Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The Shiba Inu marketing lead Lucie took out time to run through the milestones that the SHIB ecosystem has achieved over the years. Without any bias, she did not also fail to outline the challenges that Shiba Inu has encountered in the same period.
From joke to crypto sensation
According to Lucie, the Shiba Inu ecosystem has grown to become one of the biggest Web3 communities. In addition, its token, which previously had the “speculative” tag, has successfully transitioned to a decentralized platform.
Now, the protocol has its focus on reaching a new height and that has to do with becoming a foundation for a decentralized network state.
Yuri MolchanOther key achievements are the 1.4 million wallets linked to the project, its core partnerships and even the improvements on its Layer-2 scaling solution Shibarium.
While the last few weeks have questioned Shiba Inu's capacity, the protocol has displayed resilience. Notably, its key metrics are not looking so encouraging at the moment. The SHIB token is trading at $0.00001459, corresponding with a 5.42% dip within the last 24 hours. This dip has caused a sizable drop in the market cap, which previously surpassed $9 billion.
In terms of trading volume, SHIB is the 23rd most traded asset with $274.16 million. This has not stopped SHIB from holding still as the second-largest meme coin in the crypto sector. Outlining the challenges though, Lucie noted that building a decentralized network state is a tough bid.
Shiba Inu price could soar
The SHIB community received a surprise on Friday after blockchain analytics platform CryptoQuant revealed that 653 billion Shiba Inu tokens left crypto exchanges. This massive outflow is the largest that the ecosystem has seen since July 19, when the market faced an outflow of more than 1 trillion SHIB tokens.
Such large outflows mean well for the protocol as it signals bullish market sentiment. Those who withdrew the crypto assets are likely considering HODLing their assets, a move that prevents sell-offs. A shortage of supply on exchanges spikes demand and eventually leads to a price surge.
If this is the case with the recent withdrawal, Lucie may have another leaf to add to Shiba Inu's hat.
Arman Shirinyan
Alex Dovbnya