Here’s what is boosting Shiba Inu’s price

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Here’s what is boosting Shiba Inu’s price

The Shiba Inu [SHIB] ecosystem witnessed an array of developments over the last couple of months. In addition to this, the holder count of the meme coin has been on a rise. Amidst this, community-driven burns have been taken the front stage. Despite these developments, the price of SHIB has been quite stagnant. While the community has been urging burn portals to destroy more SHIB to boost the price of the asset, Shibburn, a prominent platform, pointed out that it wasn’t exactly how the burn mechanism worked.

In a recent tweet, Shibburn revealed that burns alone wouldn’t push the price of the meme coin SHIB. However, it was pertinent. The platform tweeted,

“Supply + Demand, that’s what drives the price up. Burning is equivalent to ‘someone buying $100’ in tokens and never ‘selling it’ since it’s locked forever. Imagine a team telling their holders that burning has no effect on price when their supply is in the quadrillions.”

The burn portal further noted that there were several other means that would minimize the supply of SHIB. This included the launch of Shibarium, which has been in the works for quite some time. The Layer-2 protocol is expected to “…significantly reduce supply.”

As mentioned earlier, the price of Shiba Inu has been quite stagnant. At press time, the meme coin was trading for $0.000009292. If anything, the asset witnessed a drop of 15.3% over the week. Over the past hour, however, the asset jumped by 1.15%.

Shiba Inu burn rate plummets for a change

Over the last couple of weeks, the burn rate of Shiba Inu has been recording over four-digit surges. However, at press time, the burn rate was down by 11.85%. Over the last 24 hours, a total of 20,999,999 SHIB were sent to dead wallets.

Credit : LINK

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