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Memecoin up over 41% year-to-date Shiba Inu (Sibu -0.94%) After the pessimism and doom of 2022, this year has surprised and delighted crypto investors. And it’s not just small retail investors who are diving into Shiba Inu this month. Shiba Inu is one of their top possessions.
Based on all this hype and speculation, it’s only natural to ask, “Are Shiba Inu real?” Or is the investor just trying to recoup last year’s massive cryptocurrency losses as soon as he can in 2023?
Shiba Inu is well-known as a meme token that offers little to no real utility, but investors are now preparing to launch a major new upgrade that could change everything for Shiba Inu. says no. Let’s dive in.
Launch of Sibarium
The launch investors are talking about is Shibarium, a new layer-2 blockchain that will improve the speed and scalability of Shiba Inu. If all goes according to plan, the new upgrade will reduce the cost of each transaction involving Shiba Inu, eliminate bottlenecks, and make it easier to process new transactions. As Shiba Inu ventures deeper into games, Web3, and the metaverse, the developer says this enhanced speed and scalability will be essential.
Image Source: Getty Images.
However, the big caveat here is that the next release is just a beta testnet, not the final product. In other words, investors will have to wait even longer for the current Shiba Inu ecosystem to benefit from speed and scalability upgrades.
in the same way ethereum launched a testnet last year before moving forward with The Merge, but Shiba Inu will have to test everything before going live. Some crypto analysts say he expects a huge 75% pop as soon as Shibarium launches, but it’s important not to expect too much too soon.
What about the burn rate?
Sibarium should also contain a mechanism for burning coins. When coins are burned, they are sent to unusable crypto wallets, thereby removing them from circulation. In theory, once Shibarium is running, every transaction made on this blockchain network consumes a certain amount of Shiba Inu.
This is very important as the Shiba Inu burn rate is the most important metric for understanding how tokens are valued. Currently, Shiba Inu suffers from an unimaginable 549 trillion copies in circulation. As a comparison, Bitcoin The maximum fixed supply is 21 million coins.
The Shiba Inu’s massive overhang in the market is the main reason why it’s trading at just $0.00001207. Given the current market capitalization of $6.6 billion, for Shiba Inu to trade for just $1, the circulating supply would have to be cut by him by more than 99%.
It’s just a basic calculation here. That’s why members of the Shiba Inu ecosystem are obsessed with Burn Rate. The faster it burns, the greater the price increase. In short, investors will see the price rise the faster the Shiba Inu burns the coin.
In the Sibarium launch preview, the devs didn’t specifically mention what the burn rate would be. asks the developer to “pay attention to”.
This is a huge amount of detail that needs to be entered. To evaluate a Shiba Inu, you need to know this number.
Meme Coin or better
We have to applaud the Shiba Inu for trying to be more than just a meme coin. Of all the dog-themed meme coins out there, the Shiba Inu clearly stands out from the pack. If things go their way, Shiba Inu could be ready to move from being just a token built on the Ethereum blockchain to a more full-fledged blockchain that can grab attention in games, Web3, and the Metaverse. I have.
However, I am still very skeptical about Memecoin’s long-term prospects.
Rumors of pending launches of unfinished products have driven prices skyrocketing this year.
Dominic Basulto holds positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool’s U.S. headquarters has a disclosure policy.
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