Shiba Inu Community Move to Boost SHIB Price After a Fall Below the $0.00001 Mark
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Popular meme-themed cryptocurrency Shiba Inu (SHIB) fell below a crucial support level on Friday, November 11, 2022, at $0.00001. The crypto winter took a toll on the canine currency, so members of the SHIB Army are currently thinking of ways to raise the market price of SHIB.
The crypto community needs to recognize that “supply + demand” is what raises the price and equals holding without the option of selling, says blockchain analytics portal Shibburn.
Supply + Demand, that’s what drives the price up. Burning is equivalent to “someone buying $100” in tokens and never “selling it”, since it’s locked forever. Imagine a team telling their holders that burning has no effect in price when their supply is in the quadrillions.
— Shibburn (@shibburn) November 14, 2022
The crypto community “cannot make calculations based on what’s currently burning,” the Shibburn portal continued. Even though several million SHIB tokens are being burned every day, the supply will be reduced more quickly once Shibarium launches, despite the fact that the burn rate currently looks great.
The Layer-2 blockchain solution aims to turn the meme coin into an independent ecosystem with the Bone ShibaSwap gas fee token (BONE). The next SB Visa Card, which was mentioned earlier this year, will also help the cause. In addition, SHIB’s Web 3.0 project, SHIB: The Metaverse, a collaboration with the Hollywood-based audiovisual company The Third Floor (TTF), is continuously disclosing new pieces of the puzzle.
Intense Burning of Shiba Inu Tokens
It comes as no surprise that new techniques to burn the SHIB community, which is among the most active on Twitter, frequently emerge. As the number of listeners increases, Shibburn Radio, for instance, promises to burn a set amount of SHIB every day and has released an app for both iOS and Android.
On the other hand, SHIB SuperStore uses Amazon to help organize weekly SHIB burning activities. For example, on November 13, 2022, the SHIB Superstore burned SHIB tokens valued at $223,22. Additionally, in just two transactions during the previous 24 hours, 54,087,732 SHIB (up by 157.5%) tokens have been burned.
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