Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Shiba Inu Marketing Lead Talks About Upcoming Developments and New Tokens

Source Beincrypto

Shiba Inu (SHIB), the second largest meme coin, is trying to advance with new developments. Lucie, the marketing lead for Shiba Inu, recently revealed plans for a new layer-3 blockchain and several new tokens, signaling a pivot towards a more substantive ecosystem.

Despite various development efforts, SHIB has underperformed compared to various other meme coins.

Shiba Inu Faces Criticism Despite New Development Plans

Lucie emphasized the expansion and also talked about two upcoming tokens.

“From SHIB, LEASH, BONE, SHEB, Shiboshis, ShibtheMV, and coming soon: TREAT and SHI, to innovative decentralized applications, our ecosystem offers endless possibilities. One of the most interesting things coming is our very own L3,” Lucie said.

This initiative comes on the heels of Shiba Inu reportedly securing a $12 million investment in April, specifically for this new layer-3 platform. The fundraising rounds escalated to valuations reaching $200 million, according to several reports.

Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

According to Lucie, the forthcoming layer-3 blockchain, built atop the existing Ethereum layer-2 blockchain Shibarium, is set to integrate Fully Homomorphic Encryption (FHE). This encryption will allow developers to process data securely without the need for decryption through a collaboration with the open-source cryptography firm Zama.

These developments come as Shiba Inu is trying to bring in real-world utility. In December 2023, Shytoshi Kusama, a Shiba Inu developer, shared a vision for moving beyond memes.

However, this rapid expansion has been met with criticism from some community members. Concerns have been raised about the pace and scope of development.

“This is our biggest problem: jumping to something else before finishing one thing. What is L3 before finishing L2? Finish the job at hand first,” a community member said.

Lucie’s announcements arrive at a crucial time when Shiba Inu is still around 80% down from its all-time highs.

Year-to-date, Shiba Inu is up by 65%. However, new meme coins like Pepe (PEPE), Dogwifhat (WIF), and Bonk (BONK) continue to outperform SHIB.

Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

Shiba Inu (SHIB) Price Performance. Source: TradingView

The community sentiment is a mixture of anticipation for new developments and frustration over existing strategies.

“This is why I went to Bonk coin. [Shiba Inu] got 30 coins when it could just work on SHIB. [The developer] won’t burn tokens and there is no increase in the auto burn,” another frustrated community member said.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Dollar holds above 100 near a 3-month high — three Fed speakers and a $69 billion auction land tonight The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Author Suzie

Sep 22, Tue

The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Sep 23, Wed

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Memory chips surge, Nasdaq notches a second straight record close — why the Dow fell 185 points anyway Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Author Irene Q.

Sep 23, Wed

Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Gold Price Forecast: XAU/USD drifts toward $4.300 with bears gaining traction Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.

Author FXStreet

Sep 23, Wed

Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.

US input costs rose at the fastest pace in four years — the September flash PMI beat is an inflation story, not a growth story US September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.

Author Suzie

Yesterday 06: 46

US September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.

Popular Symbols