Is Shiba Inu Coin Price Ready to Balloon As 742 Million SHIB Were Burnt by Community?
2022-03-18 10:57:46
How Much Is Shiba Inu Coin Right Now?
The Shiba Inu Coin, also known as SHIB, is now one of the most in-demand digital currencies - not least because the crypto asset has generated huge returns since it was launched into the market in 2020. SHIB made itself the most explosive and unlikely investment winner of 2021, whose price soared more than 44,600,000% during the last year. In some investors' eyes, the growth streak in SHIB price has just started. It seems that all crypto investors are talking about the future growth potential of the Shiba Inu coins since its great success. Especially when the Shiba Inu community has burned over 742 million Shiba Inu coins overnight, analysts believe the price of Shiba Inu coins will rise by 30% in the ongoing cycle.
What Drives The Burn of Shiba Inu Coins?
According to Shibburn.com, a platform that tracks the statistics of burned Shiba Inu tokens, a total of 10 transactions were noticed towards dead wallets, and 742,702,200 (742.7) SHIB tokens have been taken out of circulation within 24 hours, with a high burn rate of up 6793.39%. How did this happen? As more and more enterprises in the real world are keen to adopt SHIB as an acceptable way of payment, there is an increasing rate in the burn of SHIB. For example, Turkey-based Vita Private Ambulance company now accepts payment in SHIB. Supporters believe that the growth of public utilities may cause a rise in the price of Shiba Inu coins and attract more investors to buy Shiba Inu coin.
Will The Price of Shiba Inu Coins Explode After Burn?
On March 13, the team behind @shibburn said on twitter that in addition to the coin burn, there are many other factors that can help SHIB price soar. However, they did not specify what they are. So far, countless “coin burn actions”and frequent “burning parties” have not even helped SHIB, the second most popular and biggest memecoin by market cap, return to its record high in October. At present, the Shiba Inu coins price is still 75.78% lower than the historical high of $0.00008845. According to the data provided by Gate.io, the only top exchange with 1400+ coins and also the second largest P2P trading platform to buy, sell and trade SHIB, the Shiba Inu Coin price right now is $0.000022442.
By technical analysis, some analysts assessed the price trend of SHIB and found the potential for an 30% rise in SHIB price. However, the price direction is not so clear, so SHIB should be considered as a no-trade zone until further trend direction becomes clearer. If the upside of SHIB is capped at $0.000027 to $0.000028, it shows no significant signs at the extended 2021 volume profile because there is not enough traded volume yet. By moving up to $0.000040, the traders will accumulate the tokens and thus, which will increase the trading activity in Shiba Inu coins.
The Shiba Inu Coin, also known as SHIB, is now one of the most in-demand digital currencies - not least because the crypto asset has generated huge returns since it was launched into the market in 2020. SHIB made itself the most explosive and unlikely investment winner of 2021, whose price soared more than 44,600,000% during the last year. In some investors' eyes, the growth streak in SHIB price has just started. It seems that all crypto investors are talking about the future growth potential of the Shiba Inu coins since its great success. Especially when the Shiba Inu community has burned over 742 million Shiba Inu coins overnight, analysts believe the price of Shiba Inu coins will rise by 30% in the ongoing cycle.
What Drives The Burn of Shiba Inu Coins?
According to Shibburn.com, a platform that tracks the statistics of burned Shiba Inu tokens, a total of 10 transactions were noticed towards dead wallets, and 742,702,200 (742.7) SHIB tokens have been taken out of circulation within 24 hours, with a high burn rate of up 6793.39%. How did this happen? As more and more enterprises in the real world are keen to adopt SHIB as an acceptable way of payment, there is an increasing rate in the burn of SHIB. For example, Turkey-based Vita Private Ambulance company now accepts payment in SHIB. Supporters believe that the growth of public utilities may cause a rise in the price of Shiba Inu coins and attract more investors to buy Shiba Inu coin.
Will The Price of Shiba Inu Coins Explode After Burn?
On March 13, the team behind @shibburn said on twitter that in addition to the coin burn, there are many other factors that can help SHIB price soar. However, they did not specify what they are. So far, countless “coin burn actions”and frequent “burning parties” have not even helped SHIB, the second most popular and biggest memecoin by market cap, return to its record high in October. At present, the Shiba Inu coins price is still 75.78% lower than the historical high of $0.00008845. According to the data provided by Gate.io, the only top exchange with 1400+ coins and also the second largest P2P trading platform to buy, sell and trade SHIB, the Shiba Inu Coin price right now is $0.000022442.
By technical analysis, some analysts assessed the price trend of SHIB and found the potential for an 30% rise in SHIB price. However, the price direction is not so clear, so SHIB should be considered as a no-trade zone until further trend direction becomes clearer. If the upside of SHIB is capped at $0.000027 to $0.000028, it shows no significant signs at the extended 2021 volume profile because there is not enough traded volume yet. By moving up to $0.000040, the traders will accumulate the tokens and thus, which will increase the trading activity in Shiba Inu coins.
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