The Shiba Inu (SHIB) advertising lead, Lucie, has offered insights into the challenges that lie forward for the meme coin. She additionally highlighted how the SHIB ecosystem has advanced since launching 4 years in the past.
Challenges That Lie Forward For Shiba Inu
Lucie talked about in an X (previously Twitter) submit that “constructing a decentralized community state is hard” whereas outlining the problem that lies forward for the Shiba Inu ecosystem. Final 12 months, the Shiba Inu staff revealed their plans to make SHIB a “decentralized digital nation-state.” Nonetheless, Lucie’s revelation means that it hasn’t been simple, though the staff has no plans to again down.
The ShibPaper comprises the plan to make Shiba Inu a decentralized community state, which the staff started implementing final 12 months. A part of the plan included launching the layer-2 community Shibarium, with the purpose of constructing the community a significant participant within the decentralized finance (DeFi) world.
As Lucie talked about, that hasn’t been simple, contemplating that community exercise on Shibarium has nosedived for the reason that begin of the 12 months. This has offered a setback for the Shiba Inu staff, particularly seeing how the layer-2 community thrived within the latter elements of 2023 when it recorded tens of millions in day by day transactions.
Nonetheless, the Shiba Inu staff has undoubtedly proven that it will possibly stand up to adversity, with how they dealt with Shibarium’s botched launch and rapidly received the community up and operating once more. As such, the SHIBcommunity will really feel assured that the staff can climate any future problem and take SHIB to unprecedented heights.
The staff has already made nice strides this 12 months, elevating $12 million to develop its privacy-focused layer-3 community. This community can also be integral to the staff’s plans to make Shiba Inu a decentralized community state. The layer-3 community can also be well-placed to develop into a game-changer because it addresses privateness issues when utilizing blockchain expertise.
The community integrates the Absolutely Homomorphic Encryption (FHE) resolution, enabling encrypted knowledge processing.
How SHIB Has Developed
Lucie famous how Shiba Inu has reworked from a meme coin to a “reputable decentralized platform” and one of many “largest Web3 communities.” She highlighted how the crypto token at the moment has a market cap of billions of {dollars}, making it the second-largest meme coin and the thirteenth-largest crypto by market cap.
Lucie additionally talked about Shiba Inu’s “exponential development” within the final bull market when it loved an unprecedented worth acquire of 150 million p.c. In the meantime, the functions and instruments constructed within the SHIB ecosystem have undoubtedly contributed to the meme coin’s development, which Lucie highlighted. This consists of Shibaswap, Shiba Inu’s native decentralized change (DEX), and the opposite cost partnerships that current real-life use instances for the meme coin.
On the time of writing, Shiba Inu is buying and selling at round $0.00001192, down over 15% within the final 24 hours, in line with knowledge from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com