The Shiba Inu (SHIB) ecosystem has a powerful deflation mechanism in place, ensuring a stable balance of supply and demand for SHIB. This mechanism recently burned nearly 19 million tokens, the latest move in its effort to regain momentum in price.
Shiba Inu Burning Rate Soars to 101%
The Shiba Inu ecosystem is currently micromanaging various new features. With the launch of the new blockchain version of the Shiba Eternity game, the token is striving to reclaim its lost valuation and make its way to the top of the radar.
According to the latest data from Shibburn, the SHIB ecosystem burned nearly 19,603,797 tokens in the past 24 hours, causing the SHIB burning rate to soar to 101%.
Source: CoinCodex
With the latest statistics on the burning mechanism, the SHIB ecosystem and community members seem very interested in applying deflationary pressure to SHIB in hopes of increasing its price in the future.
SHIB is currently experiencing a sharp decline in price, stabilizing at a low price of $0.00001688. The token has dropped by 4% in the past 24 hours. Despite the decrease in valuation, the SHIB community remains unworried and continues to support the token, despite the bearish market impact.
In such a dire time, Lucie, the marketing manager of Shiba Inu, shared how the current market is showing a fairly neutral stance. She retweeted a colleague’s community post, reiterating the fact that in a bull market, people should focus on buying the dip to enjoy the benefits later on.
The Future of Shiba Inu: When Will It Reach $0.01
With the current burning feature, the deflation mechanism of Shiba Inu can greatly help stabilize SHIB and reclaim its position in the top ten high market cap cryptocurrency competition. At the same time, for SHIB to reach $0.01, it would need to achieve a valuation increase of nearly 58,957%.
“Shiba Inu needs to achieve a return of 58,957.13% to reach $0.01. According to our prediction algorithm, the price of Shiba Inu will not reach $0.01. By January 1, 2049, our algorithm estimates the highest expected price to be $0.0023.”
