Shiba Iu’s annual growth was 45,000,000% in the last year. The focus now is on hitting a major milestone, rather than on future percentage gains.
SHIB continues to be active. It currently has a price of $0.00002498. A 24-hour low is $0.00002357. And a high of $0.00002534.
SHIB must have at least two events to break the $1 threshold.
Shiba Inu Burning
It is necessary to burn large amounts of currency. By burning, crypto currency is taken from circulation.
Additionally, lower supplies support a higher cost. There are simply too many SHIB tokens currently in circulation to break the $1 barrier.
Current circulation is 549 trillion tokens. The coin’s market value would be more than $549 trillion if each token were worth a dollar.
This is more than all of the cryptocurrency markets. And it’s larger than tech giants Apple and Amazon. Each company is worth $2.7 trillion or $1.5 trillion.
SHIB coin-burns will be taking place. Burns were hosted by Bigger Entertainment. On Valentine’s Day, nearly 370 million Shiba Inu tokens were burned.
But it’s not enough to decrease the vast supply since a significant decline in token supply is required to achieve $1.
SHIB market capital at $14.716 trillion in daily chart | Source: TradingView.com
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Rebranding the Token
Shiba Inu could rebrand itself in order to remain competitive. Today, it is difficult to blend in. It’s an ERC-20 token, and it’s only used for dealing or paying at firms.
SHIB cannot, therefore, host decentralized applications. This limits its influence on cryptocurrency’s future.
ShibaInu is currently working on a layer-2 approach. It speeds up transactions, and also saves money. This network can make it possible for players to move their tokens and increase their usage.
Shiba inu: Meta Foray
SHIB is essential for significant advances in the metaverse.
Recent announcements from Shiba Inu have indicated that the company’s project in the virtual realm will be unveiled this year.
But, it is known that anyone can purchase land online. This includes Decentraland and The Sandbox, as well as other concepts.
As a result, Shiba Inu isn’t producing anything in this situation. The value of SHIB may increase exponentially if the project succeeds and gains a large following.
It is now up to you whether it all comes true. It’s conceivable, but it’s pretty unlikely.
Quick price analysis
SHIB transactions volume increased by 34.55 percent over the day before in the past 24 hours.
SHIB price have increased by 4.74% within the past 24 hour, and a 7-day price variation of -18.34%.
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Featured image taken from TheCryptoBasic. Chart from TradingView.com