One token has proven surprisingly resilient as crypto winter continues and coin prices plummet. Amid DeFi bankruptcies record-lows in the marketplace, Shiba Inu has arguably thrived. After a massive burn of 573,000 SHIB, it became the 14th biggest cryptocurrency in the world by market cap. Here’s how the Shiba Inu market cap surpassed $6 billion.
What led to the $6 billion Shiba Inu market cap?
In mid-June, a crypto whale purchased over 356 billion SHIB, about $3 million worth at the time. This purchase sparked a rally that boosted the coin’s price to $.000012 from the lows of the big crash in May. Though that significant four zeros mark wouldn’t last, SHIB almost immediately recovered and started climbing again after it fell to $.000009 at the end of the month. In the following weeks, it even briefly surpassed $.000012.
The SHIBArmy’s support
It certainly didn’t hurt that the Shiba Inu ecosystem has a highly dedicated and vocal fanbase. Ethereum co-founder Vitalik Buterin even acknowledged the SHIBArmy’s support on Twitter. In addition, when SHIB’s founder, Ryoshi, disappeared from the internet in early June, project lead Shytoshi Kusama stepped up to the plate. Since then, the Shiba Inu community has rallied around Kusama.
The Shiba Inu ecosystem
A significant factor in SHIB’s recent success is the utility of the Shiba Inu ecosystem. Beyond SHIB, there are three, soon to be five, other cryptocurrencies that work in tandem. Along with an upcoming metaverse and layer-two blockchain. Kusama periodically updates the community through blog posts.
And recently, they announced a beta test for the Shibarium blockchain, which is in development in partnership with xFUND. There was also much speculation on who Shiba Inu developers would partner with to work on the Shiba Inu metaverse. It turns out that the partnership is with The Third Floor—a development studio with VFX experience in Hollywood and the AAA gaming industry.
All of these factors add up to make the Shiba Inu ecosystem greater than the sum of its parts. Several cryptocurrencies, a layer-two blockchain, a metaverse, and most importantly, a dedicated community made SHIB what it is today. The coin is well on its way to mainstream adoption. Only time will tell where the SHIBArmy can take SHIB from here.
