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.
Supply + Demand, that's what drives the price up. Burning is equivalent to "someone buying $100" in tokens and never "selling it", since it's locked forever. Imagine a team telling their holders that burning has no effect in price when their supply is in the quadrillions.— Shibburn (@shibburn) November 14, 2022
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).
It’s still early, several projects are yet to come, including Shibarium, which will significantly reduce supply. Can’t make calculations based on what’s currently burning. That’s just my opinion.— Shibburn (@shibburn) November 14, 2022
$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.
Find out what’s going on in the world of memecoins: