In just a single day, over 1.3 billion SHIB were burned. That's more than 32% of the token's total supply. The burn rate is a concern because it could push the price of SHIB even higher, closing the gap between SHIB and Dogecoin. Nevertheless, I'm not sure I agree with the argument. Investing in SHIB could be like buying Amazon stock in 2017. The reason I say this is because I am not in a position to speculate on the future of the company, but rather to make a recommendation.
Burning Shiba Inu could boost the price of SHIB
The burning process of Shiba Inu is intended to reduce the token supply and increase demand. This is crucial for a higher price, and investors hope the process will boost the value of their cryptocurrency. The burn process already shows promising results, with a 3% jump in just 24 hours. The new token also has potential to grow in value further. However, the new cryptocurrency will require some time before it can make any significant impact.
The project is called "SHIB The Metaverse" and its creators describe the virtual space as an "enabling environment for growth and sharing." The price of SHIB currently sits at $0.000010, which is 0.44% higher than yesterday's closing price. Its price has also risen in the past 24 hours. It currently sits in the fourteenth position on the CoinMarketCap ranking with a live market cap of $5,647,413,0113. There is a maximum supply of 50 trillion SHIB, which is still in its infancy.
As the network continues to grow, news about the Shiba Inu coin has also been spreading like wildfire. It has been on a downward trend this year despite the growth of the crypto market. However, the price of Shiba Inu could skyrocket and reach a penny, if there was enough capital to invest in dog-themed cryptocurrencies. However, institutions would have to invest in the coin if it were to reach this level of price.
Burning Shiba Inu could close the gap between SHIB and Dogecoin
Despite a lagging market cap, a recently announced burn mechanism could give the SHIB price a boost and even close the SHIB-Dogecoin gap. The burn is a key deflationary mechanism and at the current rate, it would take seven million years to burn the entire Shiba Inu offering. That's a lot of time, but it is possible. Burning Shiba Inu will also allow the SHIB market cap to increase, but there are still risks involved.
Although the price of Dogecoin has been rising, the SHIB coin is still at a low of 0.000704 cents. On Sept. 29, DOGE reached a high of 20 cents, so a 0.003 cent price target might be a reasonable price for long-term holders. In fact, some people even imagine SHIB reaching a full penny, or even a full dollar.
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Burning Shiba Inu could boost the price of SHIB
The burning process of Shiba Inu is intended to reduce the token supply and increase demand. This is crucial for a higher price, and investors hope the process will boost the value of their cryptocurrency. The burn process already shows promising results, with a 3% jump in just 24 hours. The new token also has potential to grow in value further. However, the new cryptocurrency will require some time before it can make any significant impact.
The project is called "SHIB The Metaverse" and its creators describe the virtual space as an "enabling environment for growth and sharing." The price of SHIB currently sits at $0.000010, which is 0.44% higher than yesterday's closing price. Its price has also risen in the past 24 hours. It currently sits in the fourteenth position on the CoinMarketCap ranking with a live market cap of $5,647,413,0113. There is a maximum supply of 50 trillion SHIB, which is still in its infancy.
As the network continues to grow, news about the Shiba Inu coin has also been spreading like wildfire. It has been on a downward trend this year despite the growth of the crypto market. However, the price of Shiba Inu could skyrocket and reach a penny, if there was enough capital to invest in dog-themed cryptocurrencies. However, institutions would have to invest in the coin if it were to reach this level of price.
Burning Shiba Inu could close the gap between SHIB and Dogecoin
Despite a lagging market cap, a recently announced burn mechanism could give the SHIB price a boost and even close the SHIB-Dogecoin gap. The burn is a key deflationary mechanism and at the current rate, it would take seven million years to burn the entire Shiba Inu offering. That's a lot of time, but it is possible. Burning Shiba Inu will also allow the SHIB market cap to increase, but there are still risks involved.
Although the price of Dogecoin has been rising, the SHIB coin is still at a low of 0.000704 cents. On Sept. 29, DOGE reached a high of 20 cents, so a 0.003 cent price target might be a reasonable price for long-term holders. In fact, some people even imagine SHIB reaching a full penny, or even a full dollar.
⭐ Find us online: https://my.bio/cryptonews
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