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| pic credit: economictimes |
Something major is going to happen in the worlds of crypto and Shiba Inu. Binance's CEO, Changpeng Zhao, just announced a big change that will change our world in the next months. Shytoshi also informed us of a huge update that would result in universal adoption of the Shiba Inu, which implies another massive price surge is on the way, making every Shiba fan exceedingly pleased.
Today, we'll discuss what Binance CEO Changpeng Zhao just said regarding SHIB and how it will affect the SHIB price. And how much potential does the Shiba coin have?
But First Let's take a look at the chart to see what the price of SHIBA is doing on November 10th before we get into our topic. On the daily chart, the SHIB coin price is currently showing a strong downward trend and may soon reach the next support level.
The price of the Shiba Inu coin is currently hovering around $0.00005533, down more than 3% in the last 24 hours. It has a return on investment of more than 815678 percent, making new individuals wealthy. The asset price is currently trending downwards and may shortly reach the next support level. The SHIB's resistance zone may be noticed near $0.00007.
SHIB can be purchased based on one's needs and risk level. In the near future, the SHIB token price may cross over the DOGE. On the daily chart, the coin price is now trending downward. It has the potential to overtake the DOGE in terms of market capitalization.
The coin price's volume to market cap ratio predicts that it will continue to fall in the future. SHIB is expected to increase dramatically in the future. In the weekly time scale, the Shiba Inu price technical chart is currently showing a significant downside trend.
On the daily chart, the asset price is exhibiting a bearish trend. The SHIB's upward momentum might see hostility hit $0.000075. The coin's support can be found near $0.00005. The coin's price is currently trading above the 50-day and 100-day moving averages.
A negative trend might be detected if the price dips below 15 to 20 percent above its current level. The 50 DMA line, which is near $0.000028, is acting as a temporary price support region. In the future, the SHIB/BTC pair may achieve a new high.
What Binance CEO said regarding SHIB Token
As we all know, Binance, the largest cryptocurrency exchange, has bought CoinMarketCap, the most widely used cryptocurrency price website. While global markets are struggling due to the coronavirus outbreak, the crypto industry is growing stronger as its core participants have completed one of the largest crypto mergers ever.
In an undisclosed deal, Binance, the world's largest cryptocurrency exchange, has agreed to buy CoinMarketCap, one of the most-referenced crypto data websites. The transaction was officially announced on April 2 by the two companies.
Binance's founder and CEO, Changpeng Zhao, stated the two companies are extremely similar in that they both give "access-to-crypto" and have a vision of making crypto assets more accessible and helpful to people all over the world. Binance now owns Coinmarketcap, and CoinMarketCap is manipulating the SHIBA INU Stats. Yes, you read that correctly.
CoinMarketCap explains why they increased the supply of Shiba Inu coins by 150 trillion in a new podcast. After SHIB holders accused CoinMarketCap of inaccuracy and manipulation, the company responded with this statement.
The coin tracker discussed why the circulating quantity of Shiba Inu coins increased to 594 trillion from 394 trillion in the newest episode of the CoinMarketRecap podcast. Many Shiba Inu owners were taken aback by this decision. The platform has received feedback from users that the SHIB supply was static, according to the podcast's presenter, Connor Sephton.
This feedback "prompted an internal audit to refresh the data on the backend," according to Sephton. During the internal assessment, CoinMarketCap ensured that the "circulating SHIB currency supply is in line with that of numerous other sources," according to the host.
The Shiba Inu currencies on CoinMarketCap are updated in real-time. The crypto tracker, on the other hand, made no mention of the various sources. Another cryptocurrency price tracker, CoinGecko, maybe one of the sources in question, given it has a similar supply.
Despite the fact that CoinMarketCap claims that the supply is currently dynamically updating, the amount of Shiba Inu coins has remained the same since October 28. The number of SHIB tokens does not reflect the recent large-scale token burns.
CoinMarketCap responded that the change in the quantity of SHIB tokens was disclosed "straight on the website" when asked why the tracker has made no public announcements about it. This is the same as it is with any other currency.
It's still unclear which website CoinMarketCap was alluding to in the previous comment. The tracker was also questioned if it thinks the method it uses to compute token supply should be made public. CoinMarketCap responded that it follows industry best practices. It also stated that their "two supply update" methodology has been widely publicized for some time.
"The technique employed by CoinMarketCap is provided on the website, which outlines several parameters used to verify the circulating quantity of cryptocurrencies. CoinGecko, on the other hand, explains its methods in detail for SHIB." In a podcast interview, the tracker stated.
Shiba Inu representative, on the other hand, stated that they were ignorant of their real supply and had not been questioned.
Is There a Possibility of Erroneous Readings?
Regarding the earlier issue in which the system remained constant, Sephton inquired of CoinMarketCap as to whether the listed supply was incorrect or needed to be corrected. "Based on its approach, the circulating supply of 550 trillion is correct, and reflects the figures made by other data sources as well," it stated.
Shiba Inu accuses CoinMarketCap of promoting erroneous earnings circulations. The claims were refuted by CoinMarketCap, who stated that their readings were correct. They resolved to read data and update their findings after discovering massive merging due to an issue when the system stayed constant.
When the burn wallets and the India Crypto Covid Relief fund wallets are taken into account (although whether this is truly out of circulation is debatable), the 549 trillion SHIB supply appears to be true.
The ShibArmy, on the other hand, is still perplexed. Shiba Inu Coin burned 700 million SHIB last week, according to another interesting piece of SHIB news. So, what can be done now that burning SHIB is critical to removing the zeroes from SHIB's price? In the end, community burns should be used as a supplement to a more rigorous, top-down burning strategy.
The most obvious immediate remedy is transaction fees, but this would almost certainly be met with strong opposition. Shiba transactions already have a high cost due to Ethereum's excessive gas expenses.
The imminent launch of the Shibarium Layer-2, which aims to lower these gas prices, maybe the optimum time to put in place a major, constant burning mechanism. On this front, the Shiba team is making progress. Any time a Shiboshi NFT is renamed, the owner must burn $100 in SHIB.
SHIB will be burned for the first time at the end of November, with 3% of NowPayments' revenues from SHIB payments going to the cause. These are all little steps in the right direction, but extreme actions are required for a greater burn.
Disclaimer: We'd like to point out that this isn't a website that's designed to give financial advice, and we're not asking you to invest in anything. This is basically a website dedicated to delivering educational content directly to your door. With that in mind, we urge that you conduct an extensive broad-spectrum study on the subject before investing in anything.