Shiba Inu Coin (SHIB) is the latest market hit! The ‘Doge Killer’ Coin is now ranking among the world’s top 20 cryptocurrencies by market cap. SHIB’s surge in popularity has likely to do with its latest development in DeFi and NFT, and a boost from Dogecoin’s ‘Godfather’ Elon Musk. So, what is the future prospect of Shiba Inu Coin? Will this mark the return of the meme coin craze?
Shiba Inu records a surge in price and transaction volume. It once rose to the 12th biggest crypto by market cap, surpassing “blue chip” coins such as UNI, LINK, and AVAX.
The recent rebound in SHIB’s market sensation stems from reports that a mysterious ‘whale’ purchased 60 trillion SHIB for $43 million on September 30.
Yet, data from Etherscan suggests the mysterious big buyer has already sold all the SHIB the next day.
Meanwhile, crypto influencer and Dogecoin ‘Godfather’ Elon Musk posted photos of his pet Shiba Inu Floki on Twitter. This further boosted the popularity of Shiba Inu Coin (SHIB) and Floki Inu (FLOKI).
Market expects SHIB’s future lies in its new business plans: DeFi platform ShibaSwap and Shiboshi NFTs.
Key to SHIB’s Future Prospects: ShibaSwap
Unlike the largest meme coin Dogecoin, SHIB accelerates its efforts in DeFi platform development. This July, SHIB launched its own decentralized exchange (DEX) platform ShibaSwap, offering liquidity mining, staking, and other DeFi functions.
SHIB is building its DeFi ecosystem with three tokens: SHIB, Doge Killer (LEASH), and Bone ShibaSwap (BONE). Token holders can stake LEASH to ShibaSwap to earn BONE token rewards. And, BONE serves as the governance token for ShibaSwap.
Moving forward, the SHIB team plans to cater to the NFT boom by issuing 10,000 limited Shiboshi NFTs on ShibaSwap.
However, SHIB has had a number of scandals in the past, including a critical design flaw in ShibaSwap’s staking contract. Previously, a blockchain developer disclosed a critical flaw in the staking contract of ShibaSwap.
With the protocol flaw, its owner can drain the entire liquidity of the exchange.
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