Expert Says Shiba Inu is Not Done, as SHIB Transitioned from a Meme to an Ecosystem

11.09.2024

Prominent market observer Oscar Ramos expresses confidence in Shiba Inu (SHIB), suggesting that the asset is still relevant despite being underestimated.

Ramos made the assertion recently to encourage investors to continue holding onto the token. For context, the drawdown across the broader market has continued to take a toll on Shiba Inu, leaving investors devastated. Shiba Inu has traded mostly within the $0.000013 price territory over the past 30 days.

Although this bearish performance has also spread across the broader market, several Shiba Inu investors have expressed frustration with SHIB’s recent price action. Amid this growing frustration, Ramos stated that many investors underestimate Shiba Inu and have left the asset for other tokens with quick gains.

SHIB Is Not Done

Furthermore, the expert emphasized that Shiba Inu is not done. This suggests that Shiba Inu still has huge growth potential despite recording one of the biggest rallies in the crypto market three years ago.

Recall that Shiba Inu witnessed a massive surge of over 157 million percent 14 months after its launch. The token hit an all-time high of $0.00008845 from an initial price of $0.000000000056. Comparing this remarkable rally and Shiba Inu’s recent performance, some investors speculate that SHIB might not witness any significant rally in the future.

Conversely, Ramos believes SHIB is still relevant and has huge growth prospects. He motivated investors by highlighting how Shiba Inu transformed from a memecoin to a complete ecosystem.

Shiba Inu Transition from Memecoin to an Ecosystem

Recall that Shiba Inu initially launched as a memecoin in August 2020. Its goal was to end Dogecoin’s reign as the biggest memecoin at the time.

However, while it has maintained its original meme appeal, the community, led by developer Shytoshi Kusama, has built a robust ecosystem around Shiba Inu, including projects such as Shibarium, Shibaswap, the Shiba Inu Metaverse, Shib Name Service (SNS) and Web3 game Shiba Eternity.

Currently, Shiba Inu boasts more utilities beyond its meme origin. Aside from trading, people can use SHIB to pay for goods and services at different merchants globally. Moreover, the Shiba Inu ecosystem team has entered into strategic partnerships with top firms to drive SHIB’s exposure and adoption.

One of these partnerships includes the team’s collaboration with the International Indian Film Academy Awards (IIFA). The team hopes to introduce SHIB to 800 million viewers worldwide through this collaboration.

Shiba Inu Biggest Breakout Incoming

Essentially, Shiba Inu’s transition to an ecosystem makes Ramos believe that “SHIB is not done,” as many people suggest.

Last month, Ramos projected that Shiba Inu would soon witness its biggest breakout. He cited projects like ShibTorch, ShibaSwap, Shib Hub, and key partnerships as potential factors that could propel SHIB’s breakout to unprecedented levels.

In the meantime, Shiba Inu trades for $0.00001324, representing a 24-hour decline of 1.97%.