Although some in the crypto market initially dismissed meme coins as a mere fad, Shiba Inu is transforming the reputation of meme coins and has become a force to be reckoned with in the crypto world.
Under the leadership of Shytoshi Kusame, the flagship project of the SHIB ecosystem Shibarium, is proving that meme coins can be more than just a quick laugh – they can be catalysts for innovation and real-world utility.
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Kusama’s recent inclusion on CoinDesk’s “Most Influential 2023” list speaks volumes about the impact SHIB and Kusama, its lead developer, have made.
This list contains names like Ripple CEO Brad Garlinghouse, OpenAI CEO Sam Altman, and Judge Analisa Torres, the judge who ruled in favor of Ripple in July concerning XRP’s security status in the lawsuit with the U.S. Securities and Exchange Commission (SEC).
It honors the people who were influential in the crypto space throughout the year and is a high honor for Kusama.
Coindesk’s announcement on X commended Kusama and the Shiba Inu community for Shibarium, adding that the launch “proves meme coins are more than a joke in DeFi.”
.@ShytoshiKusama and the $SHIB community's launch of Shibarium proves meme coins are more than a joke in DeFi.
That's why they're on CoinDesk's #MostInfluential2023: https://t.co/NROKNKxorw pic.twitter.com/WYQY4UfsMj
— CoinDesk (@CoinDesk) December 16, 2023
Shibarium and the Future of SHIB
Shibarium, the Layer-2 blockchain launched in August 2023, was created to significantly reduce transaction fees for SHIB and open up a vast array of new use cases, transforming it from a speculative asset to a viable medium of exchange for DeFi applications.
This expansion beyond mere speculation is crucial for the long-term sustainability of any cryptocurrency, and SHIB, under Shytoshi’s guidance, is embracing this evolution.
A few days after its launch, Shibarium crossed the 1.1 million user mark. Although this progress slowed, Shibarium has remained strong, recently crossing another significant milestone.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
A key element of Shibarium’s design is its integration with a robust SHIB burn mechanism. With every transaction on the network, a portion of tokens in the form of BONE is gathered to be converted to SHIB and removed permanently from circulation, reducing the overall supply. This deflationary model increases the scarcity of SHIB and ties its value to real-world usage on the Shibarium network.
Read Also: Shiba Inu Team Announces Three Upcoming Massive SHIB Burns. Here’s when
The impact of this burn mechanism is already being felt. The first Shibarium-powered burn that happened recently burned 8.24 billion SHIB. The Shibarium burns show the SHIB team’s commitment to long-term value creation for the community.
This dedication to sustainability, coupled with the increasing utility of Shibarium, is what sets SHIB apart among meme coins. However, Kusama has made it clear that the work does not end with this honor.
Responding to Coindesk, Shytoshi posted, “And we are just getting started!” hinting at more work and better developments in SHIB’s future.
And we are just getting started!
— Shytoshi Kusama™ (@ShytoshiKusama) December 16, 2023
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