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Shiba Inu News: Why Is SHIB Increasing in Value?
The war for meme coins rages on. The cryptocurrency markets as a whole have seen a respectable recovery during the last week. However, Shiba Inu cryptocurrency news has pushed SHIB's value significantly higher.
Bitcoin's value has increased about 20% in the last week alone. Ethereum has been performing nearly as well as bitcoin. And Dogecoin, the memers' favourite cryptocurrency, is up more than 20%. However, SHIB's value has increased by about 60% in the last week. What is the case with the dubbed "Dogecoin killer?" Despite some analysts' assertions that this canine-themed altcoin has lost its allure, it surely hasn't.
You see, one of the most serious issues with SHIB is the enormous circulating supply. At the time of the previous check, it totalled more than 549 trillion tokens. Even Dogecoin's supply is negligible in comparison (132.7 billion). And this severely restricts its capacity to evolve into a token capable of competing on a value basis. That is one of the reasons SHIB trades at $0.00003359 per token whereas DOGE trades at $0.16. According to the newest Shiba Inu cryptocurrency news, it appears as though some investors are beginning to understand this. And some are attempting to rectify the situation in the process.
Shiba Inu Crypto News That's Boosting Its Value
The mobile app Brick Buster completed its first Shiba Inu burn in late 2021. As a result, about 120 million SHIB tokens were destroyed. The games developer transferred over 120 million tokens to a dead wallet using the $5,000 gained from advertising income.
As word of the fire spread, the price of SHIB increased ever so little. And since then, the game has increased its efforts to burn SHIB. By January 10, Brick Buster had burned 359 million tokens. And there is speculation that February's burn will be the largest yet... It is believed to number in excess of 500 million tokens.
This gradual burn is the game's fundamental premise. The objective was to collect all advertising revenue, convert it to SHIB, and burn it. This, in combination with a continuous increase in functionality, should theoretically boost the value of SHIB.
For instance, last year saw the birth of the decentralised exchange ShibaSwap. Similarly, last year, Paraguay's main entertainment group declared it would accept SHIB as payment. Furthermore, retailers such as Lowe's (LOW), GameStop (GME), Petco (WOOF), and Ulta (ULTA) have agreed to accept SHIB as payment.
However, the majority of this news is not responsible for SHIB's recent price increase. Recently, the Shiba Inu cryptocurrency news that has been driving it higher is about the largest burn to yet.
Bigger Entertainment's CEO is looking to spearhead a 1 billion SHIB token burn. Furthermore, Shiba Inu recently introduced the Shiboski NFT collection, resulting in the burning of 109 million tokens.
Is Now the Time to Invest in SHIB?
SHIB's dream of being the Dogecoin killer remains an open subject. However, there is cause to be bullish on this cryptocurrency in the immediate run. At the very least, because all of this Shiba Inu cryptocurrency news is creating a stir.
If these burning garner the attention of other organisations who follow suit, the ramifications for SHIB might be enormous. Nonetheless, these burns account only a negligible proportion of the total quantity of SHIB in circulation. Furthermore, it appears as though a large number of people are trading on the news, which makes sense. No other market is as impacted by news stories as the crypto markets are. However, SHIB still has a very long way to go before reaching the all-time high of $0.01 per token. And it will require a large number of more tokens to be spent before that occurs.
Shiba Inu Crypto News in a Nutshell
True, supply and demand determine the path that any coin will take. However, much of that demand is driven by what is happening in the news cycle. When China "banned" cryptocurrency, it threw markets into a tailspin... For around one week. When Russia said it would prohibit cryptocurrency, prices fell across the board. We are now seeing a renaissance a couple of weeks later.
The takeaway from all of this Shiba Inu cryptocurrency news is that its impacts will be transient. However, if the rate of SHIB combustion increases, this could act as a significant catalyst moving forwards. Is it a good investment? Only you are capable of answering that question. While its applications are expanding, it is still a very speculative token. It is never a good idea to invest your retirement funds in penny stocks. And we'd apply the same logic to a token trading at a fraction of a cent. However, if you're a gambler with a few dollars to spare, Shiba Inu could take you on a fascinating voyage. And it's likely to have more room for growth in the future than Dogecoin does.
