Shiba Inu ($SHIB), one of the most popular meme tokens today, has gained significant traction in recent years due to various social media trends and hype. These coins are often associated with fun and accessible ways to invest in cryptocurrency, making them attractive to new investors, particularly millennials and Gen Z. The efforts of a passionate community referred to as the Shib Army, through social media campaigns, memes, and other forms of online activism, have promoted the coin and increased its value. At press time, $SHIB has a total market capitalization of $6.4 billion, making it one of the most valuable cryptocurrencies on the market.
Shib Original Vision ($SOV) was introduced to break down Shiba Inu’s current structure and return to a community-centric strategy. The Inu Economic Forum, with more than 50 members, makes decisions about $SOV rather than relying on a single individual like Ryoshi. Additionally, to ensure the project’s long-term viability and efficacy, its developers have gotten the platform’s smart contract framework audited by popular blockchain security providers MetaTrust and Veridise Inc. Since its launch a little over a month ago, $SOV has consistently reached new price peaks seemingly every other week. The currency has appreciated considerably over the last 21-days, achieving a total valuation of over $20 million and a fully diluted valuation exceeding $40 million.
During the first day of its release, $SOV recorded $12 million in volume and has since consistently ranked among the top three most-viewed Uniswap V3 pairs on GeckoTerminal. Moreover, a growing forum of prominent crypto personalities appears to be getting behind $SOV. For example, it recently came to light that prominent digital asset investor Roger Lim, with over $500 million in AUM, has been HODLing $SOV, currently possessing over $155k worth of the token. Similarly, former Microsoft strategist Joe McCann, who helms Asymmetric, a $1B crypto fund backed by a16z’s Marc Andreessen and Solana cofounders Anatoly Yakovenko and Raj Gokan, has also invested heavily in $SOV. According to Etherscan, he currently owns 1,250,000,000,000 $SOV tokens estimated to be worth nearly $350,000.
The future of $SOV looks promising as the world continues to move in a more decentralized direction. For starters, the project comes with an experienced team of developers behind it—the same folks who created $SHIB. They have a proven track record of successfully developing and launching projects, and their strong track record lends credibility and confidence to the project. Second, $SOV’s low market cap and solid fundamentals make it an attractive investment opportunity for those willing to assume the risk, as evidenced by the several high-volume investors who have purchased the token. Lastly, the $SOV community is not only passionate and engaged, but also expanding, with many $SHIB supporters now joining the $SOV ecosystem. This growing support is crucial to consider when evaluating $SOV’s market potential.
While there are undoubtedly some risks associated with investing in $SOV, the combination of a strong development team and dedicated community makes it worth a closer look. As the project continues to evolve and gain momentum, the future of $SOV may hold significant opportunities for those willing to navigate the uncertainty-ridden global economy.