The transformation of Shiba Inu from a mere internet joke to a Web 3.0 powerhouse with a market cap of around $4 billion exemplifies the crypto industry's transition from speculative tokens, to the construction of significant, community-driven economies within the rapidly expanding Web 3.0 realm, according to a latest study.
The study, conducted by Alpha Transform Holdings, provides an intriguing case study of how a token, often viewed with doubt, can evolve into a complex and large economic entity.
The study points out that the Shiba Inu token made a grand entrance in August 2020 with an enormous minting of one quadrillion tokens.
This approach was a daring move in the decentralised finance (DeFi) field, with half the tokens strategically locked in a liquidity pool on the crypto exchange Uniswap, and the rest sent to Ethereum co-founder Vitalik Buterin, whose subsequent acts of charity would give the project a sense of credibility and benevolence.
The token gained popularity and investment momentum when prominent personalities like Elon Musk shone the social media spotlight on SHIB, leading to a significant increase in price and adoption, as evident in the over 1.4 million token holders as of the date of the report.
Further cementing its market position, SHIB’s leadership released the “Woofpaper,” a detailed document outlining the token’s economics and vision, signalling its commitment to long-term viability.
The decentralised exchange ShibaSwap, a testament to SHIB’s growing utility, achieved a total value locked (TVL) of over $1 billion within just 24 hours of its release, underscoring the community’s confidence in the token’s potential.
TVL is a metric used to determine the total dollar value of digital assets (e. g., cryptocurrencies) locked, or staked, on a particular blockchain network via DeFi platforms. The higher the TVL of a project, the more valuable it is perceived to be. (added)
The expansion continued as SHIB ventured into the NFT (non-fungible token) space with the launch of “Shiboshi” NFTs, which sold out in a mere 35 minutes, and announced SHIB: The Metaverse, a virtual platform, bolstering its Web 3.0 presence.
The SHIB ecosystem, aiming to forge a decentralised network state, now boasts a diverse portfolio of applications and services, including a proprietary trading card game, “Shiba Eternity,” released across iOS and Android platforms.
While SHIB’s ascent is not without its challenges — such as the initial Shibarium network crash due to overwhelming traffic and the inherent risks of decentralised governance — its story represents a critical junction in crypto history.
In a bid to increase real-world usage, Shiba Inu had recently partnered with RSTLSS, a user-generated content (UGC) creator platform, to leverage the capabilities of the Shibarium blockchain.
The partnership is expected to bolster RSTLSS's capacity to develop wearables for both the virtual and real worlds.
RSTLSS, which is known for its wearables across Web3, gaming, and social media platforms, is set to tap into the power of the Shibarium blockchain to enhance its digital fashion ecosystem.
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