Potential Price Surge Imminent for Shiba Inu Coin
Dog-Gone Swing in SHIB's Fortunes
The value of Shiba Inu (SHIB) surged with the broader crypto market's rally towards the month's end. Yet, in the last week, it slumped roughly 10%, dipping back down to the $0.0000127 mark. Remarkably, numerous indicators hint that SHIB may rebound.
A Tricky Token Burn Game
Contrary to the misconception, the circulating supply of SHIB hasn't skyrocketed by 300%. Instead, continuous efforts are undertaken to reduce it through token burning. The current supply hovers around 584.4 trillion SHIB, with over 410 trillion tokens already buried to date.
On a daily basis, the burn rate spiked over 4833%, with 15.8 million SHIB tokens getting torch-roasted.[1] By 2025, an estimated 44 billion SHIB toxic waste has been disposed of.[1]
Remember: 3 Factors Pointing to Explosive Upside for Shiba Inu (SHIB)
Shibarium's Clout on the Rise
Another factor bolstering SHIB's potential comeback is the burgeoning layer-2 solution, Shibarium. Nearly 200 million addresses have swung by, and daily transactions zip by in the millions.[2]
Crypto enthusiast Jeremie Davinci reckons that Shibarium's full-blown development could send the value of SHIB through the roof.[2]
Cash Out Chatter
According to CryptoQuant data, SHIB withdrawals have outpaced deposits over the past three days. This suggests that holders are funneling their SHIB from centralized exchanges to their personal squirrel-holes, potentially reducing sale pressure in the market.
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Sources:1. crypto Newswire2. Bitcoin.com3. Numbeo4. Binance
- The circulating supply of Shiba Inu (SHIB) is being reduced through continuous token burning efforts, with over 410 trillion tokens burned as of now.
- Shibarium, the layer-2 solution for Shiba Inu, is showing promising signs of growth, with nearly 200 million addresses and daily transactions in the millions.
- Crypto enthusiast Jeremie Davinci believes that the full-blown development of Shibarium could significantly increase the value of SHIB.
- According to CryptoQuant data, SHIB holders have been withdrawing SHIB from centralized exchanges at a faster pace than deposits, potentially reducing sale pressure in the market.
