Wednesday, February 28, 2024
Blockchain

Shiba Inu Lucie Addresses Key Questions Around SHIB and Rug Pull

In a series of tweets today, Lucie of Shibarium, a prominent figure within the Shiba Inu community, addressed various concerns and provided clarifications about the project’s direction. The tweets, which garnered significant attention, emphasized the project’s commitment to transparency and its dedication to building a sustainable ecosystem.

Lucie highlighted several resources for the community to refer to for accurate information:

* The upcoming update to the Shibarium Technical Documentation.

* The official Shib blog.

* The abridged version of The Shib Paper.

Lucie highlighted the active development of Decentralized Autonomous Organizations (DAOs) in the ecosystem. When these DAOs become functional, they will empower community members to suggest and cast votes on different issues, bolstering the project’s decentralized nature.

Reiterating the project’s commitment, Lucie stated,

We are committed to transparency, and no information is being hidden.

She also emphasized the importance of understanding the project’s plan in its entirety.

Addressing the topic of token burns, Lucie acknowledged that while the burns might appear minimal, they have been executed. The overarching goal, she noted, is to

onboard millions of people who will create games, use the metaverse, and engage with other DApps with MINIMUM cost.

Lucie also cautioned the community against misinformation and urged them to be wary of individuals with malicious intentions. Referring to past incidents, she mentioned certain YouTubers who spread negativity about Shibarium and later engaged in deceptive practices like executing rug pulls.

Recently, Shiba Inu faced numerous questions from fans due to the plunge in SHIB’s price. As reported by Blockchain.News, Shiba Inu‘s cryptocurrency, SHIB, saw a 36% price drop after an initial surge during the “Summer of Shibarium.” The summer campaign, announced on July 15, promised significant updates, including the launch of Shibarium, a Layer 2 blockchain solution. After the announcement, SHIB’s price rose by 50%, but it soon declined, correlating with a 13% drop in Bitcoin’s value. On SHIB’s peak day, its 24-hour trading volume on Binance increased by over 100%. As Bitcoin traditionally underperforms in September, SHIB’s future remains uncertain. The summer’s events highlight the need for investor caution and strategic selling decisions.

In a concluding tweet, Lucie responded to critics who had previously claimed that Shibarium did not exist. She emphasized the active use of Shibarium and the project’s plans for its extensive utilization in the future, hinting at initiatives like Shiba Eternity, Shib the Metaverse, and Shibahub.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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