There have been a lot of price predictions on Cryptocurrency. One such is Shiba Inu a newer crypto coin that has come to market.
Shiba Inu is a decentralized crypto currency created in August of 2020. dubbing itself the ‘Dogecoin killer’ which dogecoin is another type of crypto currency.
In early October 2021, the exchange price of the cryptocurrency notably surged. Its value increased 240% over the week. However, at the beginning of November the price dropped and continued to fall, ending the month having lost approximately 55% of its value.
The coin is still down to this day. According to reports one whale whale wallet purchased billions of the coin. Is it possible for the coin to make another bull run. Simple answer is yes.
In order for it to we need a couple things to happen (1) We need the coin to gain notoriety. As time progresses that will happen, simply more people will become aware of it. (2) We need investor confidence to rise this results as the economy gets better since January 2021 almost every stock and company has taken a hit. Plummeting in value, decreasing in revenue, and experience price increases while experiencing supply chain issues. (3) The supply must be reduced.
You heard the last one right in order for the price to go up you also need the supply to be reduced. We will look at this one a little bit more. The Creator of Sheba Inu realize this so they’ve begun burning or sending coins to what you would call a burn wallet the amount of points being sent to the burn wallet is anywhere from 10 million to 100 million coin a day but even at this rate we won’t see a drastic change in the price of the coin.
In order for us to see a drastic change in the price of the coin there must be a concerted effort, that concerted effort means everyone that owns the coin would need to participate in this burning. The problem is simple there are too many coins in order to increase value the supply must go down. The only way that happens is by “digitally burning them.”
The more people who send Shiba Inu to burn wallets better the chance for a quicker rise in price value. The question is how bad do people want the price to rise. Can the people work together. I theorize what would make the greatest impact with minimal loss is if everyone who bought Shiba Inu sent a quarter of those to a burn wallet, especially now at the early stage when the coin is so cheap at the time of this writing you can get around 107,000 for $1.
Will this happen remains to be seen but one thing almost every analyst agrees on the supply of the coin must be reduced in order