Ether Reaches Record High of Over $4.4K as Shiba Inu Becomes a Leading ETH Burner
Coin burning refers to the process of removing tokens from circulation and is the crypto market’s equivalent of a stock buyback.
The Dogecoin competitor Shiba Inu (SHIB) soared to a new all-time high Wednesday morning, capping the 680% gain over the past month.
The meme token, trading at $0.0000569 as of press time, got a boost from growing clamor for Robinhood to list it on its platform.
SHIB is now the 11th largest cryptocurrency with a market capitalization of $22.58 billion
DONT MISS OUT
In the long run, however, I’ll contend that Coinbase influence won’t be the primary catalyst for higher SHIB prices.
Rather, it will be the Shiba Inu token’s value as a hedge against the dollar’s inevitable decline in value.
Remember, the annualized US dollar inflation rate has been 5% or greater for four consecutive months.
While the government continues to print up dollars, Shiba Inu’s developers are taking swift action to prevent the cryptocurrency’s devaluation.
Not long ago, the project’s developers announced what’s known as a coin burn.
This means that a coin holder transfers a portion of his or her assets to a wallet which nobody can access.
In effect, this destroys those coins and thereby reduces the cryptocurrency’s total supply.
SHIB started with a supply of 1 quadrillion, but the Shiba Inu team gave 50% of it to Buterin , who burned most of that in a “dead wallet.”
Recently, the token’s developers tweeted that they “have implemented a burn procedure to reduce” the supply.
Moreover, they revealed a $25,000 SHIB burn that has already taken place.
Coin burning refers to the process of removing tokens from circulation and is the crypto market’s equivalent of a stock buyback.
The Dogecoin competitor Shiba Inu (SHIB) soared to a new all-time high Wednesday morning, capping the 680% gain over the past month.
The meme token, trading at $0.0000569 as of press time, got a boost from growing clamor for Robinhood to list it on its platform.
SHIB is now the 11th largest cryptocurrency with a market capitalization of $22.58 billion
DONT MISS OUT
In the long run, however, I’ll contend that Coinbase influence won’t be the primary catalyst for higher SHIB prices.
Rather, it will be the Shiba Inu token’s value as a hedge against the dollar’s inevitable decline in value.
Remember, the annualized US dollar inflation rate has been 5% or greater for four consecutive months.
While the government continues to print up dollars, Shiba Inu’s developers are taking swift action to prevent the cryptocurrency’s devaluation.
Not long ago, the project’s developers announced what’s known as a coin burn.
This means that a coin holder transfers a portion of his or her assets to a wallet which nobody can access.
In effect, this destroys those coins and thereby reduces the cryptocurrency’s total supply.
SHIB started with a supply of 1 quadrillion, but the Shiba Inu team gave 50% of it to Buterin , who burned most of that in a “dead wallet.”
Recently, the token’s developers tweeted that they “have implemented a burn procedure to reduce” the supply.
Moreover, they revealed a $25,000 SHIB burn that has already taken place.
