Shiba Inu Headed to Seven Month Low, Thanks to Useless ShibBurn

Shiba Inu

The ShibBurn strategy has failed to save Shiba Inu from its seven-month low plunge.

The price of Shiba Inu (SHIB) plunged 8.9% overnight, trading at $0.00001723 at press time, per CoinMarketCap. The popular meme cryptocurrency is also down almost 19% over the past week, touching the levels last seen in October 2021. Experts think that it might be an impact of the failed attempt of the ShibBurn strategy.

 

What is ShibBurn?

ShibBurn strategy is calculated with three special addresses including two dead wallets and tokens to the Genesis address. It helps to reduce the supply while increasing the demand for this crypto out of thousands of cryptocurrencies. It is crucial to keep a higher cryptocurrency price in this highly fluctuating cryptocurrency market. Shiba Inu investors are hoping that the coin-burning strategy might get this cryptocurrency out of the trouble in this cryptocurrency market. Shiba Inu was introduced in this cryptocurrency market as a memecoin. But it transformed itself into a valuable crypto asset to be in the crypto wallets of Shiba Inu investors. They are gradually losing hope for the constant low price when other cryptocurrencies are rising their prices efficiently and effectively.

 

Does Coin Burning Help?

Crypto burning has been in the spotlight over the last few weeks, mostly due to the incessant burning of Shiba Inu tokens (SHIB). The developers of this meme coin are on a burning spree to save the coin from devaluation in a highly volatile crypto market. When there is excessive cryptocurrency flowing in the market, the price of that token remains low as the demand never exceeds the supply. In such a scenario, burning a portion of the cryptocurrency acts as a ‘deflationary’ move. The scarcity of the token rises and triggers a price appreciation of the remaining tokens in circulation.

 

Has ShibBurn Been a Failure?

Since the launch, the community used the new burning portal to destroy more than 26.3 billion SHIB from the coin’s initial supply, worth about $460,000 at current prices. And according to the tracking website ShibBurn, the “SHIB Army” has burnt more than 200 million tokens in one day alone. But it surely doesn’t seem to do the trick as the coin price is still stuck at a low point with a value of $0.000016 USD today.

 

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