The latest updates regarding Shiba Inu (SHIB) have revolved around the disposal of approximately 2 billion tokens this week. This method of burning tokens has a specific objective of reducing the overall supply of SHIB tokens, which in turn, can lead to a surge in demand and consequently, a rise in the value of the cryptocurrency. While this approach is not new, it has gained more traction in the crypto industry as a way to manage inflation and amplify the value of a digital currency.
The SHIB Burn
Over the last seven days, a substantial quantity of SHIB has been taken out of circulation. Nearly 1.74 billion Shiba Inu tokens have been destroyed. The burnt tokens are now inaccessible in secured wallets. And, according to the recent tweet by SHIB, 8.03 million SHIB meme coins have been burned within the last 24 hours.
The well-known digital currency, SHIB, has a track record of experiencing significant fluctuations in its value, and it is predicted that this pattern will persist in 2023. According to the analysis of experts, the minimum price of SHIB in 2023 may be approximately $0.0000176, while the maximum price is anticipated to be about $0.0000212, with an average trading value of $0.0000182. This forecast implies a potential ROI of over 50% based on the current market rates.
During this burn, SHIB, the meme-based digital currency with the second-highest market capitalization, saw a drop in value by 13%. But in the last 24 hours, it has managed to rebound with a 2.36% increase. As of writing this, Shiba Inu is currently being traded at a value of $0.000008777.
The Story of SHIB in 2023
This year, Shiba Inu has taken significant steps towards breaking free from its reputation as a “meme coin”. The team responsible for the digital currency, headed by the enigmatic Shytoshi Kusama, has launched the beta edition of the Shibarium Layer 2 network, also known as Puppynet.
More than 14 million wallets have already connected to the network, and millions of transactions have been carried out on the testnet. Although Kusama had initially predicted the release of the mainnet before May, it appears that the development process is taking longer than expected.
According to reports, the chances of SHIB ever achieving a value of $1 are quite low, despite efforts such as token burning and other developments that may enhance its worth. The piece recognizes that enhancements like token burning, expanding the user base, and ecosystem upgrades are among the potential measures that could potentially elevate the value of SHIB.