Why Shiba Inu May Be Best This Cycle
Despite underperforming other meme currencies, Shiba Inu (SHIB) may be a significant gainer in this market cycle. A strong view for the meme currency stems from its fundamentals.
Why Shiba Inu May Be Best This Cycle
Due to its burn rate, Shiba Inu may be best this cycle. Since the number of tokens burnt keeps rising, the meme currency may appreciate and see price rises. Burn rates increased by approximately 7,900% recently, which might drive prices to $0.00008.
The team's purposeful use of deflationary techniques to remove as many coins as possible would increase Shiba Inu's burn rate. The company uses basic transaction fees on layer-2 network Shibarium to acquire and burn SHIB tokens.
Shibarium's poor network activity hasn't stopped SHIB's burn rate from rising. Once the layer-2 network gains momentum again, the burn rate might skyrocket. Peak network activity in December saw Shibarum burn over 33.8 billion SHIB tokens.
The upcoming introduction of the privacy-focused layer-3 network in the Shiba Inu ecosystem gives SHIB a bright outlook. As more people join the meme currency ecosystem, its usefulness and acceptance will expand. Like Shibarium, the Shiba Inu team may create a SHIB buyback and burn mechanism on the layer-3 network.
Big Things Are Ahead For SHIB
The meme coin's positive view from the Shiba Inu team is another reason it may be a good investment this cycle. The team made numerous important announcements recently, boosting SHIB. Shiba Inu Exec Lucie announced the Shib DAO and Foundation debut.
SHIB, BONE, LEASH, and TREAT token holders will participate in ecosystem choices via the Shib DAO, decentralizing Shiba Inu. This will make the meme currency ecosystem more appealing because community members make decisions.
Lucie just announced Shiba Inu's Mass Finance cooperation. For Shiba State, the finance corporation will be the âfinancial layerâ. This alliance should speed acceptance and expand Shiba Inu ecosystem engagement.
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