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Contributions like the Shiba Inu token burn are helping the cryptocurrency gain value
Against popular opinion, Shiba Inu is about to strike a new milestone, like it did last year. It recorded a whopping 26,000,000% spike in the year 2021 and amazed investors with its impressive growth. Last October, Shiba Inu’s price quickly picked up after going down the cryptocurrency price charts. The Dogecoin killer is making all the right noises with its stellar performance compared to other cryptos. The ongoing bear trend is not something that could stop SHIB from gaining value. Shiba Inu token burn by the SHIB army is one of the many contributing factors towards its growth.
Shib Inu, initially a memecoin, gained popularity over the years. Since the time it was created by an anonymous person named Ryoshi, in August 2021, it has been through many ups and downs. The buzz around the very first memecoin, Dogecoin helped Shib Inu lend some attention to it. In due course, it became so popular that, it got the sobriquet, Dogecoin killer. And also, a few vague tweets of a multimillionaire, Elon Must lent some weight to this cryptocurrency’s reputation. A combination of factors such as including institutional adoption, acceptance as a payment method, listing on exchanges, etc contributed towards Shiba Inu’s growth. Although Shiba Inu has gained huge popularity and mainstream adoption, it is still standing in a moderate position. However, the Shiba followers are trying their best to make the Dogecoin killer an asset worth investment.
How does Shibburn contribute towards Shiba Inu’s growth?
Shibburn is created for Shiba Inu investors to burn their tokens. In the platform, burns are calculated using three special addresses, two dead wallets, which have no obtainable keys, and tokens sent to the Genesis address to reduce the supply. In the past 24-hours, coins worth US$467,903,362 have been burnt.
Unfortunately, in a Tweet, Shibburn has claimed that burning is not the only factor that could give an edge to Shiba Inu’s price. Even to reach the much-coveted US$0.01 mark, SHIB needs to do more. They believe that doing more for the SHIB community such as holding and staking might help the cryptocurrency opt for an upward trend.
Shibburn has reported that over 7.2 billion tokens were burned between August and September 2021.
SHIB’s growth hinges on other factors too
As mentioned earlier, burning is not the only option that gives an edge to Shiba Inu’s price. We have a myriad of other ideas which could help trigger SHIB’s value.
• Although the trading volume of Shiba Inu has decreased, investors are still having hope for the Dogecoin killer. They are in no rush for exiting the crypto despite sluggishness.
• Shiba Inu will get a dedicated exchange for itself called ‘ShibaSwap’. Similar to many other crypto exchanges, the platform will act as a decentralized medium to buy and sell cryptocurrency.
• Shiba Inu should try to keep up the buzz for a long time in order to stay in the race. Currently, the Shib Army is huge and the followers are willing to do anything for the cryptocurrency. Therefore, SHIB should acknowledge their efforts and compensate them accordingly.
• Inclusion in major platforms like Robinhood will give a boost to Shiba Inu’s price. SHIB reached a record high after the Change.org petition demanding Robinhood to include Shiba Inu in the platform became popular.
Is Shiba Reaching US$0.01, a possibility in 2022?
For a long time, Shib Army was expecting the cryptocurrency to reach the US$1 mark. However, according to experts, that is impossible because the total supply of SHIB is 549 billion. If every token is worth US$1, then the market capitalization of Shiba Inu will cross over the global economic standard. However, people still expect that to happen because SHIB gave them the hope that a rally could make anybody a billionaire in the cryptocurrency market.
Fortunately, US$0.01 is possible if Shiba Inu follows all the mentioned criteria. However, the cryptocurrency market should also get on a recovery path in order to give an edge to SHIB.