Shiba Inu Marketing Lead Sends Important Message To SHIB Holders
September 02 2023 - 3:51AM
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Shiba Inu (SHIB) is expected to play a significant role in the
success of the layer-2 network Shibarium and the proposed
decentralized Shiba Inu State. With this in mind, Shiba Inu’s
marketing lead, Lucie, shared a quote from the recently published
ShibPaper highlighting the token’s importance in the ecosystem and
the roles holders will play. Related Reading: On-chain Sleuth
Potentially Unveils Shiba Inu Founder With Shocking Affiliates SHIB
Remains The Core In a tweet, Lucie shared the second chapter of the
whitepaper, where SHIB is mentioned as the “core” of the ecosystem.
The document also labels the token as “one of the greatest
currencies in the history of mankind.” To emphasize the importance
of SHIB in the ecosystem, The ShibPaper states that the token would
take a “new, yet critical role” in the governance of the Shiba Inu
State. The token will be the community’s voice in many decisions.
The ShibPaper, in chapter one, revealed that SHIB would be one of
the governance tokens for the SHIB Inu State. In chapter two, it
went further to give an insight into how governance of the
decentralized state will look like. According to the document,
every Shibizen (citizen of the Shiba Inu State) would be allowed to
vote on important decisions as long as they hold “One SHIB.”
@LucieSHIB serious question: don’t you think allowing holders of
just 1 Shib to vote is enabling malicious actors? They can
distribute small amounts of Shib into many wallets, then vote in a
way that is not the best for the ecosystem. Any thoughts from
#SHIBARMY and @Shibtoken? https://t.co/SvMDEKmJEg — Mike S
(@crypto_is_great) August 31, 2023 However, following Lucie’s
tweet, a user quickly pointed out a downside of this move as he
questioned whether or not this move could enable “malicious actors”
who would simply distribute 1 SHIB across many wallets and then
vote against proposals that may benefit the ecosystem. Shiba
Inu’s Growth SHIB has tremendously grown since it launched in 2020,
becoming one of the largest cryptocurrencies by market cap
(currently 16th at the time of writing). As part of plans to
continue to bolster the token, the team plans to maintain its
deflationary nature as several SHIB tokens are set to be burned in
a move that will decrease its supply. According to data from
Shibburn, SHIB currently has a total supply of 589 trillion SHIB,
with 410 trillion SHIB already burned from its initial supply of
999 trillion SHIB. SHIB market cap currently at $4.6 billion.
Chart: TradingView.com This move is expected to increase SHIB’s
value as a reduced circulation supply creates an increased
scarcity, thereby making the token more valuable. However, the team
is cautious about promising the community that SHIB’s price is
bound to increase significantly in the future. Related
Reading: Grayscale Victory Sends Bitcoin Open Interest Surging
After Hitting One-Year Lows Meanwhile, Shibarium’s success is also
projected to help boost SHIB’s value, considering that increased
trading activity on the layer-2 network invariably means more
utility for the token. Wallets on Shibarium crossed over 100,000
just a day after it relaunched. Wallets on the network have surged
massively since then, as there are over 1 million wallets created
on the network, according to data from Shibarium Explorer.
Featured image from SimpleTexting
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