• Shiba Inu has gained 11430362.4% since its inception in 2020.
• Shiba Inu’s lack of social media buzz is pulling back its price rally.
• The meme currency has a huge circulating supply that needs to be burnt to create scarcity.
Since its inception in 2020, Shiba Inu has been making news for a few weeks now. This popular meme currency has gained an incredible 11430362.4% in value and is currently trading at $0.00001043 after a surge of 3.84% in the last 24hrs.
The massive rally of Shiba Inu has been somewhat hindered by its lack of social media buzz. Despite this, the expectations and hopes of various investors and traders are still high. They are looking forward to Shiba Inu making a move towards $1. However, the currency will have to face a huge pullback if the whales decide to sell off their holdings.
The value of Shiba Inu will further depend on its circulating supply. At present, the meme currency has a huge circulating supply that needs to be burnt to create scarcity. In 2021, Shiba Inu introduced its burn portal which sends 2 SHIB coins to a dead wallet, but this process has not been able to reduce the supply. Burning massive Shiba Inu is expected to be delivered by Shibarium, but this has yet to be seen.
For now, it remains to be seen if Shiba Inu will be able to reach the $1 mark or not. The success of the currency will depend on the actions of the whales and the introduction of Shibarium. Only time will tell if this meme currency will be able to make it to the top.