Everyone in the crypto community is aware of <a href="https://www.cryptoknowmics.com/news/shiba-inus-metaverse-to-use-ether-as-price-token/">Shiba Inu</a>, be it from the cryptocurrency's surge in price last year or as a result of references from popular names like Elon Musk, the world's wealthiest man. Nobody can dispute that Shiba Inu has made significant strides in the past year. Since late 2020, the cryptocurrency has undergone a staggering gain of more than 41,000,000% in value as a result of its ability to capture the attention of investors.

This cryptocurrency, also known as the Dogecoin killer, was created in August 2020 by a founder who goes by Ryoshi with the aim of overtaking Dogecoin as the most popular meme coin, and it has definitely proven to be much more than your conventional meme coin.

Since it is built as an ERC-20 on top of Ethereum's blockchain, unlike Dogecoin, which can only be used as a digital currency due to having a code that is similar to Bitcoin, Shiba Inu can be used to create much more advanced applications, such as decentralized exchanges and non-fungible tokens (NFTs). The SHIB meme coin surpassed Dogecoin as the most valued meme currency in November 2021 and it had a price of $0.00008845 when it hit its all-time high.
<h2>Is the Hype Cooling Off?</h2>
However, despite Shiba Inu's quick rise in popularity and price, it seems that the hype is wearing off, as the meme coin's current price is now a long way from its all-time high. Since its highest value of $0.00008845 in late October 2021, the dog-based meme coin has fallen by more than 75% to $0.00002252. Since then, Dogecoin has resumed its position as the most valuable meme-based cryptocurrency. 

According to CoinMarketCap, SHIB is now the 15th most popular cryptocurrency. The total market cap has also dropped to around $12.5 billion from more than $40 billion at its all-time high.
<h2>Will Shiba Inu Make a Big Comeback?</h2>
Despite the fact that it isn't easy to predict the direction of cryptocurrency markets due to the volatility and lack of a strong history of cryptocurrencies in general, Shiba Inu's developers are making a variety of attempts to take advantage of the many adaptive features of the Ethereum blockchain in order to increase the versatility of the token. 

Recently, developers announced Shiberse, a metaverse based on Shiba Inu. This announcement sent pressure waves across the internet, particularly among meme coin enthusiasts, and resulted in a temporary spike in the price of the meme cryptocurrency. Shiba Inu is predicted to expand significantly if the metaverse project is successful. Using Shiba Inu tokens, people will be able to buy virtual goods, NFTs, and purchase virtual land in the metaverse. 

Developers also built ShibaSwap, a decentralized exchange where users can swap and stake their tokens to make a profit rather than just holding and waiting for the value to rise.

Another significant Shiba Inu-related development is AMC Entertainment's recent announcement that Shiba Inu owners can now purchase movie tickets in all AMC theaters using the SHIB.

Although it can be almost impossible to say how well the token will perform in the near future, Shiba Inu's community members are still holding on and hoping that it will experience a resurgence very soon.

Once Known As the Dogecoin Killer, Is Shiba Inu Past Its Glory Days?

Everyone in the crypto community is aware of Shiba Inu, also known as the Dogecoin Killer. Now down more than 75%, is Shiba Inu past its glory days?

Kay is a content specialist who has a particular interest in the finance and cryptocurrency industries, among others. He is a frequent contributor to a number of finance and cryptocurrency-related websites, where he offers readers with informative and educational articles on the cryptocurrency and financial markets. Aside from that, he is an avid supporter of blockchain technology.

Once Known As the Dogecoin Killer, Is Shiba Inu Past Its Glory Days?

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