Will Shiba Inu Cryptocurrency Price Double With 20 Million Tokens Burned Daily?

Will Shiba Inu Price Double With 20 Million Tokens Burned Daily?

  • The Shiba Inu community has acquired the Shibburn Gate and terminated its association with the Ryoshi Vision (RYOSHI) team.
  • Nearly 20 million SHIB tokens have been burned in the past 24 hours, removing them from circulation forever.
  • Analysts believe that the cryptocurrency Shiba Inu is on the way to recover and reach the triple-bottom support level at $0.00001001.

The Shiba Inu community has acquired Shibburn.com, the burning enforcement portal for SHIB crypto users. Initially, Ryoshi Vision (RYOSHI) managed this portal for the Shiba Inu ecosystem. With new developments from SHIB developers and massive token burns, analysts have identified what it would take for an asset to witness a massive hack.

Shiba Inu leads Sheiburn, Ryoshi’s resignation?

The Shiba Inu team announced that it has acquired the SHIB inscription portal and ended its association with the Ryoshi Vision (RYOSHI) team. According to the latest announcement from the developers of Shiba Inu, the engraving portal is an important part of the ecosystem, which is why the team will continue to host the portal as part of ShibaSwap.

The Shibburn.com burning portal will be powered by the in-house development team. Additional benefit mechanisms for copying will be introduced to users along the lines of the upcoming Shibarium Protocol, a Layer 2 blockchain scaling solution aimed at improving the operation of the Shiba Inu host chain, Ethereum.

The Shiba Inu team is focusing on the platform’s community outreach activities in the coming weeks as the portal transitions to the fully operational ShibaSwap platform. ShibaSwap will allow users to trade currencies without the need for an intermediary like a traditional cryptocurrency exchange like Binance or Kraken.

The Shiba Inu ecosystem develops a proper strategy to reward burnt portal users, which leads to burning in a number of ways. Currently, the burning tokens are sent to the dead wallet address and permanently withdrawn from circulation.

20 million Shiba Inu chips burned overnight

According to data from Shibburn.com, 20 million SHIB tokens have been destroyed in the past 24 hours. The massive burn removed these tokens from the circulating supply of the currency even in an attempt to remove them permanently from circulation. So far, 410.38 trillion SHIB tokens have been withdrawn from circulation.

41.38% of the Shiba Inu’s supplies were destroyed

SHIB Cryptocurrency Price Could Rise to $0.00001060

Ali B, a crypto analyst, evaluated the Shiba Inu cryptocurrency price chart and identified a triple bottom line for SHIB. Ali believes that the Chip/USD pair is likely to rise towards the $0.00001060 level, after finding support at the base of the triple bottom at $0.00001001.

Shiba Inu Chart (SHIB / USD)

shiba inu cryptocurrency October 13, 2022

Written by Ekta Moriah, FXStreet

Ekta Mourya is currently pursuing an MBA in Finance. She has been in the cryptocurrency space since 2017. She held positions in the marketing team for major Indian crypto exchanges Koinex and CoinDCX. She is interested in day trading and the derivatives market.

The opinions expressed here are those of the author only and do not necessarily reflect those of Forex Quebec. Every investment and trading move involves risks, you should do your own research when making a decision.

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disclaimer: The information and opinions in this report are provided for general information only and do not constitute an offer or solicitation to buy or sell foreign exchange contracts or contracts for difference. Although the information herein has been obtained from sources believed to be reliable, the author does not guarantee its accuracy or completeness, and assumes no responsibility for any direct, indirect or consequential damages that may result from the fact that any person relies on such information .

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