SHIB Price Might Kill Another Zero In Coming Months! Will This Be Catalyst For Shiba Inu

The post SHIB Price Might Kill Another Zero In Coming Months! Will This Be Catalyst For Shiba Inu appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

For the past few weeks, the Shiba Inu coin’s performance has been declining. According to data provided by Coinmarketcap.com, the coin has lost 5% in the last 7 days and 23% in the last 30 days. According to Shibburn Twitter, despite the fact that many SHIB burns are taking place, they are still far from having a significant impact on Shiba Inu prices. 

Shibburn mentions many reasons in a series of tweets that could help the SHIB price reach the coveted $0.01 level. Given the current market conditions, this may sound like a pipe dream, but the SHIB burning business feels that doing more for the SHIB community – such as hodling and staking – may help the Shiba Inu price in addition to burning.

The price of SHIB has risen to $0.00002239 in the intraday session as a result of significant uptrends. Furthermore, the cryptocurrency has an upward trend and has upside potential. As a result, the $0.00002281 level serves as Shiba Inu’s strongest resistance. The $0.00002166 level, on the other hand, is the strongest support for the meme coin. At the time of writing Shiba Inu trading at $0.00002153.

Will “burning mechanism” act as a catalyst?

In the last 24 hours, a total of 10,774,126 SHIB tokens have been burned in eight separate transactions. Following that, several transactions involving millions of SHIB were reported, resulting in the burning of over 700 million SHIB in less than 24 hours. According to the Shibburn website, the Shiba Inu burn rate has increased by 5,926.8% in the last 24 hours, totaling 739,234, 434 SHIB tokens burned.

Shibburn says that “61.8 billion SHIB have been burned without considering Vitalik’s burn,” when asked about the progress achieved in burning tokens. ShibaSwap listings and Shiboshi’s renaming cost resulted in the burning of almost 25.5 billion SHIB tokens. In the year 2020, the first Shiba Inu transaction was delivered to the dead wallet for a total of 26.9 billion tokens.”

From the initial supply of 1 quadrillion SHIB, 410,304,552,937,451 SHIB has been burned thus far.In August and September 2021, Shibburn announced a significant token burn, stating, “Over 7.2 billion tokens burned in August and over 6.9 billion SHIB tokens burned in September 2021.”