However, unlike its fellow meme coins Floki token and Dogecoin, the SHIB token has been able to achieve most of its gain without the blessing of Elon Musk. While Musk’s tweets have sent prices of cryptocurrencies rallying, and crashing on other occasions, his relative lack of action with the SHIB token highlights the token’s strength.

The billionaire had recently tweeted he held no SHIB tokens in response to another Twitter user, which briefly sent SHIB prices down by 20 percent before the token made up the losses with some extra gains.

The SHIB token even managed to overtake Dogecoin in terms of its market cap. It is currently trading at number 9 position while Dogecoin is at number 10 of ‘top 10 cryptos by market cap table’.

Unlike other meme coins, the developers of the SHIB token have made concerted efforts to establish a real-world use case and utility for the token. The token already has a proper ecosystem in place with Shibaswap, with tokens like BONE and LEASH. Along with the Shibaswap platform, the SHIB token has an NFT marketplace as well.

However, the next major development for the meme token comes from the upcoming release of its own blockchain, a report on CoinMarketCap said. Shibarium, a layer-2 blockchain, is a new blockchain built for the Shiba ecosystem and will be using the BONE token, and have a fair “zero” start for all users.

Ryoshi, the pseudonymous developer of SHIB token, has stated transaction costs on the new blockchain will be either zero or next to zero. Shytoshi Kusama, the Shiba Project Lead, stated on the Shiba Discord server that the new blockchain will only charge nominal fees for any service, game, or product that is built on it as well.

The expanding real-world use for the SHIB token and ecosystem may be the impetus needed for the token to finally cross over through the next few resistance levels and gain the much-needed market cap to compete against bigger coins.

(Edited by : Yashi Gupta)