking place in the Shiba Inu ecosystem which could help propel SHIB into the top-ten spot, and eventually surpass Dogecoin.

Shiba Inu’s Layer-2 Scalability Platform Shibarium

Shibarium is an upcoming and the most-awaited Layer-2 scalability platform for Shiba Inu. The ultimate goal is to lower the transaction speeds on Ethereum while reducing gas costs. Shibarium seeks to take the transaction load away from Ethereum while thus reducing the possibility of any further congestion.

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Shiba Inu is confident that the launch of Shibarium will cater to next-generation crypto solutions such as DEXs, the Metaverse, as well as blockchain games. However, the launch of Shibarium has seen multiple delays in the past.

But the latest news in the town is that the Shibarium Beta release shall happen this week as confirmed by lead developer Shytoshi Kusama. However, Kusama has warned that tokens available at the beta stage are only meant for testing purposes. Thus, investors should refrain from investing in this project until the mainnet launch. He has also asked investors to be careful about the fake Shibarium tokens that are currently making rounds in the crypto market.

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SHIB the Metaverse

This is another major development as developers seek to make a move in the emerging market of Metaverse. “SHIB the metaverse” project is not just another meme product but is likely to upgrade the project to a whole new level.

On the launch of the project, the Shiba Inu team unveiled an interesting slogan “It’s Not a Meme -It’s A Movement”. SHIB the Metaverse project will feature iconic virtual real estate, an online playground for VIP members, and metaverse transport devices.

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About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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