Shiba Inu, continuous free-fall at the market in December.

Shiba Inu keeps falling since October, but the team behind the meme coin are exploring more integration and use cases for it, like play-to-earn non-fungible token (NFT) games, a layer 2 solution known as Shibarium proposed by SHIB creator Ryoshi.

The meme coin inspired by the Shiba Inu dog has been falling alongside other cryptocurrencies, records major value drop since month of October.

According to the CoinMarketCap Shiba Inu is ranking at number 13 currently, with a live market cap of $16,006,559,619 USD. It has a circulating supply of 549,055,696,316,381 SHIB coins and the max. supply is not available.

Its not all red out there:

Shiba Inu (SHIB) is the third most used token on the Ethereum Network, data from Etherscan on December 20 shows.

SHIB has outperformed several other tokens and is only third to the major stablecoins, Tether (USDT) and U.S Dollar Coin (USDC), by number of users over the last seven days.

The token has 78,089 unique users, following USDT and USDC with 485,935 and 232,311 respectively. This high usage is in spite of SHIB’s unimpressive market performance since October.

The Shiba Inu team has been exploring ways to integrate use cases to make the token worth more than just a meme token, which may be why more people are using it.

Finbold reported three weeks ago that the project has teamed up with game creator and former Vice President of Technology at Activision William David Volk to explore the integration of play-to-earn non-fungible token (NFT) games.

One of the token developers announced that the project will be launching a Layer 2 scaling solution soon. The Layer 2 solution known as Shibarium was proposed by SHIB creator Ryoshi.

The solution will help scale SHIB transactions by bypassing Ethereum’s exorbitant transaction fees in order for the dream of integrating NFT and gaming to be realized.

• The Shiba Inu is currently trading at around $0.00002931 at the time of writing this article, which is almost at a two months low price.

After the success of one of the first cryptocurrency “Bitcoin”, the world has seen thousands of new cryptocurrencies (altcoins), tokens and other digital assets options, while this ever evolving “digital asset building” world of cryptocurrency is rapidly becoming mainstream.

The Ethereum, Binance Coin and Tether are some of the most successful cryptocurrency the world has seen so far, and other emerging players are not so far away either.

One being Shiba Inu, created by an anonymous person or persons known as “Ryoshi”. The coin launched in August 2020, calling itself the 'dogecoin killer.

Shiba Inu official website says it is “an experiment in decentralized spontaneous community building”. The coin listed on its own decentralized exchange called ShibaSwap.

Shiba Inu is an altcoin which has seen some rapid development in recent times as it grew by a ridiculous 60,000,000 per cent over the last year. Though, the meme cryptocurrency is deflecting criticism that it is simply a suspected classic pump and dump fraud scheme.

• The Shiba Inu is not considered as a meme coin anymore, because now the coin has more than 924,014 holders and it is growing with some speed, it would be matter of days that the coin would hit 1 Million mark. While it is on the way to be listed on major trading platforms as well.

• The Shiba Inu is very new in the market, and it is cheap to invest in, the recent development in interest shown by netizens towards the world of cryptocurrency is also one good reason for its spike.

• Some investors find coins like Shiba Inu attractive, as they offer the opportunity for quick gains. However, you can also lose all your money in little more than an instant.

• Shiba Inu Coin– the Dogecoin competitor nonetheless is continuing to soar, its value continued rising with an increase of 240% over the week.

• The exchange price of the cryptocurrency notably surged in early October 2021. Initially it increased over 55% after rumors of the launch of a decentralized exchange, while it now has a market cap of $38.5 billion– more than companies like HP and Nokia.

• According to Binance, the total supply of Shiba Tokens is one quadrillion (1,000,000,000,000,000) and the current circulating supply is 100 per cent.

The Shiba Inu community is pushing for hodlers to ‘buy the dip’ after SHIB fell below USD Coin and out of the top 10 cryptocurrencies by market cap.

SHIB’s market cap fell below $30bn this morning - its lowest in over a week. At the time of writing, it is some $2.3bn away from overtaking USDC’s market cap.

SHIB is down 13.4% in the last 24 hours, having fallen as low as $0.00005396 earlier today. It has since rebounded slightly to $0.00005689, with ShibArmy pushing the community to hodl.

• Community is up against a huge number of “panic sellers”, which is the result of a constant dip in the value of the coin.