The price of the popular Shiba Inu (SHIB) meme coin had plummeted after reaching an all-time high of $0.00007957 last October. However, some investors and industry observers remain optimistic that the price of Shiba Inu will soon skyrocket as burning picks up steam and it is anticipated that a new burning mechanism will be available very soon.
The Shiba Inu community burned over 742 million tokens overnight with Shibburn, a platform that monitors token burn statistics, reporting 10 transactions that took 742,702,200 SHIB out of circulation.
Between August 2020 and March 17, 2022, Shibburn said that more than 410,305,248,213,400 SHIB tokens were burned from the initial supply. The platform calculates burns using three special addresses, a couple of dead wallets that have no obtainable keys, and tokens sent to the Genesis address to reduce supply.
In addition to this activity, the long-awaited ShibaSwap 2.0 will have a feature will allow burning SHIB tokens on the platform. ShibaSwap is the next new version of the dog-themed meme coin’s own decentralized cryptocurrency exchange.
This new feature could be the long-awaited solid recording mechanism and strategy for the token. There are currently around 549.1 trillion SHIB in circulation and reducing this supply through burning could increase the value of the remaining coins.
The Shiba Inu team has yet to reveal the final release date for ShibSwap 2.0, although it is believed to be released sometime in the first half of this year. While the details of this new recording feature are known, its mere existence could attract renewed interest in SHIB.
Higher interest usually drives the price up, but it’s worth noting that burning crypto isn’t the only option to help increase the price of a token.
In the case of the Shiba Inu, he has a wide range of ideas in the works that could help skyrocket the value of SHIB. These include the growing list of real-world businesses adopting Shiba Inu as an accepted payment alternative. Holding and staking the dog-themed meme coin could also help bring crypto back into the reckoning.
Shiba Inu was trading down 2.43% at $0.00002211 on $581,879,974 in 24-hour market volume, according to CoinMarketCap data.