Shiba Inu Set for Continued Growth, Says Shibtoshi
The post Shiba Inu Set for Continued Growth, Says Shibtoshi appeared on BitcoinEthereumNews.com.
A top Shiba Inu proponent has maintained a bullish forecast on the token’s price. Ecosystem trends, including burn mechanism and ShibaSwap, can drive future adoption. Dog-themed memecoin Shiba Inu (SHIB) recently defied market expectations, surging over 20% to a six-month high of $0.00002031 on September 28. Pseudonymous Shiba Inu proponent and SquidGrow founder Shibtoshi is optimistic something big is coming for SHIB. Burn Mechanism and Shibarium Fuel Bullish Sentiment In a recent Shib Daily interview, Shibtoshi attributes SHIB’s ascent to several key factors within the broader crypto market. This uptrend also stems from specific developments within the Shiba Inu ecosystem. Specifically, Shibtoshi cited positive sentiments around Shibarium, Shiba Inu’s Layer 2 scaling network. The SHIB team designed Shibarium to reduce transaction costs and improve speed. Shibtoshi said this development enhances the ecosystem’s functionality, making SHIB more attractive to investors and developers. The SquidGrow founder also highlighted Shiba Inu’s token burn mechanism as a key development adding to the ecosystem’s utility and attractiveness. The burning process involves sending SHIB tokens to a wallet address where they become permanently inaccessible. This helps to create scarcity by reducing the quantity of tokens in circulation. Notably, the SHIB burn mechanism has positively propelled the token’s price, as CNF mentioned in a previous article. Shibtoshi noted that introducing ShibaSwap, a decentralized trading platform, has further added to Shiba Inu’s appeal. As CNF noted earlier, ShibaSwap has been integrated into Shibarium. The integration expands ShibaSwap’s offerings by enabling the creation of new liquidity pools on Shibarium, thus facilitating easy token swaps across both platforms. Other developments within the Shiba Inu ecosystem fueling bullish momentum include the growing importance of BONE and TREAT tokens. The TREAT token, with its L3 advantage, is anticipated to increase the Shiba Inu ecosystem’s utility by bringing new features and advantages. Shibtoshi…
Filed under: News - @ October 4, 2024 12:23 am