Shiba Inu Faces Challenges Amidst Price Decline and Market Speculation
- Shams Ul Zoha
- July 17, 2023
- 2:28 pm
WHAT YOU SHOULD KNOW
- With compatibility with Ethereum and the development of Shibarium, Shiba Inu aims to establish itself in decentralized applications, particularly in gaming and metaverse use cases.
- Shiba Inu implements a burning strategy to reduce token supply, and Shibarium, a Layer-2 solution, focuses on enhancing transaction efficiency and reducing fees.
- Despite bullish projections, the sheer number of circulating tokens poses a hurdle for Shiba Inu. Even if the price reaches $0.01 per token, the network’s market cap would be substantial, comparable to renowned companies like Apple.
Shiba Inu, a cryptocurrency that experienced a remarkable surge in 2021, has recently faced a significant decline from its all-time high. Despite this setback, there is speculation that Shiba Inu could establish itself as a major player in decentralized applications, particularly in gaming and the metaverse. Its compatibility with the Ethereum ecosystem and the development of Shibarium, a Layer-2 solution, contribute to this potential.
Shiba Inu has implemented a burning strategy to reduce its token supply, but with a staggering 589 trillion tokens currently in circulation, a substantial reduction is needed to make a significant impact. Notably, the burning rate of Shiba Inu tokens surged recently, resulting in the burning of 79 million SHIB tokens within 24 hours. This burning strategy aims to create scarcity and potentially increase the value of the remaining tokens.
One catalyst for Shiba Inu’s future growth is Shibarium, a Layer-2 solution built on top of its main network. Shibarium aims to enhance transaction efficiency and reduce fees, positioning Shiba Inu as a prominent player in decentralized applications, especially in the gaming and metaverse realms. Developed by Shytoshi Kusama, the lead developer behind Shiba Inu, Shibarium is set to launch in August.
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