Shiba Inu: SHIB Ecosystem to be Upgraded Before Shibarium?

Paigambar Mohan Raj
Source: VOI

Popular canine-themed crypto, Shiba Inu (SHIB), might be getting a complete upgrade before the upcoming Shibarium launch. SHIB developer “Trophias” recently revealed some updates for the community, not disclosing what in particular. According to the tweet, the V1 design has been completed, and the team is currently finalizing the content. Moreover, the tweet said that the launch would happen in phases.

Many expected the updates to be regarding SHIB’s Layer-2 network, Shibarium. However, Trophias hinted that it could be for the entire Shiba Inu ecosystem instead.

It is possible that the SHIB ecosystem is getting a complete makeover before the highly anticipated Shibarium launch.

Is Shiba Inu’s popularity diminishing?

SHIB’s popularity might be taking a hit this bear cycle. Ethereum whales, who previously held large quantities of SHIB, are decreasing their holdings.

Furthermore, according to LunarCrush, SHIB’s social mentions have decreased by 8.1%, while social engagements have decreased by 13%. Shiba Inu (SHIB) relied heavily on social media, and hence, a dip in social interactions will affect the token’s performance.

Source: LunarCrush

Nonetheless, there is still a lot of interest in the popular canine-themed cryptocurrency. According to Whalestats, SHIB was one of the top-10 purchased tokens among the top 500 Ethereum whales.

Furthermore, Shiba Inu was the second most popular token on WeBull, behind Dogecoin (DOGE).

Additionally, according to the data on Etherscan, the number of SHIB holders has increased by almost 9000 in the last ten days. Total SHIB holders at press time were 1,258,018.

Therefore, the current slump in SHIB’s popularity might just be a result of the ongoing bearish trend. Moreover, the US Federal Reserve is set to increase interest rates once again after its meeting on December 13-14, which may also play a hand in the overall bearishness.

At press time, Shiba Inu (SHIB) was trading at $0.00000917, up by 0.7% in the last 24 hours.