Popular cryptanalyst pronounces verdict on Shiba Inu’s resurgence

• After some silence in the ecosystem, Shiba Inu launches stablecoin.
• Davis also reveals new upgrade plans for SHIB, including the launch of a new reward token.

What is happening in the Shiba Inu ecosystem? One minute it looks dead; next minute Shiba Inu launches a stablecoin that brings life back to this meme coin. However, according to veteran crypto attorney, Lark Davis, there are more real questions to be answered. Davis shares his insights on the resurgence of SHIB in his latest YouTube podcast on Friday.

Like any other crypto investor, Davis seeks to know if meme coins are dead and dust or if they are still relevant; why meme coins like SHIB continue to attract investor money. SHIB has jumped back up the charts recently. So everyone wants to know what’s going on with SHIB. Is it dead or just preparing to take over the cryptocurrency market and become the top dog?

What separates Shiba Inu from Dogecoin

Davis explains what differentiates Shiba Inu from its predecessor Dogecoin. Dogecoin was built using the Bitcoin blockchain code and was created to be its blockchain. So Dogecoin is its blockchain. But Dogecoin is limited in interactions with innovations in the crypto space such as DeFi products built over the past few years. However, the upcoming doge chain network may bring some new life to Dogecoin. In comparison, the creation of the Shiba Inu coin was based on dogecoin meme culture. However, it was built on the Ethereum network. This makes it possible for the mutual-loving community to be able to participate in decentralized finance.

Surprisingly, right now the meme coin is at the second highest level of market cap liquidity aside from Floki Inu, which is way down (outside the top 350 coins). Meanwhile, Shiba has been a top 20 coin for a long time.

With half of 2022 already over, the Shiba Inu has been no exception to the carnage that has occurred in the bear markets. The crypto market is down around 90 percent from all-time highs. But despite the bearish crypto markets, SHIB has taken one step forward.

The upcoming SHIB upgrades

New big upgrades are coming for SHIB, which will lead to some renewed excitement in this big meme coin. However, it is important to understand that apart from a small NFT collaboration that happened not too long ago, there have not been many changes for the Shiba Inu this year.

It has been quite slow. The best thing that happened last year was the launch of the Shiba swap decentralized exchange. This decentralized exchange trades barely over 2 million daily, a small volume considering the huge trading volumes in the crypto market. Therefore, it cannot be the main reason for Shiba’s resurgence. But the Shiba army has pushed for the SHIB coin to be listed on several exchanges.

A few weeks ago, Shiba Inu received its long-awaited listing on Bittrex. This listing will help increase SHIB’s market value as there are now more places where people can buy it. But this increasing liquidity hasn’t stopped the anti-Shiba crowd from insisting that nobody cares about the Shiba Inu anymore. Davis claims that most of this anti-Shiba crowd are dogecoin enthusiasts.

However, the biggest owners of the Shiba Inu among the Ethereum whales make it clear that the Shiba Inu is not going away anytime soon. According to Davis, these whalers are some of the reasons SHIB has become the largest project on Ethereum aside from stablecoins. Nevertheless, Shiba recently announced its next steps into the world of decentralized finance. There are five unique upgrades underway for the Shiba Inu.

It would be a tier-2 upgrade called the Shibarium. The time frame for this release is not yet known. But this upgrade will allow microtransactions for the SHIB coin. It will also reduce the gas fees for trading SHIB on the SHIB exchange. The second upgrade is a new stablecoin called SHI. The next upgrade is the launch of a new reward token called TREAT.

Related: Shiba Inu Invites Community to Vote for BONE Upgrade for Shibarium Protocol as Experts Predict $9 SHIB

Davis believes that if the Shiba Inu can deliver on these upgrades, they can remain relevant. They may even remain a top 25 crypto project for years to come.