The Shiba Inu altcoin, created after Dogecoin, has seen a 35% recent rise in network activity. According to a cryptocurrency exchange aggregator, Shiba Inu is the least affected asset in the world by the current market crash. Unlike other cryptocurrencies, it was able to survive the crash and still trade in the green zone.
Despite its recent volatility, Shiba Inu maintains a strong support level of 0.0095. It is still in the green zone and cannot be considered a significant threat to the market.
Three Transactions Burn 23 Million Shiba Inu Coins
According to the Shibburn platform, 23.4 million Shiba Inu tokens were burned in three transactions within 24 hours. During the mentioned timeline, the number of destroyed tokens has increased by 119%.
The rapid emergence and liquidation of the Shiba Inu token have resulted in the removal of trillions of coins from circulation. Over 40% of the cryptocurrency’s total supply has been permanently removed from the market, which has boosted the price of the remaining 557.9 trillion Shiba Inu coins.
Predictions on Growth
In 2020, the Shiba Inu token was created as a meme coin similar to Dogecoin (DOGE). Despite its shortcomings, it has since evolved into a robust and stable platform. Over time, the network has developed a DEX that has allowed it to continue to burn more tokens for long-term investors.
The popularity of the token has also increased, as it is becoming more accepted for payment. With meme coins rising, Shiba Inu has developed as an interesting cryptocurrency that more people are getting behind.
Shiba Inu’s upcoming layer-2 solution, Shibarium, is also expected to be released in the third quarter of 2022. The Unification Foundation has already announced that the platform’s beta version could be released in the third quarter of 2022.
According to the predictions for 2022, analysts expect that Shiba Inu will experience more growth in terms of price and adoption. SHIB is expected to reach $0.0001 by the end of 2022. It will then rise to its value of $0.00015 in 2023 and then again to $0.0002 in 2025. However, you should note that the ecosystem of the token is still in its early stages, and this year, the performance of the cryptocurrency will continue to increase.
The company’s internal fundamentals and market growth are expected to increase its pricing. Currently, the Shiba Inu token is ranked 15 on the market, with a market cap of around $5.5 trillion.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any project.
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