Shiba Inu Price May Jump to $0.00002: 111 Trillion Tokens to Burn
• Shiba Inu price has dropped by more than 12% since the previous trading day and pierced through the crucial support at $0.00001, validating the commencement of a fine bearish wave.
• The platform aims to uplift the SHIB price to $0.01 and hence burn 100 trillion SHIB each year.
• If 1% of fees get stacked on Shibarium, the burn rate may double and reach 111 trillion tokens per year.
Shiba Inu price continue to flash bullish signals despite the market conditions go extremely bearish. The prices have dropped by more than 12% since the previous trading day and pierced through the crucial support at $0.00001, validating the commencement of a fine bearish wave. However, in a longer perspective, the price is believed to rise above the yearly highs and head towards $0.00002 very soon.
Shytoshi Kusama, Shibaswap’s lead developer, recently confirmed that the Shibarium beta version will be released this week. The SHIBArmy was overjoyed about its launch until the market unexpectedly collapsed driving down SHIB token prices below psychological level of $0.00001.
Burning Mechanism & Possibilities
If things happen as per plan, 111 trillion tokens could be burned every year which is 20% of entire supply in circulation currently . With launch of Shibarium on ShibaSwap , there’s possibility of burning another trillion tokens each year . With transaction fee for SHIB token burns on ShibaSwap being 1%, nearly 3 .7 trillion SHIB tokens may be burned each month . For a year ,burn rate may reach more than 44 trillion ,which may be out of circulation . Moreover if 1% fees get stacked on Shibarium ,the burn rate may double & reach 111 trillion tokens per year pushing up prices higher & slashing couple zeros from their value .
The chart displays formation of ‚Adam & Eve‘ trend reversal pattern in daily chart which is one variety of double bottom pattern where in first bottom is on largest volumes & second bottom is ‘u-shaped’ ,protracted with unremarkable volume giving rise to possibility that price triggers rebound very soon .
The upcoming launch of Shibarium along with proper burning mechanism could lead to further increase in value for Shiba Inu Token eventually leading it beyond $ 0 . 000017 mark within shorter period time frame