- Shiba Inu Burns’ intent is to increase SHIB tokens prices which have not been achieved despite the increased rate and intensity of burns.
- Shiba Inu lead developer has suggested that the burns are far too low to affect the SHIB price especially when calculated in dollar value.
Shiba Inu prices have been struggling since reaching their all-time high of $0.00008845 in October last year. The token has shed around 85 percent and is at the time of press exchanging for $0.00001123. The lead developer Shytoshi Kusama has suggested a way that can drive SHIB prices higher to reach $0.001.
Shiba Inu burns were introduced to reduce the supply and drive up demand but this measure has only worked in part. Late last month, CNF reported that the Shiba Inu burning rate had risen by thousands of percentages. However, this rate changes rapidly as seen on Shibburn. While the supply has consistently dropped, the activity has had little effect on the SHIB prices.
In the past 24 hours, there have been a total of 30,242,253 (~$340) $SHIB tokens burned. So far, a total of 410,395,281,516,362 $SHIB tokens (41.040%) have been burned from the initial supply of 1,000,000,000,000,000. #Shib #ShibArmy @shibtoken
— Burn SHIB (@letsburnshiba) April 15, 2023
March marked one of the highest burns with over 6.78 billion SHIB tokens burnt. In January 2023, there were 1.12 billion burns, in December 2022, 2.072 billion SHIB in November, 1.922 billion SHIB, and in October, 9.05 billion SHIB.
The Koyo token is already playing a major role in this after burning more than 8 billion tokens in just over a month. The Koyo platform seeks to provide billions of dollars in trading volumes at the Shibarium launch along with massive SHIB burns thereby giving a massive utility boost to the platform.
Supporting @KoyoToken is to support @Shibtoken
1.49Billion $SHIB just burned by $KOY smart contract https://t.co/KIiUb814LE
8.75Billion $SHIB burned by #Koyotoken in 36 days https://t.co/ZsQAtAz8xP
Join #KoyArmy https://t.co/M41yNIcxdq journey to the Billion-Dollar Market Cap pic.twitter.com/bpO9ggwIgb
— Tezza Decentra (@Tezza4Ryoshi) April 14, 2023
Developer Kusama has spoken about the slumped prices and suggested that the burns have not affected the price because they are far too low. That is clear when one takes a hard look at the value in dollars of the SHIB tokens burnt periodically and in total.
Shibarium is playing a role in burning Shibarium as previously confirmed by Kusama. The lead developer Shytoshi Kusama said that the ultimate goal is burning trillions of dollars worth of SHIB coins. As reported by CNF earlier this week, In just three weeks of launch, Shibarium has more than 5 million wallet addresses and has processed over 2 million transactions.
Although SHIB has been in a consolidation phase, with all these developments, investors are increasingly optimistic that SHIB will soon reach $0.001. Top trader and investor Crypto Rand has called attention to SHIB, sharing a chart that demonstrates an imminent breakout in the days and weeks to come.
Eyes on $SHIB 🐶 it’s looking for the breakout! pic.twitter.com/kRZHxt8pFo
— Crypto Rand (@crypto_rand) April 14, 2023
This analysis is validated by a recent discovery that SHIB is one of the top tokens held by whales on the Ethereum blockchain. With their backing, a SHIB breakout and long-term success are guaranteed.
ANALYSIS OF THE TOP #WHALE WALLETS$SHIB $UNI $PROM $ETH $LYO $FTM $POLX $AVAX $USDC $USDT pic.twitter.com/CxqZdTLkEc
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