Shiba Inu, the popular meme currency right now, has been making news for a few weeks now. Shiba Inu is witnessing some massive price hike, especially on January 14, 2023 when the currency managed to eliminate a zero from its value in just one night. Since 2020 the year when this Dogecoin killer was introduced, Shiba Inu has claimed 11430362.4%
Currently, Shiba Inu is changing hands at $0.00001043 after a surge of 3.84% in the last 24hrs.
High Hopes On Shiba Inu’s Shibarium
Now, as SHIB is making some notable developments, various investors and traders are looking forward to Shiba Inu making a move towards $1. However, the lack of social media buzz is posing as an obstacle towards its massive spike. On the other hand, it is being reported that few whales hold massive SHIB coins which might be sold off anytime. If those whales decide to sell off their holdings, Shiba Inu will face a huge pull back. Moreover, the meme currency has a huge circulating supply which needs to be burnt to create a scarcity.
It was in 2021 when Shiba Inu introduced its burn portal which sends 2 SHIb coins to a dead wallet, but this process is not helping to reduce the supply.
At the moment, burning massive Shiba Inu, expected to be delivered by Shibarium, is the need for an hour which will fuel Shiba Inu’s price rally. For example, if 90% of SHIB is burnt leaving 50 trillion in circulation. Now, if SHIB makes it for $1, then its market cap will be $50 trillion. Hence, SHIB has to burn 99% of its supply so that it drops to billions or millions. Nevertheless, with Shiba Inu’s Layer-2 blockchain, Shibarium launch being just around the corner, hopes for some positive developments are high.