Bitrabo Editorial
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Despite its less impressive performance in comparison to other meme coins, there are still indications that Shiba Inu (SHIB) could thrive in this market cycle. The positive aspects of this meme coin contribute to a promising future.
Reasons to Consider Shiba Inu in This Cycle
Shiba Inu is gaining attention as a strong contender this cycle, primarily due to its increasing burn rate. The volume of tokens being burned has seen a remarkable surge, suggesting that the value of the meme coin might rise significantly, potentially hitting $0.00008 after a spike of over 7,900% in burn rates.
The burn rate is expected to grow further, thanks to the team’s strategic efforts to introduce deflationary measures aimed at reducing the total supply of coins in circulation. The introduction of the layer-2 network, Shibarium, plays a crucial role in this, as transaction fees on the platform are utilized to buy and burn SHIB tokens.
Interestingly, SHIB’s burn rate has surged even with low activity on Shibarium’s network. This indicates that once the layer-2 network starts to gain momentum again, the burn rate could see explosive growth. For example, Shibarium managed to burn over 33.8 billion SHIB tokens during a peak in December.
In addition to this, the upcoming launch of the privacy-oriented layer-3 network within the Shiba Inu ecosystem is a promising sign. This enhancement is expected to improve the utility of the meme coin and attract more users to engage with its ecosystem. There’s also a possibility that a buyback and burn strategy for SHIB could be adopted on this new layer-3 network, similar to what was implemented with Shibarium.
Exciting Developments Ahead for SHIB
Further strengthening the positive outlook for Shiba Inu are recent initiatives from its team that could significantly benefit the meme coin. Shiba Inu Executive Lucie has announced that the Shib DAO and Foundation will soon be launched.
The introduction of the Shib DAO aims to decentralize Shiba Inu, allowing holders of SHIB, BONE, LEASH, and TREAT tokens to participate in pivotal decisions affecting the ecosystem. This development is likely to enhance community engagement and make the ecosystem more appealing due to shared governance.
The Shiba Foundation is set to ensure that the DAO’s decisions are executed properly, managing essential assets such as the Doggy Treasury while maintaining transparency and accountability over these resources.
In a notable partnership, Lucie also revealed an alliance with Mass Finance, which will serve as the financial backbone for the Shiba State. This collaboration is expected to boost adoption and encourage more users to take part in the Shiba Inu ecosystem.
Additionally, the potential introduction of the SHI stablecoin is another exciting prospect that could emerge within the Shiba Inu ecosystem, contributing to increased liquidity for SHIB and paving the way for further price increases for the meme coin.
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