As we all know, Shiba Inu is a decentralized cryptocurrency that is inspired by a popular meme coin known as Dogecoin. Moreover, likewise Dogecoin –emerging crypto around the globe, Shiba also came into being from a meme. Usually, the Shiba coin exists on the Blockchain of the world’s 2nd biggest crypto- Ethereum. Also, this is known as the “Shiba Token”.
After the crypto coin went viral, many investors around the world started investing in it. At the time of writing, it has a total market value of 3.4 billion USD.
Interestingly, the meme coin was founded by a very mysterious person name Ryoshi. Ryoshi announced that this platform is an experiment in decentralizing spontaneous community building of crypto coins.
In addition to this, those who are crypto investors, traders, supporters, and observers claimed this platform “a safe place to exchange their cryptos while remaining decentralized”.
Why Shiba Inu Coin is Burned?
As a reminder, this isn’t the first time this coin is facing burn, in May 2020 the co-founder of Ethereum- Vitalik Buterin burned 90% of the tokens that the developers had sent to him. As a result, he donated the remaining 10 percent to the India COVID-19 Relief Fund.
During the last two weeks, the price of the meme crypto rose to almost 20 percent, especially after the announcement of coin burn from its developers.
What is Coin Burning?
For those, who are unaware, coin burn is a strategy by experts and developers within the industry that compelled the coin holders to withdraw from their small portion of wallets and send it to other wallets that no one can access.
Moreover, this strategy, process, tactic, or move destroys the coin as well as decreases the supply of the crypto. On the other hand, this process is used to control inflation and also boost enthusiasm among the investors and traders of digital currency.
In today’s world of digital currencies, alternatives coins (also written altcoins) have gained much popularity. In these alt currencies, excitement and popularity on various social media platforms are the only things. Therefore, they are having very little market value and mostly trade on market boosts.
Shiba Inu Token Value
In its initial stage, Shiba Token reached its peak value of approx $0.000039, but unfortunately, its price has been declining after this. Currently, the coin trades for almost somewhere around $0.0000077, or as mentioned above 20% rise of its all-time.
According to the Per Market Realist, the Shiba Token will be reaching a high value of $0.000019 per coin in 2022. Interestingly $0.000061 per coin in 2025, after the in-depth analysis done by the company.
