SHIBA Ecosystem Is Expanding, Can It Shed Its MemeCoin Nature?

The SHIBA ecosystem is expanding and has plans to work on a wider crypto ecosystem but will it be enough for the meme coin to shed its meme coin status? Let’s find out more in our altcoin latest news.

Shiba Inu became immensely popular in 2021 due to the strogn meme and community support. The ecosystem is looking to launch a layer 2 network, a stablecoin, and a play-to-earn game. With almost no information available, it’s still unclear whether Shiba can get past its meme coin status as the developers crafted a few initiatives to help what started out as a meme token gain traction as a legitimate project. So far, the developers executed plans to create an Ethereum-compatible layer 2 chain collection of NFT avatars and also work on the metaverse and a stablecoin.

Though slow, the progress is evident, and in 2021 November, Shiba’s first NFT collection, launched with much hype and surging Ethereum gas fees rushed to mint one of the 10,000-pixel art avatars. The team conducted a sale of 100,000 virtual land plots for the new and upcomign metaverse project. The Shiba ecosystem is expanding but the details on the metaverse are still scarce which hasn’t really stopped the platform from loading up on virtual land. In the recent updates, the pseudonymous developer Shytoshi Kusama said that the metaverse will be developed in partnership with the AAA game studio but according to the developer, several nondisclosure agreements prevented the developers from revealing more details.

Other plans like the development of the Layer 2 shibarium network also seem to be advancing. The blockchain company Unification was tasked with creating a new network that will form a base layer for the SHIB ecosystem and the blogs show that the network will be optimized for gaming with low fees. According to the blog post from Unification Product lead Maxiar Sadri, the Shibarium ecosystem will launch a public beta and will allow independent developers to fully interact with the network and take part in the validation process.

Once it is launched, the SHIB Token will migrate to Shibarium and future developments will launch on the Layer 2 network. However, it might be planned to be launched with a play-to-earn game that has the fans most excited. Announced during the Shiba mania in 2021, the development for the game is led by William Volk with more than 25 years of experience at companies like Activision and ROKIT games.