Shiba inu coin announced plan to burn until it reaches $0.01 - The Comprehensive Minds

Shiba Inu coin announced plan to burn until it reaches $0.01


Hello everyone, Today, we are back with another new article and will discuss why we believe that Shiba Inu will explode very soon. But first, let’s quickly have a look at how the currency market is performing today. 

Yesterday, After a huge bullish run of over 16% gain in Shiba Inu, the overall crypto market is bearish today. Bitcoin and Etherium are 2 to 4 % down in the last 24 hours. Same bullish projections can be seen in all other coins including meme coins, dogecoin is also reflecting the bearish 8% drop in the last 24 hours. 

Now let’s have a look at our favorite Dogecoin killer, the Shiba Inu coin. It is 11% down in the last 24 hours but still holding 7% gain in the last 1 week. So, what makes Shiba Inu explode to hit the 1 cent mark?. What could be the reason behind the 24-hour price drop?. These questions will be answered in today’s article, and we will also discuss the major catalysts and upcoming exchange listings. 

If you see, despite a 2.5 percent drop in bitcoin and almost 5 percent drop in ethereum, Dogecoin and Shiba Inu are still reflecting weekly profit. We all know Shib is an Ethereum based ERC-20 token, still outperforming in the last few days relative to the rest of the cryptocurrencies available in the market. 

Not only this, we now have around 633,000 shib holders now, adding thousands of investors every day, which makes the community stronger each day. The SHIBA INU coin started its journey in the month of August 2020. Shiba Inu is a breed of hunting dog in Japan. Little did it know that it would be a topic of discussion! Even though it is new in the market, it has already taken over the Dogecoin markets. It is said that SHIBA has been dubbed the “doge killer” because as per their white paper it claims to outperform dogecoin without crossing the 1 dollar mark. 


ALSO READ:  SHIBA INU COIN URGENT WARNING 99% OF SHIB TOKEN HOLDERS WILL BE LIQUIDATED IF THEY DON’T KNOW THIS! 

It is one of the most searched cryptocurrencies reported in the last few months by coin market cap. The SHIBA INU currency is a decentralized spontaneous community-building experiment developed within the SHIBA INU Ecosystem. It has become the cryptocurrency market’s flavor of the season as it is attracting a lot of attention and an emerging choice among investors. 

Even in an evolving market where bitcoin and ethereum are on the rise. Shiba Inu is one of those coins that has a lot of use cases and also has been developing very seriously over the past months. One of the main reasons for the Shiba Inu coin to have gained so much pace recently is because of the fear that is being created in the Dogecoin community. 

As a matter of fact, Shiba Inu, as their dream of killing Dogecoin at some point in time may now turn out to be true. The attention gained from the people has also ensured that it gets noticed by the other big names in the market. Shiba Inu is going so stable that even a recent massive hack of 260 billion tokens, which we discussed in the previous article, had no impact on the price surge of Shiba Inu. 

How Shiba Inu can be the next millionaire-maker coin?. Multiple reasons make the Shiba Inu coin to be a millionaire-maker coin. the first and major reason is the auto burn of Shiba Inu. If you don’t know what token burn is. Burning a token means kicking tokens out of the circulating supply by locking them or sending them to an unused wallet address. 

This auto burn was recently confirmed by Shytoshi Kusama on Discord where he said, "Shib can be found almost everywhere. We don't need more listings; we need usefulness and, according to many, a significant burn. Before he left, Ryoshi constantly told me no to burn, and while I disagree, we feel he would agree with a burn-through utility. That's why they burn from our initial nft project is so significant." 

The second major reason is the active developer community. Initially, shibaswap, Shiba Inu's own decentralized crypto exchange, can stake or bury the tokens to get a bonus. Then developers announced their own blockchain which will introduce more token families on shibaswap. 

Recently, the development team behind shib accepted the community’s demand to burn tokens out of the supply and implemented a burning procedure to reduce shib and leash supply. Resulting, $25000 in both shib and leash was burned, and at the same time, two new Ethereum trading pools were added by the team, Perlin and Ryoshi, to enhance liquidity. 

The burn is one of the key factors that triggered shib’s price rally. shib has gained 26.8% in one week, and the rally continues. Then we have celebrity support, Tech enthusiast, and CEO of Tesla, Elon musk also tried being bullish toward dogecoin and Shiba Inu in the last few months by posting supportive tweets, which helped Shiba Inu to garner much more fame. There is quite a good possibility that we can see such hypes again in the coming days that can act as a positive catalyst to boost Shiba Inu's price to cut a few zeroes out. 

Shiba Inu has a Reddit community of roughly 157000 members and it’s growing every day. And it doesn’t seem to be stopping anytime soon. Shiba Inu is described by its creators as an attempt to decentralize spontaneous community development. And according to them, Shiba has a total quantity of 1 quadrillion tokens. Allowing users to retain billions or even trillions of tokens and because of the quantity of the tokens, the value of Shiba Inu may remain much below a cent while bringing even higher profits for everyone holding the coin.


ALSO READ: What Binance Just Did With Shiba Inu And Why SHIB Will Hit $0.01
 

Not only that but Shiba Inu also runs on the Ethereum network which makes it more trustworthy. However, Shiba Inu’s objective is to be the DOGE Coin killer. And with a growth rate of over 2 million percent this year who knows it might end up rising more acid already has a 3 billion market valuation which is a lot more than what DOGE Coin had for a long time until its current jump to about 60 billion in market cap. 

We all know how Dogecoin’s value went from 8 billion to 60 billion dollars in only a few days. Which gives you an idea of where Shiba Inu could go. According to the white paper, the coin is deflationary. Just like Bitcoin and the up incoming Ethereum 2.0. They started with a maximum circulation of one quadrillion tokens and burnt it down giving half to Ethereum founder Vitalik Buterin in a burn and the other half to Uniswap with the keys thrown away. 

If you missed the opportunity with Dogecoin, then Shiba Inu could be the next Millionaire maker. What are your thoughts about this?. How many coins are you holding?. Do let us know in the comment section below. Before ending this, kindly note that prices of cryptocurrencies frequently change, so by the time you read this article, it might have changed to a whole new value. 


Disclaimer: The information provided in this article does not constitute investment advice, financial advice, trading advice, or any other sort of advice, and you should not treat any of the content as such. The content in this article is for educational purposes only and hence should not be considered as financial advice. Do conduct your own due diligence and consult your financial advisor before making any investment decisions

8 comments:

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