Shiba Inu Price Rally: 11430362.4% Gains, But Challenges Remain
• Shiba Inu has gained 11430362.4% since its inception in 2020.
• The lack of social media buzz is pulling back its price rally.
• There is a huge circulating supply that needs to be burnt to create scarcity.
Since its launch in 2020, Shiba Inu (SHIB) has been making headlines with its impressive price growth. The meme currency has seen an impressive jump of 11430362.4% since its inception, with a high of $0.00001043 on January 14, 2023 following a surge of 3.84% in the last 24 hours.
Although the currency has been on a price rally lately, its lack of social media buzz is holding back its progress. Furthermore, there is a huge circulating supply of Shiba Inu that needs to be reduced in order to create scarcity and drive up the price.
In 2021, Shiba Inu introduced its burn portal, which sends 2 SHIb coins to a dead wallet. This process, however, has not impacted the supply of Shiba Inu, as the amount of tokens burned is still very small. On the other hand, it has been reported that few whales hold massive amounts of SHIB coins, which they could sell off at any time, resulting in a price pullback.
To ensure the price of Shiba Inu hits $1, the currency needs to create the needed buzz, increase its burning rate, and reduce the circulating supply. To achieve this, Shiba Inu needs to launch Shibarium, an initiative which will significantly reduce the circulating supply and burn large amounts of SHIB coins. Shibarium will also enable users to participate in the burning process and receive rewards for it.
In addition, Shiba Inu needs to increase its social media presence by launching marketing campaigns that will help spread the word and create more hype for the currency. This will be instrumental to the price of the currency and will help drive its value to $1.