Shiba Inu Coin Burning News 2022, The most recent burning of the Shiba inu coins by the Bigger Entertainment CEO resulted in the burning of 1.14 billion coins so far. Coinbase announced that Shiba inu will be skyrocket in 2022 and hit a price of $0.1 soon!
Shiba Inu Coin Burning News 2022?
20 trillion Shiba tokens burned. Coinbase announced new coin price will Skyrocket to 10 cents soon shibu inu is one of the leading cryptocurrencies in the world following its rally. Since the start of the year, it’s also the second biggest meme coin in the world and it now wants to expand its presence in the cryptocurrency space.
why satoshi is burning trillions of Shiba Inu tokens? and what will be its impact?
Shibu inu to undergo a massive burn today, before we get to our topic let’s look at the chart and see what the price of Shiba doing on the 16th of January. Shiba’s 30 percent gain initiates a bullish reversal pattern and rumors of a major exchange listing and other developments have investors playing catch with the k9 themed meme coin.
Shiba inu seems to be preparing for a bullish breakout as a falling wedge pattern begins to form the price of Shiba has been trending lower inside an area defined by two contracting trend lines .while accompanying a decline in trading volume that shows that investors have been less concerned about the downtrend, as a result, falling wedges typically provide an ideal springboard for an upside break.
Once the price closes above the structure’s upper trend line on January 14th, Shiba showed signs of following a similar topside break notably the token briefly closed above the falling wedge’s upper trend line hitting an intraday high of three thousand two hundred ninety hundred millionths of a dollar.
The upside move raised anticipation that it would continue its trend higher in the coming sessions with fiery trading analysts noting that an ongoing bullish retracement across the crypto market would further boost the altcoin’s upside bias.
Now let’s get back to the topic:
Shiba inu is one of the leading cryptocurrencies in the world following its rallies since the start of the year it’s also the second biggest meme coin in the world and it now wants to expand its presence in the cryptocurrency space. It is going to undergo a massive burn.
Shiba inu one of the leading meme coins in the world, is expected to undergo a massive burn in the coming weeks the burn and expected to reduce the total number of sheep coins in circulation at the moment there are 589 trillion 736 billion 561 million nine hundred eighty-nine thousand seven hundred four Shiba tokens as the total supply.
Shiba inu’s founder ” ryoshi” revealed:
He revealed that the burn is expected to pave the way for the project to enter the metaverse space. The metaverse space has become one of the fastest growing in the cryptocurrency space thanks to the entry of social media giant Facebook. Ryoshi revealed that the shiba inu coin is working towards developing its metaverse known as shivers the anonymous developer stated that we’re working on so many aspects of shibu inu including shibarium shi shivane.
The decentralized shiboshi game incubator and much more that won’t become evident until the near future a total of nine businesses have committed to using part of their profits to burn tokens of the meme inspired cryptocurrency shibi inu in a bid to reduce its circulating supply the burns will be conducted by moving funds into the official Shiba wallet as cryptoglobe reported in early december.
Only 59 of Shiba Inu’s initial supply was still in circulation as a total of 410.29 trillion shiba had been burned since the crypto currency was launched. Initially, Shiba inu had a total supply of one quadrillion tokens but 50 of them were locked in a smart contract to provide liquidity on decentralized exchange uni swap while another half was sent to ethereum co-founder vitalik bateran took a large amount of shiba at the time one billion dollars in the cryptocurrency and donated it to the coveted crypto relief fund in india along with significant amounts of other meme-inspired crypto assets. The ethereum co-founder then grabbed around 90 of the shiba tokens that were donated to him and burned them in a transaction that removed over 410 trillion sheep from circulation.
Since buteran’s transaction the community has engaged in new token burning initiatives including burning tokens based on views to a playlist these burning initiatives are now being supported by nine new businesses which include bigger entertainment a cryptocurrency record label that started its burning campaign in october of last year.
Bigger entertainment’s founder and ceo “stephen cooper” commented on shiba inu coin:
The token burns are set to reduce the cryptocurrency circulating supply which if met with growing demand could lead to a price rise for the meme inspired token as cryptoglobe reported shiba’s developers have been meanwhile working on a decentralized autonomous organization dao that will empower shiba token holders bitpay a major cryptocurrency payment process for merchants has late last year declared.
It supports the meme-inspired cryptocurrency allowing users to buy store swap and spend with this ethereum erc20 token directly in the bitpay app other businesses accepting shiba inu payments include amc theaters and NASDAQ listed online retailer newegg these larger retailers are likely to simply convert their shiba tokens into fiat after receiving them. However as alluded to earlier one of the selling points of shiba inu is that it can provide some protection against U.S dollar inflation or at least it can sidestep inflation which is at a whopping 6.8 percent on an annualized basis for half a year the inflation rate has stayed at 5 or higher that’s unacceptable to many people in contrast.
The supply of shiba inu tokens is actually going to get smaller not bigger reportedly during the coming weeks there will be a massive coin burn in order to reduce the supply of shiba coins plus.
Ryoshi shiba inu’s enigmatic founder stated “The coin burn is expected to pave the way for the project to enter into the metaverse an expanding Shiba Inu ecosystem”. He reportedly teased some upcoming shiba related projects they were quoted as saying we’re working on so many aspects of Shiba inu including shiburium shis shibanetthe decentralized shiboshi game incubator and much more that won’t become evident until the near future.
sibha inu members and holders are increasing rapidly :
In september 1.5 million people searched for Shiba inu coin believe it or not that represents a whopping 2.1 million percent jump clearly sheep USD has come a long way since its introduction it’s likely that more people will start to take the token and the project seriously in 2022.
This is encouraging as there is potential for the token to have multiple applications if the Shiba new project can get a strong foothold into the burgeoning metaverse this should benefit the investors the idea here is to enhance the coin’s credibility it’s already quite popular and more traders are showing interest in sibha.
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