Jason Williams is a well-known figure in the cryptocurrency space, particularly recognized for his investments and outspoken presence on social media. He is a co-founder of Morgan Creek Digital, an investment firm that focuses on blockchain technology and digital assets. Williams has a background in traditional finance and has transitioned into the crypto industry, advocating for the adoption of digital currencies and blockchain technology.
Recently, Williams made an outrageous price prediction for SHIB, the main native token of Shiba Inu.
Shiba Inu (SHIB) is a decentralized cryptocurrency introduced in August 2020 by an anonymous creator or group of creators known as Ryoshi. An Ethereum-based altcoin, it features the Shiba Inu dog breed as its mascot. Often categorized as a “meme coin” or parody cryptocurrency, SHIB aims to rival or surpass Dogecoin, positioning itself as a “Dogecoin killer.”
The Shiba Inu ecosystem emphasizes a community-driven approach, outlined in its “woof paper.” The project was built from scratch, without a pre-existing community or team, showcasing the power of collective decentralization to create a unique and impactful venture. The ecosystem includes tokens such as $SHIB, $LEASH, and $BONE, as well as SHIBOSHIs and SHEboshi NFTs.
ShibaSwap, a decentralized exchange (DEX), is central to the Shiba Inu ecosystem. It allows users to trade, farm, and stake SHIB and other ecosystem tokens like BONE and LEASH. Operating on the Ethereum network and utilizing its proof-of-stake consensus mechanism, ShibaSwap offers a secure and efficient platform for transactions.
Currently (as of 3:13 p.m. UTC on May 18), SHIB is trading at around $0.00002448, down 2% in the past 24-hour period. Its $14.48 billion market cap makes it the $12 most valuable cryptoasset.
In the year-to-date period, SHIB is up 135.25%. However, Williams believes SHIB’s rally is going to take its price to stratospheric levels in this cycle.
To reach $0.05, SHIB’s price will have to climb another 204,000%, which is quite a tall order and seems extremely optimistic, to say the least. However, it would be wrong to think that Williams is super bullish on cryptocurrencies; e.g., his price target for $XRP and $ADA is $0.5 in this cycle.
The day after Williams shared his price targets for various cryptocurrencies, the Shiba Inu team announced a significant update to its decentralized finance (DeFi) offerings, with ShibaSwap now being ported to the Shibarium blockchain. This upgrade allows ShibaSwap to function on both the Ethereum and Shibarium networks, enhancing the ecosystem’s ability to support creators, foster connections, and drive innovation.
The transition to Shibarium brings several new utilities to ShibaSwap, improving its functionality as a decentralized exchange (DEX) and decentralized application (DApp) platform. Key enhancements include an upgraded dashboard, simplified processes for adding and withdrawing liquidity, streamlined staking, and improved trend analysis tools. The platform also now features discovery charts for new and trending tokens, aiding traders in navigating market volatility. Additionally, the onboarding process for new tokens on ShibaSwap has been made more user-friendly.
The Shiba Inu community is encouraged to use ShibaSwap on the Shibarium blockchain. A portion of transaction fees will be allocated to increasing the value of liquidity provider (LP) tokens used in swap transactions, which is expected to benefit yield farmers within the community.
Shiba Inu’s lead developer, Shytoshi Kusama, highlighted that the updated ShibaSwap provides a transformative experience for DeFi innovators on Shibarium. The redesigned platform supports community tokens and facilitates easy porting of existing Shibarium tokens. Kusama noted that this is an early version of ShibaSwap, with further updates planned.
Shibarium is designed to enable high-speed transactions with minimal gas fees, enhancing the user experience in the blockchain space. It is built on a community-first and environmentally friendly consensus mechanism, allowing for the development of cost-effective protocols. This expansion enriches the Shiba Inu ecosystem, which includes the $SHIB and $LEASH tokens, SHEboshis DN-404 tokens, SHIB The Metaverse, the ShibaSwap DEX, and the Shiba Eternity game.
Featured Image via Pixabay
