Main navigation

Here's Shiba Inu (SHIB) Maneuver That Can Change Its Price Outlook

Mon, 09/18/2023 - 14:04
article image
Godfrey Benjamin
Shiba Inu's attempt to retest price of $0.01 can benefit from coming burn portal
Here's Shiba Inu (SHIB) Maneuver That Can Change Its Price Outlook
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The Shiba Inu (SHIB) protocol is printing a whole new series of fundamentals to help achieve its long-term goal of pushing its price to a level as high as $0.01. At the time of writing, this target is a very, very long shot, considering that Shiba Inu is changing hands at a price of $0.000007369 after an obvious marginal gain of 0.95% in the past 24 hours.

SHIB Price at Critical Point, ETH Drops to Important Support Level, New SHIB Burn Portal Detected: Crypto News Digest by U.Today

Shiba Inu is an intriguing meme coin that has grown by a significant margin since its inception a few years back. While every one of its growth milestones has lent a unique cushion to the price resurgence over the years, its ecosystem growth, marked by the highly enthusiastic Shib army, remains one of its biggest promoters.

In recent times, Shiba Inu has pivoted away from being absolutely dependent on the hype generated by Elon Musk and has shifted its focus into being a utility-promoting protocol through its debut of Shibarium, one of the newest Ethereum Layer-2 (L2) scaling solutions.

The Shibarium hype is taking over from the natural optimism that was nursed by the Shib army in an attempt to help sustain the relevance of the Shiba Inu ecosystem.

Core fundamental for price surge

As a meme coin, Shiba Inu has a massive circulating supply that is naturally fueling its inherent devaluation. As a result, it has been undergoing subsequent token burning with impressive moves documented by U.Today.

Shiba Inu (SHIB) Burn Rate up 333% to Start Week Bullishly

Seeing that achieving the $0.01 price target with the current circulating supply is impossible, Shibarium core developers are determined to build a burn portal through which a defined number of tokens will be taken out of circulation on an annualized basis, as will be predetermined through community voting.

While the conversations are still new, the longer-term price prospects of Shiba Inu notably rest on the success of this important milestone.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.