Despite fluctuations recorded mid-year, Shiba Inu (SHIB), the Ethereum-based memecoin, has maintained a significant growth trajectory. The price of the dog-themed memecoin suffered a massive dip in June, which has been described as “historically bearish” for SHIB.
Despite the decline in enthusiasm around meme coins, Shiba Inu has maintained a notable weekly growth. Shiba Inu exchanged hands for $0.00001841 at the time of writing, representing an upsurge of more than 26% in the last seven days.
Shiba Inu’s Strategic Approach to Sustained Growth
Shiba Inu remains one of the few memecoins that have retained their relevance in crypto, the first being Dogecoin. Ordinarily, memecoins, created for entertainment and community engagement, naturally fade out when there’s no intrinsic values.
However, for SHIB, the coin has gained traction beyond the humor and has become a significant player in the crypto space. Experts attribute this to the creativity of the development team. The core developers are leveraging social media to inspire the community members, often referred to as the Shib Army. Additionally, Shiba Inu developers have introduced some upgrades and new projects.
The Shib Burn, for example, a deflationary mechanism that keeps circulating supply low, has helped boost the value of SHIB. The SHIB burn rate has helped it weather the drawdown the broader crypto market recorded in August.
Despite this, Shiba Inu appears to have rebounded and even plotted notable price moves. The development team’s objective remains to boost community members’ confidence in SHIB with innovative project.
Pursuit of Encryption
Lucie, Shiba Inu’s marketing lead, recently shared an update on a collaboration with Zama.ai.
According to Lucie, the collaboration will incorporate “Fully Homomorphic Encryption (FHE)” into the SHIB ecosystem. The goal is to enhance Shibarium, Shiba Inu’s blockchain platform, and other applications within the ecosystem.
Introducing FHE in Shiba Inu could lead to several innovative applications, such as confidential smart contracts, encrypted key signing, secure data analysis, and real-world asset investments.
Additionally, this will position Shiba Inu as a more secure, privacy-driven platform and likely attract more members to the community.
Shiba Inu’s Focus on Innovation and Community
Besides the FHE, Lucie has also hinted at the launch of “Shib The Metaverse,” a virtual playground for the ecosystem.
According to her, upon its unveiling, the new space will serve as a platform for user-generated content and ideas to thrive.
It will also foster collaboration among SHIB holders and users can synergize on projects. New proposals can be voted on, and a path can be charted for Shiba Inu’s future. All these will further entrench Shiba Inu’s user appeal among community members.
Meanwhile, the dog-themed memecoin, as part of its innovations, says developers are exploring strengthening data encryption on the platform. The privacy-focused process, zkKYC, involves authenticating users without compromising their data.
Will Meme Coins Experience Rebound?
In the broader memecoin world, some have struggled with projections for a better outlook before the year ends. Dogwifhat, for instance, has recorded significant achievements and successes this year. However, some have attributed its achievements to hype and crypto whales.
Other memecoins like FLOKI, PEPE, and BONK appear to be in their rebound phase as their prices have surged recently. This upsurge comes after stagnancy in movement generally in the broader market.
With the interest rate cut by the U.S. Federal Reserve, experts anticipate that some investors in the crypto space will pay attention to the memecoins. If this happens, the sector could record a spike in value.
