After the extreme highs of 2021, the Shiba Inu token has nosedived in 2022. Things look bleak from the outside, and many Shiba Inu holders believe it might lose its entire value soon. During today’s bear market, Shiba Inu developers are trying their utmost to pull the token through the mire. Although Ryoshi, the founding father of SHIB, has exited the project, others like Shytoshi Kusama are striving to make a positive breakthrough. The latest initiative, Shibarium, a layer-2 protocol, focuses on giving Shiba Inu a new identity by creating its own blockchain. For this new project, Shiba Inu is partnering with a venture capital firm Xfund, and SHIB developers believe it is a good idea.
Are Shiba Inu Holders Happy with Outside Partnership for Shibarium?
Shytoshi Kusama, the lead Shiba Inu developer, is pleased with the meme coin’s outside support. The partnership with Xfund for the Shibarium initiative is proposed to overcome the slump during the bear market.
There have been mixed opinions among the Shiba Inu holders about the support from Xfund. For the uninitiated, Xfund is the Oracle for the ShibSwap exchange. Now, the Xfund developers are partnering with Shiba Inu developers, which can be considered an outside partnership.
Due to the external partnership, there can be distrust and a lack of transparency between the SHIB community and SHIB developers. As this can lead to negative speculation and a further hit on the price, the Shiba Inu team has advised the community not to pay any attention to the news released by unofficial websites. Developers like Shytoshi recommend that SHIB holders only refer to the official Shiba Inu blog for information.
Shiba Inu is going through a tough time these days. At times like these, Shiba Inu developer Shytoshi Kusama has taken to Twitter to expound on the fact that the token is still among the top-rated tokens in the cryptocurrency industry, with a rank of #15. However, some Shiba Inu holders might not be happy with the external partnership with Xfund. The association could play a significant role in generating revenue, but it might distance Shiba Inu from its grassroots.
We believe that considering today’s bear market, Shiba Inu needs all the help it can get. Still, it needs to tread cautiously and not lose its identity. SHIB’s identity is the main reason for its popularity, and it simply cannot afford to lose it.
At the time of writing, Shiba Inu price has risen to $0.000008344 USD, an appreciation of 4.85% within the last 24 hours.