Shiba Inu (SHIB) It is expected to play an important role in the success of the layer-2 network Shibarium and the proposed decentralized Shiba Inu State. With this in mind, Lucie, Shiba Inu’s marketing lead, shared a quote from the recently published article ShibPaper highlighting the importance of the token in the ecosystem and the roles holders will play.
SHIB remains the core
In a tweet, Lucie shared the second chapter of the whitepaper, which mentions SHIB as the “core” of the ecosystem. The document also labels the token as “one of the greatest currencies in human history.”
To emphasize SHIB’s importance in the ecosystem, The ShibPaper states that the token would play a “new, but critical role” in the governance of the Shiba Inu state. The token will be the voice of the community in many decisions.
The ShibPaperrevealed in chapter one that SHIB would be one of the governance tokens for the SHIB Inu state. In chapter two, it went on to provide an insight into what the governance of the decentralized state will look like. According to the document, any Shibizen (citizen of Shiba Inu State) should be allowed to vote on major decisions, as long as they own “One SHIB.”
@LucieSHIB serious question: don’t you think letting holders of just 1 Shib vote empowers malicious actors? They can distribute small amounts of Shib to many wallets and then vote in a way that is not best for the ecosystem.
Any thoughts of #SHIBARMIE And @Shibtoken? https://t.co/SvMDEKmJEg
— Mike S (@crypto_is_great) August 31, 2023
However, after Lucie’s tweet, a user quickly came in orphan highlighted a downside to this move, as he questioned whether or not this move could enable “malicious actors” who would simply distribute 1 SHIB across many purses and then vote against proposals that could benefit the ecosystem.
The growth of Shiba Inu
SHIB has grown tremendously since its launch in 2020 and has become one of the largest cryptocurrencies by market capitalization (currently 16th at the time of writing).
As part of plans to continue strengthening the token, the team intends to maintain its deflationary nature as several SHIB tokens will be burned in a move that will reduce its supply.
According to facts from Shibburn, SHIB currently has a total stockpile of 589 trillion SHIB, while 410 trillion SHIB has already been burned out of the original stockpile 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 reduced circulation supply creates greater scarcity, making the token more valuable. However, the team is cautious about promising the community that the price of SHIB will increase significantly in the future.
Meanwhile, Shibarium’s success is expected to help boost SHIB’s value as well, as 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 was relaunched. The number of wallets on the network has skyrocketed since then, as over 1 million wallets have been created on the network according to figures. facts from Shibarium Explorer.
Featured image from SimpleTexting
