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Shiba Inu Engraving Portal (SHIB) Reveals Strategy to Raise SHIB Price by DailyCoin

© Reuters. Shiba Inu (SHIB) Engraving Portal Reveals Strategy to Increase SHIB Price

The popular Japanese Watchdog-themed memecurrency (SHIB) fell below its crucial resistance line at $0.00001 on Friday, November 11, 2022. Currently, members of the SHIB army are pondering how to increase the market price of SHIB, as the crypto winter took its toll on the canine coin.

According to the Shibburn portal, the crypto community needs to understand that “supply + demand” is what drives the price up and equates to holding without the ability to sell.

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What factors can reduce the supply of SHIB?

Further, the Shibburn portal pointed out that the crypto community “cannot make calculations based on what is currently burning.” Even though SHIB’s burn rate looks great, with several million tokens burning every day, the supply reduction will accelerate once Shibarium launches.

The Layer-2 solution is meant to turn memecoin into a self-sustaining ecosystem with a dedicated Bone ShibaSwap (BONE) gas fee token. Also, the upcoming SB Visa (NYSE:) card that was mentioned earlier this year will help the cause. On top of that, SHIB’s web 3.0 project SHIB: The Metaverse is constantly revealing new pieces of the puzzle in partnership with Hollywood-based audiovisual studio The Third Floor (TTF).

$53 million worth of SHIB up in smoke in the past 24 hours

As the SHIB community is among the most animated on Twitter, it’s no surprise that new ways to ignite it are constantly surfacing. For example, Shibburn Radio has released an app for iOS and Android and promises to burn a certain amount of SHIB every day as the number of listeners grows.

On the other hand, there’s SHIB SuperStore, which hosts SHIB burning events every week, with help from Amazon (NASDAQ:). To illustrate, the SHIB Superstore had burned $223.22 of SHIB tokens on November 13, 2022. Additionally, $53,087,618 of tokens have been burned in the last 24 hours in just two transactions.

on the reverse

  • Some crypto investors believe that SHIB’s current burn rate is simply not enough to affect its price.

Why You Should Care

With over 50% of SHIB’s total supply already out of circulation, the potential growth of SHIB’s burning mechanism could trigger a new bull run for the popular memecoin.

Find out what’s happening in the world of memecoins:

Twitter Wallet Progress: When Will Elon Musk Join (DOGE)? Trusts Shiba Inu (SHIB) As Holders Set SHIB Price Prediction

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