The unpopular opinion by major players in the crypto world is that the most successful cryptocurrency coin this year, on the basis of price gain, Shiba Inu, has begun to lose its relevance.
The coin, which can arguably be considered one of the most successful projects that the crypto industry has seen this year, is still considered by most as a shit coin or dog coin due to its origins.
Origins And Development Of Shiba Inu
Memecoins are generally cryptocurrencies developed based on memes; they are considered a joke in the global crypto community. In most cases, this assumption is indeed the norm. But there are exceptions to every rule, and the exception to the meme coin rule is the Shiba Inu and the Floki Inu cryptocurrency.
They are both ranked 13th and 2822nd on Coinmarketcap’s rankings based on market capitalization.
Shiba Inu (SHIB) was developed in August 2020 by a group known as ‘Ryoshi’; it was released on a white paper by its developers and named Shiba Inu Ecosystems. It is an ERC 20 token leveraged on the Ethereum Blockchain.
The token has delivered arguably the most ROI the cryptocurrency industry has ever witnessed. It started trading at inception for $0.000000000073 and has gained an incredulous 44,622,335% since and now trades at $0.00003305 according to Coinmatketcap.
The beneficiary of this crazy price movement might not be as numerous as one would imagine; this is due to the belief in the irrelevance of shitcoins that is abundant in the industry.
Despite the token’s success, this unpopular opinion still affects the token’s growth as many in the global crypto community consider the coin useless.
Battle Against Irrelevance Opinions
SHIB enthusiasts and supporters normally have shades thrown at them globally in community space and social media. The standard snides utilized the token’s lack of real-life utilization and adaptations, its lack of any real developmental prospects, and the general unpopular opinion of the irrelevance of shit coins in the long run.
In a bid to fight this detrimental perception and not become irrelevant like most shitcoins, the Shiba Inu team has been properly adjusting and innovating its white paper- Shiba Inu Ecosystem.
Being an ERC 20 token suffers the scaling problem most tokens leveraged on Ethereum blockchains suffer. The problem brings about high gas fees and massive congestion in transactions traffic.
To improve its relevance in the industry and provide solutions to the scalability problem, the Shiba Inu team has introduced its proprietary layer two solution Shibarium.
Developer Eric M. released an update on discord announcing that crypto users globally should expect the release of the protocol of the solution very soon, claiming that the launch will happen faster than anyone expects.
Shibarium was first introduced by Ryoshi, the anonymous group that developed SHIB, earlier in October.
Ryoshi will develop the Shibarium solution on the Ethereum blockchain network and home to a new token BONE instead of the already popular SHIB or LEASH.
The decision to host BONE instead of the team’s mainstream SHIB or LEASH enables the team to have a fair and unbiased new start in the crypto industry globally.