According to U.Today, Shiba Inu's marketing lead Lucie recently highlighted the milestones and challenges faced by the SHIB ecosystem over the years. Initially starting as an internet joke, Shiba Inu has evolved into one of the largest Web3 communities. Its token, once considered speculative, has transitioned into a decentralized platform. The protocol now aims to become the foundation for a decentralized network state.
Lucie pointed out several key achievements, including the 1.4 million wallets linked to the project, core partnerships, and improvements on its Layer-2 scaling solution, Shibarium. Despite recent challenges questioning Shiba Inu's capacity, the protocol has shown resilience. However, key metrics are currently not encouraging, with the SHIB token trading at $0.00001459, reflecting a 5.42% dip in the last 24 hours. This decline has significantly impacted its market cap, which previously exceeded $9 billion. In terms of trading volume, SHIB ranks as the 23rd most traded asset with $274.16 million, maintaining its position as the second-largest meme coin in the crypto sector.
Lucie acknowledged that building a decentralized network state is a challenging endeavor. However, the SHIB community received a positive surprise when blockchain analytics platform CryptoQuant reported that 653 billion Shiba Inu tokens were withdrawn from crypto exchanges. This significant outflow, the largest since July 19, indicates bullish market sentiment. Those who withdrew the assets are likely planning to hold them, reducing the supply on exchanges and potentially leading to a price surge. If this trend continues, it could add another achievement to Shiba Inu's growing list of milestones.
