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

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.

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 to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.