The Doggy DAO Returns to the Top
Those getting into crypto when Doge was at its peak may have been keen to not buy Doge, given it was a meme coin with no active developers, and was started as a joke. Those looking for sensible investments in crypto were advised to look elsewhere. With a similar story for when Shiba Inu launched given that it was also a memecoin.
Yet as we have seen SHIB is a coin with top 20 market cap, until this week when Elon Musk tweeted a picture of his own Shiba Inu dog. Over the next few days, SHIB would rise more than 200% to rival the all-time high price set on May 10. Whilst the immediate response may be an eye roll, should that be the case? Let’s take a look under the hood.
The SHIB Ecosystem
The ecosystem contains three tokens, SHIB, LEASH, and BONE.
ShibaSwap is a DEX where you could purchase any of the tokens and will soon include an NFT marketplace.
They have cute dog-meme terms, ie: dig means to provide liquidity, bury means stake, and WOOF returns are their passive income reward system. They even have a Doggy DAO.
We are not suggesting you should run and add SHIB to your portfolio! Only that, if you are going to judge a book by its cover, you should at least read the cover! We can see how this simple ecosystem would appeal to and be a gateway for crypto newbies, or even those who aren’t already over-diversified.
Most importantly, as we have recently learned with NFTs, a project doesn’t have to be revolutionary to gain value, but it does have to have a strong community, and that is something SHIB has in droves.