Shiba Inu Holding a $GOLDEN Token
- Shiba Inu is gaining momentum through its Shibarium Layer-2 protocol.
- The memecoin has developed the capacity to stay resilient in case of a black swan event.
Shiba Inu (SHIB) has maintained a steady growth course thus far this year despite the uncertainties that have continued to ravage the broader digital currency ecosystem. One of the latest upticks in terms of new ecosystem milestones printed by Shiba Inu is the growth in its community as measured by total followers on Twitter.
At the time of writing, Shiba Inu has approximately 3.7 million followers on Twitter, a figure that is significant in the sense that it also balances the 3.7 million followers that are following its top rival Dogecoin (DOGE). The memecoin is notably staying resilient as the total number of wallets holding SHIB according to data from CryptEye is now pegged at 2,373,060.
More users have continued to join the Shiba Inu community on a daily basis with as many as 400,000 followers added over the past year according to reports.
These impressive milestones have, however, translated to little effort in terms of growth since the start of the year. Despite its inherent extreme volatility, Shiba Inu’s growth has been tilted much more toward the bearish side. Since the start of the year, the token has added only 18.06 percent to its price valuation, keeping it even at subpar levels when compared to the Year-to-Date (YTD) growth for Bitcoin (BTC) and Ethereum (ETH).
Shiba Inu has been more concerned about utility building thus far this year and not necessarily about price gains, a fact that might account for the poor performance recorded. Changing hands at a price of $0.000009901, Shiba Inu is still maintaining its spot as the 15th largest digital currency by market capitalization. This is evident that the SHIB repression is more or less an encompassing one for the market.
Shiba Inu, Shibarium and the Fear of a Black Swan Event
Shiba Inu started out as a mere joke but in the years preceding, its overall outlook has been significantly transformed with Shibarium. For the first time in the history of Web 3.0, a memecoin established its own independent Layer-2 protocol as it seeks to empower users within the Ethereum and Web 3.0 ecosystem to harness the best of the industry.
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In case of a black swan event, there are projections that Shiba Inu will survive any form of the onslaught as the decentralized applications on Shibarium, as well as the intrigue from SHIB The Metaverse, will be sufficient to see the protocol and its associated tokens through.
Shibarium has continued to gain traction as an L2 protocol through its testnet PuppyNet. With more than 14 million users currently profiled on the network, pushing for encompassing growth when the mainnet goes live is more than assured.
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