The only way SHIB can reach $1

There are two ways for Shiba Inu’s value to increase. One is that traders simply bid up the price. The other is for the supply to decrease, which should make the remaining coins more valuable. In order for this to happen, is for venture capitals to SELL and BUY back the coin or burned, as traders usually call it, by being transferred to dead wallets.

It’s not unusual for this to happen. In fact, according to Shibburn, a website that tracks the burning of Shiba Inu coins, 410 trillion Shiba Inu coins have already been burnt. Nearly all of those coins were taken out of circulation by Vitalik Buterin, the co-founder of Ethereum (CRYPTO: ETH) who was gifted trillion Shiba Inu coin supply by the anonymous Shiba Inu founder. Buterin did so because he felt uncomfortable controlling so much of the supply of the cryptocurrency.

According to Shibburn, at the time of writing, 104 million Shiba Inu coins had been burned in the last 24 hours. While that might sound like a lot, at that rate it would take a little more than two weeks to burn 1 billion coins, and 2 to 3 years to burn 1 trillion. The burn could accelerate if there were an organized movement among SHIB holders, which could pick up steam if the value of SHIB continues to drop. However, there’s a clear disincentive to burning the coins. If the value begins going up, it’s in the interest of holders to keep their coins rather than burn them, and the decentralized nature of cryptocurrency makes it unlikely that there will be an organized movement powerful enough to substantially reduce the number of coins.

What’s next for Shiba Inu

Since its peak at $0.000089 at the end of October 2021, Shiba Inu has lost more than 75% of its value, and other cryptocurrencies have fallen sharply as well. Bitcoin (CRYPTO: BTC) is down nearly 30% from its all-time high, as is Ethereum. Cryptocurrencies have tumbled amid broader jitters in the stock market over rising interest rates.

Due to the current situation with Russia and Ukraine, it’s impossible to predict where the cryptocurrency market will go next, but the most highly inflated assets during the pandemic have already fallen sharply. Our prediction is that, in the next 6 months, the cryptocurrencies market would take a positive turn attracting more traction to increase the share price value.

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