Contributions like Shiba Inu Token Burn are Helping Cryptocurrencies Gain Value
No one can underestimate this growth Shiba Inu Shown in the past year. In 2021, the cryptocurrency registered an astonishing 26,000,000% spike after stealing the hearts of investors. Although shiba inu price Having been down after reaching an all-time high last October, the Dogecoin killer is still being discussed. Despite the ongoing bear market trend, SHIB has been outperforming other cryptos from time to time. contribution like Shiba Inu Help is burning tokens from Shiv Sena cryptocurrency Get value amidst the surrounding darkness.
Shiba Inu Did not gain popularity overnight. It has been harder and harder before it became the favorite and most profitable cryptocurrency of investors. Initially, the buzz surrounding Dogecoin shed some light on SHIB, making it a top Memecoin. Although billionaire entrepreneur Elon Musk has never been out of favor with the Shiba Inu, his vague statements and tweets have helped Shiv Grow. The rise of Dogecoin and its popularity fueled interest in the SHIB token, leading investors to refer to it as the ‘Dogecoin killer’. Shiba Inu was created in August 2020 by an anonymous person named ‘Ryoshi’. But cryptocurrency Relatively unknown until mainstream adoption in 2021. Several factors, including institutional adoption, acceptance as a payment method, listing on exchanges, etc. contributed to the rise in the price of the Shiba Inu. Currently, SHIB stands at a middle position, confusing which path to take. But despite the ongoing crisis in the cryptocurrency market, Shiba Inu Followers are doing their best to increase the value of Dogecoin competitor.
Shibburn is created for Shiba investors to burn their tokens. In the platform, burns are calculated using three special addresses, two dead wallets with no receivable keys, and tokens sent to the origination address to reduce supply. In the last 24 hours, USD 467,903,362 coins have been burned.
Unfortunately, in a tweet, Shibburn claimed that burning isn’t the only factor that can drive up the price of the Shiba. Even to reach the much-awaited US$0.01 mark, SHIB needs to do more. He believes that doing more for the SHIB community such as holding and staking could help the cryptocurrency opt for an upward trend.
Shibburn reported that over 7.2 billion tokens were burned between August and September 2021.
Other factors that contributed to the development of SHIB
As mentioned earlier, the Kindle isn’t the only option that gives the Shiba Inu an edge in price. We have myriad other ideas that can help increase the value of SHIB.
- Although Shiba Inu trading volumes have plummeted, investors are still hoping for the Dogecoin killer. They are in no hurry to run out of crypto despite the slowdown.
- The Shiba Inu will get a dedicated exchange for himself called the ‘Shibaswap’. Similar to many other crypto exchanges, the platform will act as a decentralized medium for buying and selling cryptocurrency.
- The Shiba Inu must try to stay in the limelight for long enough to stay in the race. Currently, the Shib army is huge and followers are willing to do anything for crypto. Hence, SHIB should acknowledge their efforts and compensate them accordingly.
- Joining major platforms like Robinhood will boost the price of the Shiba Inu. SHIB reached a record high after Change.org popularized Robinhood’s petition to include the Shiba Inu on the platform.
Will the Shiba Inu Really Reach US$0.01 in 2022?
For a long time, the Shib Army cryptocurrency was hoping to reach the US$1 mark. However, according to experts, this is impossible as the total supply of SHIB is 549 billion. If each token is worth US$1, the market capitalization of the Shiba Inu will exceed the global economic benchmark. However, people still expect this to happen as SHIB gave them the hope that a rally could make anyone in the cryptocurrency market a billionaire.
Fortunately, US$0.01 is possible if Shiba follows all the mentioned criteria. However, the cryptocurrency market must also go on a recovery path to give SHIB an edge.