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By Crypto PiratesThe war for meme coins rages on. The cryptocurrency markets as a whole have seen a respectable recovery during the last week. However, Shiba Inu cryptocurrency news has pushed SHIB's value significantly higher.
Bitcoin's value has increased about 20% in the last week alone. Ethereum has been performing nearly as well as bitcoin. And Dogecoin, the memers' favourite cryptocurrency, is up more than 20%. However, SHIB's value has increased by about 60% in the last week. What is the case with the dubbed "Dogecoin killer?" Despite some analysts' assertions that this canine-themed altcoin has lost its allure, it surely hasn't.
You see, one of the most serious issues with SHIB is the enormous circulating supply. At the time of the previous check, it totalled more than 549 trillion tokens. Even Dogecoin's supply is negligible in comparison (132.7 billion). And this severely restricts its capacity to evolve into a token capable of competing on a value basis. That is one of the reasons SHIB trades at $0.00003359 per token whereas DOGE trades at $0.16. According to the newest Shiba Inu cryptocurrency news, it appears as though some investors are beginning to understand this. And some are attempting to rectify the situation in the process.
Shiba Inu Crypto News That's Boosting Its Value
The mobile app Brick Buster completed its first Shiba Inu burn in late 2021. As a result, about 120 million SHIB tokens were destroyed. The games developer transferred over 120 million tokens to a dead wallet using the $5,000 gained from advertising income.
As word of the fire spread, the price of SHIB increased ever so little. And since then, the game has increased its efforts to burn SHIB. By January 10, Brick Buster had burned 359 million tokens. And there is speculation that February's burn will be the largest yet... It is believed to number in excess of 500 million tokens.
This gradual burn is the game's fundamental premise. The objective was to collect all advertising revenue, convert it to SHIB, and burn it. This, in combination with a continuous increase in functionality, should theoretically boost the value of SHIB.
For instance, last year saw the birth of the decentralised exchange ShibaSwap. Similarly, last year, Paraguay's main entertainment group declared it would accept SHIB as payment. Furthermore, retailers such as Lowe's (LOW), GameStop (GME), Petco (WOOF), and Ulta (ULTA) have agreed to accept SHIB as payment.
However, the majority of this news is not responsible for SHIB's recent price increase. Recently, the Shiba Inu cryptocurrency news that has been driving it higher is about the largest burn to yet.
Bigger Entertainment's CEO is looking to spearhead a 1 billion SHIB token burn. Furthermore, Shiba Inu recently introduced the Shiboski NFT collection, resulting in the burning of 109 million tokens.
Is Now the Time to Invest in SHIB?
SHIB's dream of being the Dogecoin killer remains an open subject. However, there is cause to be bullish on this cryptocurrency in the immediate run. At the very least, because all of this Shiba Inu cryptocurrency news is creating a stir.
If these burning garner the attention of other organisations who follow suit, the ramifications for SHIB might be enormous. Nonetheless, these burns account only a negligible proportion of the total quantity of SHIB in circulation. Furthermore, it appears as though a large number of people are trading on the news, which makes sense. No other market is as impacted by news stories as the crypto markets are. However, SHIB still has a very long way to go before reaching the all-time high of $0.01 per token. And it will require a large number of more tokens to be spent before that occurs.
Shiba Inu Crypto News in a Nutshell
True, supply and demand determine the path that any coin will take. However, much of that demand is driven by what is happening in the news cycle. When China "banned" cryptocurrency, it threw markets into a tailspin... For around one week. When Russia said it would prohibit cryptocurrency, prices fell across the board. We are now seeing a renaissance a couple of weeks later.
The takeaway from all of this Shiba Inu cryptocurrency news is that its impacts will be transient. However, if the rate of SHIB combustion increases, this could act as a significant catalyst moving forwards. Is it a good investment? Only you are capable of answering that question. While its applications are expanding, it is still a very speculative token. It is never a good idea to invest your retirement funds in penny stocks. And we'd apply the same logic to a token trading at a fraction of a cent. However, if you're a gambler with a few dollars to spare, Shiba Inu could take you on a fascinating voyage. And it's likely to have more room for growth in the future than Dogecoin does.
Support us!