Layer 2 will soon be launched. It will be utilized to build the complete memecoin ecosystem, including the ShibaSwap DEX, DAO, and metaverse.
The Dogecoin parody aspires to fight with the same technological assets as its competitors after having the audacity to be the only token to appear in the top 10 cryptocurrencies, even if just for a few days.
A network dedicated to the parody of Dogecoin has been established.
The Shiba Inu appeared to be on the verge of extinction after a robust run last fall. Its quick success did, in fact, anticipate a similar demise. However, this would be ignoring the memecoin’s ability to renew itself.
The Shiba Inu now has a DEX, the ShibaSwap, and therefore a token that rewards the LEASH, as of last summer. This uniqueness served as the foundation for developing an ecosystem to make SHIB useful. However, given Ethereum’s transaction costs, this Ethereum blockchain token is unlikely to be a token for everyone.
To get around this problem, the Shiba Inu’s creator decided to create layer 2 of Ethereum. Transaction costs would be reduced as a result of this. These costs will be paid in BONE, the Shiba Inu DAO’s governance token, rather than SHIB or LEASH. The counts are reset to zero if you select this option.
Indeed, this avoids the monopolization of layer 2 by the whales which have accumulated a lot of SHIB and thus also of LEASH. This layer 2 should eventually contain ShibaSwap, the NFT collections around the Shiba Inu and the dedicated metaverse.
The Shiba Inu’s first metaverse territories are about to be sold
Shiba Inu metaverse is undoubtedly the most anticipated and most surprising aspect of memecoin. The Shiba Inu is providing itself the resources to succeed in this technological bet by recruiting William Folk, the former president of the video game business Activision Studios, by the end of 2021. In three phases, 100,595 acres will be auctioned in this metaverse.
The first will provide 36,431 plots for sale. The lands will be priced between 0.2 and 1 ETH. The adoption of ETH as a currency is motivated by a desire to keep the price of SHIB stable. Indeed, the funds earned during this auction will be transformed into stablecoins or even fiat in order to pay for the technological design of the metaverse.
However, the LEASH and BONE will surely be used in the second and third sales. Finally, not all plots will be sold. They will act as a route within the metaverse, with crucial points along the way.
The capacity to rename plots by burning SHIB will be SHIB’s initial job in this metaverse. For the time being, we know relatively little about the metaverse’s properties (morphology, avatar). It will, however, include a handful of Play-to-Earn games.
The accumulating phase of the SHIB
These multiple surprises should allow the ecosystem’s three tokens, SHIB, LEASH, and BONE, to sustain or even restart their upward trajectory. The SHIB is still a long way from its all-time high of $0.00008 in November.
The SHIB price, which is now about $0.00002, has been stable since early January. The ability to burn SHIB tokens in the metaverse will limit the quantity of tokens in circulation.
The LEASH (or Doge killer) is today valued at approximately $1,500. The price is very steady or, at the very least, remains associated with the market, which is exceptional for a reward token. This demonstrates that the ShibaSwap farmers are stockpiling it rather than selling it.
SHIB, LEASH, and BONE hold their own against BTC
The third token in the ecosystem is the BONE, which is the DAO’s governance token (which is used to define the evolutions of ShibaSwap, for example the farming pools, and which will undoubtedly also have a role in the metaverse). He, too, is interested in the bitcoin business. As a result, it fell after November, pulled down by the decline of BTC. However, it has been pretty constant since January.
The innovations of layer 2 and the metaverse will almost certainly be enough to re-invigorate the prices of these three tokens. However, you must exercise caution throughout the BONE since relatively few tokens remain in circulation.
Layer 2 was announced last autumn and is now in the final stages of development before its introduction. It should allow for the deployment of a first draft of the metaverse and the second iteration of ShibaSwap rather rapidly. All of its innovations are progressively transforming SHIB, LEASH, and BONE into valuable components of the ecosystem. Suffice it to say, the Shiba Inu’s story is far from done.