Coin Burning Strategy Should Get Shiba Inu Out Of the Doghouse. Unfortunately, some traders regard the dog-themed altcoin Shiba Inu (CCC:SHIB-USD) as a joke. Shiba Inu began as a joke coin, but don’t overlook the token’s development into a far more serious crypto asset.
The coin’s low price may be deterring some investors. It’s significantly less than a penny, or even a hundredth of a penny, as we’ll see.
As a result, the Shiba Inu coin burning is prone to large price fluctuations. As a result, all places should be small — don’t overcrowd the boat on this one.
That so, accumulating some SHIB coins for their tremendous growth potential is perfectly acceptable. Furthermore, they can serve as a hedge against currency inflation. As evidenced by a well-thought-out token-pool-reduction approach.
Analyzing the Shiba Inu Price
The first thing to keep in mind is that the price of the Shiba Inu currency. As it frequently follows Dogecoin (CCC: DOGE-USD).
This is understandable, given that Dogecoin is the more well-known of the two. And established the two dog-faced tokens. Therefore, keep an eye on the price movements of both coins.
Next, there’s no avoiding the fact that Shiba Inu tokens are quite inexpensive.
Almost anyone can afford to invest—in fact, you could potentially acquire a million SHIB coin burning right now. On September 29, the price was 0.000704 cents ($0.00000704).
To give you a sense of scale, DOGE was 20 cents on that particular day.
In May, the Shiba Inu price soared to 0.003431 cents, or $0.00003431.
For long-term “HODLers,” 0.003 cents could be an aggressive but fair price target (holders of the coin).
And, if you have a long enough time horizon, you could see SHIB reaching a full penny – or zero. If you’re on the other side of the deal.
Some may argue that Shiba Inu’s new listing on Coinbase Global’s (NASDAQ:COIN) cryptocurrency. The exchange should be the front-page story.
I’ll admit that Coinbase’s announcement that SHIB would be available for trade. Starting June 17, Coinbase Pro was a game changer.
This is backed up by a blog post published on September 16 by Coinbase. The Shiba Inu currency was made available on Coinbase.com. And in the Coinbase Android and iOS apps on that day.
Since its inception in August of 2020, this tiny coin has clearly come a long way.
SHIB’s profile has been enhanced and it has gained respect as a result of its Coinbase listing. As well as tweets from Elon Musk and Vitalik Buterin.
The token’s price has also been boosted by Coinbase’s clout. The Shinb Inu’s price soared 28.87 percent in just one day after being listed on Coinbase Pro.
Burning Desire for Higher Prices
However, I believe that Coinbase’s influence will not be the key driver of increased SHIB pricing in the long run.
Rather, the Shiba Inu token’s worth will be used as a hedge against the dollar’s eventual depreciation.
Remember that the annualized US dollar inflation rate has been at or above 5% for the past four months.
While the government continues to generate money. Shiba Inu’s developers are acting quickly to avert the currency’s depreciation.
The project’s creators just announced what’s known as a coin burn.
A coin holder does this by transferring a portion of his or her assets to a wallet that no one else has access to. As a result, the coins are destroyed, reducing the total supply of the cryptocurrency.
SHIB began with a supply of 1 quadrillion, but the Shiba Inu team gave. Buterin half of it, which he burnt in a “dead wallet.”
The token’s creators just announced that they “have devised a burn method to reduce” the supply on Twitter.
They also revealed a $25,000 SHIB burn that had already occurred.