Shiba Inu started out as a memecoin, we all know that, it went parabolic between January 2021 and October 2021 and a lot of people got rich pretty much overnight. Good on 'em. There was a lot of noise, and the self-proclaimed 'Doge-killer' began receiving a significant amount of press coverage. The hype lasted for a few more weeks and then Shiba went down, but not all the way down. It survived. At the time of writing, it is trading at 0.00032.
When YouTube influencers began talking about Shib, they all said the same thing: "it'd be nice to shave a few 0s off the price but the market cap would simply become unsustainable." In recent months, big players in the game decided to actively begin burning Shib in order to reduce the market supply, therefore [hoping] to boost the price and keeping Shiba's market cap within a realistic range. On Christmas Day 2021, 239 million Shiba Inu (SHIB) tokens, were burned at a party organised by Steven Cooper, owner of a crypto record label. And now there are rumours about a potential use in the Metaverse and rumours about a potential Shiba Inu blockchain.
The hype and momentum are fading away but it seems that SHIB holders' faith in the token is consolidating, possibly envisioning a future where SHIB becomes useful, one way or another, and not just a dog token that got some people rich.
It's basically like a teenage rockstar that's trying to become an adult and be successful in the industry in the long term. Will it work?
I've crossposted this article on my blog bitcoinea and LeoFinance
