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Here's What Drives SHIB Price up, According to Major SHIB Platform

Tue, 11/15/2022 - 09:51
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Yuri Molchan
Prominent SHIB burner explains what two factors are important for driving price of Shiba Inu up
Here's What Drives SHIB Price up, According to Major SHIB Platform
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In a recent tweet, the Shibburn handle has talked about the drivers that push up the price of any crypto, and, most importantly in this context, Shiba Inu.

"This is what drives the price up"

@Shibburn has explained why burning SHIB, even only a small amount, is important. According to him, this is related to the well-known formula "supply+ demand." Burning, the tweet says, is the same as someone buying $100 in SHIB and then keeping it forever.

In the meantime, Shibburn summarized in one its recent tweets that, in the past 24 hours, the community has sent a total of 20,999,999 meme tokens to unspendable wallets.

Compared to Monday, there has been a slight decline in the burned amount; 23,823,149 SHIB were removed from circulation during the same period between Sunday and Monday.

If on that day, the burn rate of SHIB spiked by 1,064%, then now it has dropped by 11.85%, according to the Shibburn website.

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Here's what's going to reduce SHIB supply significantly

Shibburn also stated that there are several SHIB-related projects that will be integrated in the future — Shibarium Layer 2 protocol being one of them. These projects, according to the burner, are going to substantially reduce the circulating Shiba Inu supply.

Shibburn itself takes an active part in sending SHIB tokens to dead wallets using three projects — the Shibburn platform itself, Shibburn Radio and Twitter Super Follows.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.