Even in the ever-speculative world of cryptocurrency, meme coins have a reputation for being unserious investments. But the playful nature of prominent meme coin Shiba Inu (CRYPTO: SHIB) belies a digital asset that is actually quite a bit more serious than its outwardly playful appearance, and ever-low price, would suggest. I would point to its Shibarium platform as a core reason to invest in this crypto.
Woof, woof
Shiba Inu is a layer-2 cryptocurrency, meaning that it’s built atop an existing, active blockchain (Ethereum, in this case). The Shiba Inu token’s float is massive, at over 589 trillion units, so its price is almost microscopic. The good thing about this is, it’s easily affordable, and if the price craters, it doesn’t feel like an oversize loss.
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The great advantage of being hooked into Ethereum is that the blockchain allows for a host of crypto functionalities that utilize so-called smart contracts. Shiba Inu’s developers have taken this one step further with the Shibarium, itself a Layer 2 blockchain network that makes transacting in the token easier, quicker, and more effective than other cryptos.
And that’s just for starters. The Shibarium has also been built as a development platform, allowing outsiders to develop new functionalities, games, etc. to attract users in order to lift the value of both the blockchain and the token.
An app for (nearly) every use
Since its launch two years ago, the Shibarium has continued to grow and expand. These days, users can work some financial engineering magic with various decentralized exchanges (DEXes) in the system, hold cryptocurrency with the wonderfully named Zypto Shibarium specialized wallet, and even create their own projects using the DogPad app.
A good cryptocurrency is only as valuable as its utility, at the end of the day. The team behind Shiba Inu is doing a good, energetic job making the Shibarium a venue for this ever-expanding utility, and the price of the token should rise to reflect that as time goes by.
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Eric Volkman has positions in Ethereum. The Motley Fool has positions in and recommends Ethereum. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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