Shiba Inu has since its inception strived to push beyond the meme tag to secure a place among the technologically focused digital assets. Its adoption has been massive and the projects in the pipeline are expected to push the asset even higher. Shiba Inu is currently trading at $0.000011 after surging by 0.6 percent in the last 24 hours and 1 percent in the last seven days.
In a recent Twitter post, an account identified as @ShibBPP predicted that the asset could hit $0.01. According to this user, the massive price movement could be propelled by three key things namely; mass adoption, staking or liquidity, and burning.
The continuous growth of the SHIB burn rate has always been tipped as an important catalyst for upward movement. The Shibarium’s functionality and burn mechanism has even led to an exponential growth of these burns. The SHIB burn rate increased by 35,500 percent on April 7.
In the last 24 hours, 1.1 billion SHIB tokens have been removed from circulation in three transactions. Compared to the average levels, this is a 5.5 million percent increase in the amount of burned tokens. Interestingly, 1,178,830,489 were removed from circulation in 26 transactions in the last seven days.
The substantial token burn is expected to cause a supply and demand balance that may have a positive impact on its price. Based on its current price data, 588.2 trillion tokens must be incinerated to propel the price to $0.01. From the total supply of 1 quadrillion, 410,630,138,380,883 (410.63 trillion) has been burnt according to ShibBurn.
Shiba Inu is also said to be in huge demand as whales keep accumulating the asset. Last month, two whales purchased 1 trillion tokens in separate transactions. The asset is expected to get back new rounds of investors and traders just as in 2021. Two years ago, the huge demand pushed the price to $0.000086. A repetition of this could increase volumes across exchanges and cause a price surge.
Mass Adoption is another factor that could send the price to $0.01. Over the years, companies including BitPay, Binance, and CoinGate have largely promoted the use of cryptos as payment. This has opened the way for Shiba Inu to be used to make payments online, pay salaries, etc.
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John’s a cryptocurrency and blockchain writer and researcher with years of experience. He has a lot of interest in emerging startups, tokens, and the invisible forces of demand and supply. He holds a Bachelor’s degree in Geography and Economics.
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