- Shiba Inu lead developer Shytoshi Kusama teases ShibArmy with a cryptic tweet.
- Crypto Twitter speculates updates on Shibarium, Shiba Games, ShibaSwap or a new burn mechanism for the Dogecoin-killer.
- Analysts suspect SHIB could liquidate bulls with its bearish trend reversal.
Shiba Inu project leader Shytoshi Kusama reappeared on Twitter with a cryptic tweet, after a fifteen day break. The mysterious disappearance of Shiba Inu’s founder Ryoshi had pushed the spotlight on Shytoshi Kusama, the lead developer.
Shytoshi Kusama, the lead developer of Shiba Inu, made a comeback on Twitter with a cryptic tweet,
Today I write. Tomorrow I will have a LOT to say #Shibarmy.
Kusama addresses the ShibArmy, the community of Shiba Inu coin holders, in his tweet, teasing a major announcement in the project soon.
The Shiba Inu ecosystem has a few projects under development. Creator Ryoshi had kickstarted the development of Shibarium, a layer-2 scaling solution, and Shiba Games under his leadership. Since Ryoshi’s disappearance there have been consistent updates in the meme coin’s ecosystem.
Before the recent tweet, Kusama affirmed that the development of Shiba Inu projects is going well and the community can expect an exciting announcement within the next few weeks. ShibArmy believes Kusama could reveal a key update on the development of Shibarium or a release date for the layer-2 scaling solution.
The Unification Foundation told ShibArmy in a blog post on June 24 that Shibarium’s beta phase will be launched in Q3 2022. Shibarium is key to the Shiba Inu ecosystem and SHIB holders as the launch of the layer-2 solution would power the development of applications in the meme coin’s network.
Shibarium’s launch could considerably reduce the transaction costs and time required to process transactions in the Shiba Inu ecosystem.
ShibaSwap was launched in July 2021, since Shiba Inu’s decentralized exchange is fast approaching its anniversary, it is likely Kusama could share an update on the DEX.
The native decentralized exchange of the Shiba Inu ecosystem has emerged as a staple of SHIB, and provides several functions like token swapping and liquidity pools, staking, governance and a “Shiboshis” non-fungible token (NFT) marketplace.
Shibburn, the portal that offers insights on the burn implementation in Shiba Inu, revealed that SHIB recently crossed the milestone of 410 trillion burned tokens. With the massive burn in Shiba Inu, the ShibArmy expects a change in the burning mechanism to speed up the act of removing SHIB tokens permanently from circulation.
Over 41% of the circulating supply of Shiba Inu has been permanently destroyed, while the remainder is in circulation or staked on ShibaSwap. A shift in the burn mechanism could help SHIB pick up pace and destroy more tokens, contributing to a spike in value of Shiba Inu held by the community.
Akash Girimath, a crypto analyst at FXStreet, believes Shiba Inu price could disappoint bulls as the meme coin begins its downtrend. Shiba Inu price recently recouped its losses from the last fourteen days, but it is likely that bears will take over the Dogecoin-killer.
Shiba Inu’s fair value gap extends from $0.0000082 to $0.0000093. The analyst believes there is a likelihood of panic selling in Shiba Inu and the meme coin could eventually drop lower to its FVG.