The four-month-long pullback by Shiba Inu seems to have rattled the cages of some proponents as price continuously falters with the ongoing geopolitical roils.
Whereas some investors are optimistic given that SHIB is still up some 14% in the past thirty days, it has lost over 72% of value since October and is currently trading at $0.00002484. There is, however, still a lot of hope that Shiba Inu will skyrocket to the much anticipated $1 mark with a list of up-lifts coming to the network this year.
During a recent AMA session by notable Shiba Inu enthusiasts including lead developer Shytoshi Kusama and game developer William Volk, the team discussed various developments coming to the canine-themed coin, reigniting hopes for a major rebound.
The Burning Fever
With the 589.73 trillion SHIB coins supply unnerving many holders who believe it impedes the growth of price, the team announced that it will soon launch a burning program for SHIB, known as ShibaSwap 2.0.
“We want to make the burn rate grow with the utilization rate of the platform,” stated Archangel, a key influencer of Shiba Inu.“It’s about getting the supply slowly reduced as you use the platform,” he added.
According to the Shiba Inu team “It’s about getting the supply slowly reduced as you use the platform. We want to make the burn rate grow with the utilization rate of the platform. So if you think about it, this is kind of a new utility.”
While a significant reduction in SHIB coins is expected to boost the price, the team however urged the SHIBArmy to stay realistic as expecting a 90% burn was out of the question.
The SHIB Team also confirmed that they will list 99,000 pieces of land in the upcoming Shiberse, giving LEASH holders 10 days to bid for the said pieces.
They would, however, first avail 35,000 pieces of SHIB land for LEASH holders before putting out the rest for the public to purchase. The last time the team announced the plan to build a metaverse, LEASH token price shot up by over 46% in a few hours while SHIB surged by 40% in the following 48 hours. This is expected to recur when all is said and done.
Shiberse, which is slated to become Shiba Inu’s metaverse and the first of its kind for a meme coin will also launch PartnerSHIBS, a program aimed at awarding long-term Shiba Inu believers, particularly those that have “organically traveled alongside us”. Among other catalysts for SHIB’s price will be the Shiboshi NFTs and Shiba Inu games which are all believed to be a shot in the arm for SHIB’s price.