Shiba Inu is basically a dog-themed altcoin that is considered to be a decent alternative to Dogecoin. Despite market volatility, primarily due to dominant tokens like BTC and ETH, the value of SHIB continues to fluctuate. ShibaSwap is a DeFi platform that features all the essential elements of a decentralized exchange, DEX. The Shiba Inu team is working to roll out its v2 version in the coming days, sparking optimism and also dubious sentiments within the community.
The article highlights both sides by exploring the impact on SHIB’s price.
Potential Positive Impacts
For reference, SHIB is currently exchanging hands at $0.000009065, with a jump of 1.83% in the last 24 hours. It further reflects a rise of 2.52% in the last 7 days and a fall of 16.05% in the last 30 days. The community anticipates that introducing ShibaSwap v2 will uptick the valuation of the token, stating reasons as mentioned below.
- Increased Utility
ShibaSwap v2 brings new features and functionalities like NFT integration, burning mechanisms, and staking, to mention a few. This suffices to attract a larger number of users, boosting the adoption of the network plus token.
- Enhanced Liquidity
A higher number of users will enhance the liquidity of the network and push to stabilize prices on the board. An increment in the valuation is also deemed to be obvious.
- Community Hype
The mere introduction of ShibaSwap v2 has sparked a lot of excitement in the community. Despite the fact that 24-hour volume suggests otherwise, it has resulted in an increase in purchasing tendencies.
- Shiba Inu Ecosystem Growth
This is based on the assumption that the launch of v2 will be successful. Benefits are teased to span across the ecosystem to drive adoption and attract developers in addition to users. To reiterate, the launch of ShibaSwap v2 must be successful for these benefits to come into play.
All elements aligning with the brighter picture will pave the way for SHIB to inch closer to the bullish Shib predictions. Estimates are that the token will reach the milestone of $0.0000250 by the end of this year, which is 2024.
Potential Negative Impacts
Another side of the story is that the development could have negative impacts. They are only conditioned to happen if ShibaSwap v2 fails or happens without significant market notice.
- Delays or Challenges
Either situation will discourage the community from looking forward to any other developments. The technical challenge is something that has already taken over as the top negative factor.
- Unmet Expectations
ShibaSwap v2 needs to meet reasonable expectations. One way to avoid disappointment is by setting a boundary in comparison to unreasonable expectations.
- Overall Market Conditions
An overall sentiment prevailing in the market will contribute to the development of the Shiba Inu ecosystem.
Enthusiasm within the Shib Army refuses to acknowledge potential negative impacts. However, it is necessary to keep them in mind to avoid disappointment.
Uncertainty will continue to prevail until Shiba Inu does not launch ShibSwap v2. Token prices may eventually surge, considering the crypto sphere is recovering from the selling pressure. It is recommended that users research before getting started with the Shiba Inu ecosystem or expanding their presence in it.