Shiba Inu Team Announces New Developments

Shiba Inu Announces New Developments

The Shiba Inu project, known as the second-largest memecoin, is making strides with new initiatives. Marketing leader Lucie has revealed plans for a Layer-3 blockchain network and additional tokens, signaling an expansion of the Shiba Inu ecosystem.

New Layer-3 Blockchain and Tokens

The Layer-3 network will be built on Shibarium, Shiba Inu's existing Layer-2 blockchain, and will incorporate Fully Homomorphic Encryption (FHE). This encryption enables developers to securely process data without decryption, in collaboration with Zama.

Lucie introduced the upcoming tokens TREAT and SHI, adding to the existing offerings of SHIB, LEASH, BONE, SHEB, Shiboshis, and ShibtheMV.

Expanding the Ecosystem

Shiba Inu's goal is to move beyond being a memecoin and provide real-world utility. Lead developer Shytoshi Kusama has envisioned a comprehensive ecosystem. However, some community members have expressed concerns about the rapid pace and breadth of development.

Community Sentiment

The Shiba Inu community is a mix of enthusiasm for new developments and frustration with current strategies. While some anticipate the upcoming projects, others question the focus on multiple tokens rather than prioritizing core development.

Market Performance

Shiba Inu has underperformed compared to other memecoin projects in recent times. Despite a 65% increase since the year's start, it remains approximately 80% below all-time highs. New projects like Pepe (PEPE), Dogwifhat (WIF), and Bonk (BONK) have gained traction.

Conclusion

The Shiba Inu project is undergoing significant developments, including a Layer-3 network and new tokens. While community enthusiasm remains, concerns about execution and market performance warrant consideration. The team's ability to balance ambitious plans with the need for stability and focus will determine the project's long-term success.