For the first quarter and a bit of 2024, the meme coin market was enjoying exponential growth and was going from strength to strength. Since then things have calmed down a bit but the effects of that growth can still be seen. The peak was around mid-May when nearly half of the one million new tokens launched since April 1 had been meme coins created on the Solana network.
This was a step too far and since then the meme coin market has been struggling. However, it is better set up now for investors than it ever was. The increased competition and investors meant meme coin projects had to stand out much more in order to gain investors. It paved the way for tokens like Shiba Shootout ($SHIBASHOOT) which is currently enjoying a successful presale.
Suddenly meme coin projects had utility and multiple revenue avenues which was a far cry from the meme coins of old which relied on their virality. It's why we are not worried about the meme coin market downturn as better things are coming down the line. Shiba Shootout is one of those things.
Shiba Shootout- New seems also to be better with meme coins
The traditional meme coins we are used to seeing at the top of CoinmarketCap rankings have been struggling the most lately. Dogecoin (DOGE) is down over 20% in the last month while Shiba Inu (SHIB) is down over 19%. This is relevant because Shiba Shootout ($SHIBASHOOT) is obviously a Shiba-inspired project but is going to be a direct competitor.
It is also worth noting that the presale of Shiba Shootout began a month ago. So while it has been attracting investors and raising funds, the major meme coin projects have been losing value. This may not be a total coincidence as what investors want has changed. That presale has now passed the $1 million raised point.
At least Shiba Inu has made efforts to modernize its project by creating its own network, but Dogecoin has almost completely stood still. They are still hanging on because of the communities they managed to build but when you compare the ecosystems to that of Shiba Shootout they are light years behind.
Shiba Shootout offers investors a chance to experience a Wild West community
We mentioned that the project is Shiba-inspired and that is because the market's favorite Shiba Inu features in the P2E game and stars in a lot of the marketing. However, that is about does it for the similarities.
The P2E game at the center of the ecosystem is available on mobile and is called Shiba Sharpshooter. Despite being only in the early stages of its presale, the game has already amassed over 1,000 downloads on the Google Play Store. There will also be a Web3 app launching soon to take the game to the next level.
The game is set in the fictional Wild West town of Shiba Gulch. For those that didn’t know these towns used to have a big sense of community. One of the best things they did was make sure everyone that lived there was made to feel like they were part of something so they got a say in how the town was run.
Players who play the P2E game can come together to share memes and a laugh. They can also battle each other by putting their meme skills to the test. This is supposed to attract meme coin enthusiasts by giving them a fun place to come and socialize while also having a chance to win crypto.
There is a lot more to this project than just a great P2E game
The unique selling points of Shiba Shootout do not end with the P2E game. It also has plenty of other opportunities for gains. For example, There is the Lucky Lasso Lottery where participants use Shiba Showdown tokens for a chance to win big crypto prizes, with a portion supporting charitable initiatives.
Perhaps even better still is the staking factor. Anyone who has been paying close attention to the meme coin market lately will have known that staking has become huge for a project's utility. Shiab Shootout has massive staking rewards from its ‘Cactus Staking’ system. Over 35 million $SHIBASHOOT tokens have already been staked but still, the estimated rewards are estimated to be at an impressive 930%.
The project takes their theme of Wild West town very seriously and we see that with its Token Governance Roundup. How it works is if investors purchase tokens they will be able to get a say in major project decisions. Of course, the more you buy the larger a say you will have.
Conclusion
That brings us to the end of this Shiba Shootout review. As you can see we have nothing but good things to say about the project. The multiple revenue streams coupled with the project trying to cultivate a sense of community are so far from what we are used to with traditional meme coins. Shiba Shootout is a meme coin built for the modern-day crypto market.
