There are still reasons to believe that Shiba Inu (SHIB) could be one of the biggest gainers in this market cycle despite its underperformance compared to other meme coins. These reasons are related to the bases of the meme coin, which paints a bullish opinion because.
Why A Shiba Inu Can Be Your Best Bet This Cycle
The Shiba Inu may be the best bet in this cycle because of its fire rate. The number of burned tokens continues to rise, opening the possibility for the meme coin to become more valuable and enjoy significant price rallies. Recently, i burn rate increased over 7,900%a development that could cause the price to rise to $0.00008.
The Shiba Inu burn rate will continue to rise, considering the group’s deliberate attempt to use demonetization techniques to help remove as many coins as possible from circulation. I layer-2 network Shibarium is one of the methods that the team has put in place, since the basic funds of the activity in the network are used for the purchase and burning of SHIB tokens.
Interestingly, SHIB’s burn rate continued to rise despite low Shibarium network activity. This means that the burn rate can increase significantly if the layer-2 network starts to get enough traction again. In context, Shibarum burned more than 33.8 billion SHIB tokens last December when it met its network milestone.
Another reason why SHIB boasts a bullish view is the imminent launch of privacy-oriented network-3which will be part of the Shiba Inu ecosystem. This will increase the use of the meme character and further help increase its use as more users flock to its ecosystem. In addition, there are chances that the Shiba Inu team will use the same method of buying and burning SHIB in the layer-3 network, as they did with Shibarium.
Big Things Are Next for SHIBs
The efforts of the Shiba Inu team also presented a good look for the meme coin, another reason why the coin is the best bet in this cycle. Recently, the team has made several important announcements, providing major improvements to SHIB. Shiba Inu Exec Lucie announced the imminent launch of the Shib DAO and Foundation.
Shib DAO will make Shiba Inu more empowered as SHIB, BONE, LEASH, and TREAT token holders will be able to participate in making important decisions in the ecosystem. This will make the meme coin ecosystem more attractive as community members have a voice in decision making.
Meanwhile, the Shiba Foundation will ensure that the decisions taken by the DAO are taken in the right way. They will also manage assets such as Doggy Treasury and provide full transparency and accountability for these funds.
Lucie also recently announced Shiba Inu’s partnership with Mass Finance. The financial company will serve as the “financial layer” of Shiba Prefecture. This partnership is expected to help accelerate adoption and pave the way for wider participation in the Shiba Inu ecosystem.
The Shiba Inu Exec has also teased about it SHI Stablecoinwhich may be introduced into the Shiba Inu ecosystem at some point. This will help drive more money to SHIB and ultimately lead to more price rallies for the meme character.
The featured image was created with Dall.E, a chart from Tradingview.com
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