Shiba Inu’s (SHIB) Burning Portal Unveils Strategy To Boost SHIB Price

Shibburn portal reveals the formula for Shiba Inu to fetch up on the moon.

Shiba Inu's (SHIB) Burning Portal Unveils Strategy To Boost SHIB Price

The popular Japanese guard dog themed memecurrency Shiba Inu (SHIB) dropped below its crucial resistance line at $0.00001 on Friday, November 11th, 2022. Currently, members of the SHIB Army are contemplating on how to increase the market price of SHIB, as the crypto winter took its toll on the canine coin.

According to the Shibburn portal, the crypto community has to understand that “supply + demand” is what drives the price up and equals to holding without the possibility of selling.

What Factors Can Reduce The Supply Of SHIB?

Further on, the Shibburn portal pointed out that the crypto community “cannot make calculations based on what’s currently burning.” As much as the SHIB burn rate looks great, with several millions of the token set ablaze every day, the reduction of supply will accelerate once Shibarium launches.

Sponsored

The Layer-2 solution is supposed to transform the memecoin into a self-sufficient ecosystem with a dedicated gas fee token Bone ShibaSwap (BONE). Besides, the forthcoming SB Visa Card that was mentioned earlier this year is going to contribute to the cause. On top of that, SHIB’s Web 3.0 project SHIB: The Metaverse is constantly revealing new pieces of the puzzle in partnership with the Hollywood-based audiovisual studio The Third Floor (TTF).

$53M Of SHIB Up In Smoke In The Last 24 Hours

As the SHIB community is among the most lively on Twitter, it’s no surprise that new ways to set it aflame surface constantly. For instance, Shibburn Radio released an app for both iOS and Android and promises to burn a certain amount of SHIB every day as the listener count grows.

On the other hand, there’s SHIB SuperStore, which organizes SHIB burning events weekly, with the help of Amazon. To illustrate, the SHIB Superstore had burned $223.22 worth of SHIB tokens on November 13th, 2022. Additionally, there’s been $53,087,618 worth of tokens set alight in the past 24 hours in just two transactions.

On the Flipside

  • Some crypto investors think the current rate of burning SHIB is simply not enough to affect its price.

Why You Should Care

With over 50% of SHIB’s total supply already removed from circulation, the potential growth of SHIB’s burning mechanism could spark another bull run for the popular memecoin.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.