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Since November 2022, the enthusiasm for artificial intelligence, such as FET and AGIX, has skyrocketed, causing the prices of altcoins to skyrocket. As you know, Shiba Coin is also very eager to release products in hype areas to take advantage of its price. So, what is the current situation? Will we see a product in this area?
Shiba Coin (SHIB) Burn
The number of Shiba Coins sent to dead wallets collectively has suddenly increased. 80 million tokens were burned in a few transactions. Did this have a significant impact on the price? Of course not, the biggest hope was attached to the Shibarium network. If massive transaction fees were generated daily and the testnet performance continued on the mainnet, nearly $40 million worth of Shiba Coin would be burned monthly. The result? The result is a complete failure, as you can see from the chart below.
The number of new users dropped to 27 yesterday. The only good news is that the number of active users has increased from 545 on November 11 to over 770. However, this is still not enough for the monthly burn worth $40 million.
Shiba Coin and Artificial Intelligence
Shiba Coin loves to release products in every hype area of each period. While everyone wonders why nothing is being done in the RWA field with Shibarium, discussions about the future of artificial intelligence moves have started. It is nice to see meme coins trying to create alternative products in hype areas, but it is worrying that these products are only created out of price concerns and then abandoned. In many areas such as Metaverse, DeFi, layer2, and NFT, Shiba Coin has not been successful in taking its initial efforts further.
On November 18, lead developer Shytoshi Kusama shared a brief comment in response to former Coinbase CTO Balaji Srinivasan’s advice on transitioning to decentralization in the artificial intelligence industry. Shiba Inu market expert Lucie further fueled speculation by writing the following:
“Decentralized artificial intelligence is like a symphony of collaborating minds, each contributing to the innovation melody, without a single conductor.”
While Shiba Inu’s entry into artificial intelligence is compatible with its goal of a versatile service blockchain, this field requires extreme technical power.
