Shiba Inu (SHIB) is set to play a pivotal role in the success of Shibarium, a layer-2 network, and the proposed decentralized Shiba Inu State. Lucie, the marketing lead for Shiba Inu, conveyed an important message to SHIB holders, underlining the token’s significance in the ecosystem and the roles it will fulfill.
Lucie took to Twitter to share an excerpt from the recently published ShibPaper, focusing on SHIB’s importance. The whitepaper’s second chapter designates SHIB as the “core” of the ecosystem and even dubs it as “one of the greatest currencies in the history of mankind.”
To emphasize SHIB’s crucial role, the ShibPaper highlights its new and critical role in governing the Shiba Inu State, where it will serve as the community’s voice in numerous decision-making processes.
Chapter one of the ShibPaper had already revealed that SHIB would function as one of the governance tokens for the Shiba Inu State. Chapter two expands on the governance structure, indicating that every Shibizen (a citizen of the Shiba Inu State) can participate in voting on important matters as long as they hold “One SHIB.”
However, an observant user raised a potential concern, questioning whether this approach might enable “malicious actors” to distribute 1 SHIB across multiple wallets and use their collective voting power to oppose proposals that could benefit the ecosystem.
Since its launch in 2020, SHIB has experienced remarkable growth and currently ranks 16th by market capitalization. The Shiba Inu team is committed to maintaining its deflationary nature, with plans to burn a significant number of SHIB tokens, reducing its supply.
According to Shibburn data, SHIB’s total supply currently stands at 589 trillion SHIB, with 410 trillion SHIB already burned from its initial supply of 999 trillion SHIB. This burning strategy is expected to increase SHIB’s value by creating scarcity and boosting its utility.
While the team is cautious about making promises of substantial price increases, the success of Shibarium, the layer-2 network, is expected to contribute to SHIB’s value. The growing number of wallets on Shibarium, which surpassed 100,000 shortly after its relaunch and now boasts over 1 million created wallets, indicates increasing utility for SHIB within the ecosystem.