THE SHIB at 1 cent Is not far if and only if the burn rate increases. But since the Dogekiller is trading at $0.000,011,195 a coin, you’ll have to think about eliminating a few zeros first. For Shytoshi Kusama, the main developer of the project, a bullish rally will remain utopian if corners are not burned.
The burning of SHIB, the only guarantor of a bullish rally
Many believed that the advent of Shibarium would revise the price of the Shiba Inu upwards. The beta version of this layer 2 blockchain has already been deployed, but we agree to point out that this did not allow the achievement of the effect expected by the ShibArmy.
Did this lack of results lead to desertion from the Shiba Inu army? Far from there. Because last February, CoinMarketCap argued that the number of unique addresses linked to this memecoin has crossed the 1.3 million mark.
Waiting for a possible bull run for the SHIB, Shytoshi Kusama had bothered to respond to an investor in the Dogekiller’s Telegram channel. According to bitcoinistShiba Inu’s pseudo lead dev argued:
- starting with an inventory of the cryptocurrency market:
- explaining that the SHIB constitutes a ” investing for swing traders » ;
- and looking back at the interest shown by crypto-enthusiasts in a bull rally in bitcoin and altcoins.
” I didn’t consider it fixed. Ask your bank for a 1% return and see how they laugh about it. And I’ve also seen some serious swings, so swing traders love that. Not to mention the BTC -> ETH -> Alts cycle. »
Burn, but not only
If Shytoshi Kusama insisted on the importance of burn in his speech, it is clear that this has not had too much impact on the price of SHIB lately.
Here are some numbers about SHIB’s burn:
- in October 2022, 9.05 billion Shiba Inus were sent to inaccessible addresses;
- November 2022, 1.922 billion SHIB;
- December 2022, 2.072 billion;
- in January, 1.12 billion coins were burned
- in February, there were 352.21 million SHIB out of 128 transactions;
- etc
U°Today clarified that the number of SHIB burns has recently increased by 30,000%. This brings the total number of 410 trillion unrecoverable coins out of a total supply of 573 trillion.
According to Shytoshi Kusama, the fact that the memecoin is US dollar denominated blocks the rise in its price. This means that the massive burns do not yet impact the SHIB. Thus, his team will have to pay attention to other points such as adoption, new technologies, etc.
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