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.
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.
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
