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The Shiba Inu (SHIB) layer-2 network is expected to play a key role in the success of Shiberium and the proposed decentralized Shiba Inu state. With this in mind, Lucy, Shiba Inu’s marketing lead, shared a quote from the recently published Shibapaper, which highlights the importance of tokens in the ecosystem and the roles that holders play.
SHIB remains the original
In a tweet, Luce 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 will take on a “new, yet important role” in the governance of the Shiba Inu kingdom. The token will be the voice of the community in many decisions.
Shibpaper explained in chapter one that SHIB would be one of the governance tokens for the SHIB Innu kingdom. In chapter two, it went on to detail what the governance of a decentralized state would look like. According to the document, every Shibijan (citizen of the Shiba Innu state) will be allowed to vote on important decisions as long as they have “one SHIB”.
@LucieSHIB Serious question: don’t you think that allowing only 1 shib holders to vote is enabling malicious actors? They can distribute small amounts of shib to multiple wallets, then vote in a way that is not best for the ecosystem.
any thoughts from #shibarmi And @shibtoken,
— Mike S (@crypto_is_great) 31 August 2023
However, after Lucy’s tweet, a user immediately… spiked As a downside to the move, he questioned whether the move could enable “malicious actors” who would simply distribute 1 SHIB to multiple wallets and then vote against proposals that could benefit the ecosystem. Are.
Evolution of the Shiba Inu
SHIB has seen tremendous growth since its launch in 2020, becoming one of the largest cryptocurrencies by market cap (currently ranked 16th at the time of writing).
As part of the plan to continue strengthening the token, the team plans to maintain its deflationary nature as many SHIB tokens will be burned in a move that will reduce its supply.
According to Shiburn data, SHIB currently has a total supply of 589 trillion SHIB, with 410 trillion SHIB already burned from an initial supply of 999 trillion SHIB.
SHIB currently has a market capitalization of $4.6 billion. Chart: Tradingview.com
The move is expected to increase the value of SHIB as the reduced circulating supply increases scarcity, making the token more valuable. However, the team is careful in promising the community that the price of SHIB is bound to increase significantly in the future.
Meanwhile, the success of Shiberium is also expected to help boost the value of SHIB, given that increased trading activity on the Layer-2 network always means more utility for the token.
Wallets on Shiberium exceeded 100,000 just a day after the relaunch. According to data from Shiberium Explorer, there has been a massive growth of wallets on the network since then, as over 1 million wallets have been created on the network.
Featured image from SimpleTexting
source: www.newsbtc.com
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