Last year, the meme coin Shiba Inu (SHIB) rose 45,000,000%. Starting Wednesday, the focus will be on reaching a major milestone, rather than making future percentage increases, according to crypto analyst Jet Encila. The current price of SHIB is $0.000002585, according to the analyst, at least two of the following events must occur for SHIB to reach and exceed the $1 threshold. We have prepared Jet Encila’s analyzes and comments with his own narration for Kriptkoin.com readers.
Shiba Inu burns
A massive token burn should occur. Cryptocurrencies are removed from circulation by burning. Also, less supply supports a higher price. The simple truth is that there are too many SHIB tokens in circulation today to break the $1 barrier.
The current circulating supply is 549 trillion tokens. If each token were worth one dollar, the market cap of the cryptocurrency would be more than $549 trillion. This is more than the entire cryptocurrency market. And it’s bigger than tech giants Apple and Amazon. Each of these two companies is valued at $2.7 trillion and $1.5 trillion.
SHIB cryptocurrency burning transactions are in progress. Bigger Entertainment hosted Burns. About 370 million Shiba Inu tokens were burned on Valentine’s Day. However, it is not enough to reduce the large supply as a significant decrease in the token supply is required to reach $1.
SHIB total market cap of $14.716 billion on daily chart / Source: TradingView Rebranding token
Shiba Inu is rebranding itself to compete effectively can brand. The challenge today is adapting. It is an ERC-20 token and is only used to transact or make payments to companies.
For example, SHIB cannot host decentralized applications. This is limiting its impact on the future of cryptocurrency. Shiba Inu is working on a layer-2 solution. This speeds up transactions and saves money. If the player can move their tokens to this network and expand their use, they can shine.
Shiba Inu metaverse move
To make significant progress, SHIB must make its presence felt in the metaverse. Recent announcements from Shiba Inu stated that the company’s project in the virtual world will be announced this year. However, we do know that the public will be allowed to buy land virtually. It’s about Sandbox and Decentraland, among other concepts.
As a result, the Shiba Inu produces nothing in this state. If the project starts and gains a substantial following, the value of SHIB can increase exponentially. The question now is whether all of this will happen. This is conceivable, but unlikely.
SHIB trading volume in the last 24 hours was $1,333,281,116.13, up 34.55% from the previous day. SHIB price, on the other hand, increased by 4.41% in the last 24 hours, while the 7-day price change was -18.34%.
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