What’s Happening with the Shiba Inu (SHIB) Coin?
Shiba Inu (SHIB), a popular digital currency, has seen its price go down a lot in the last few months. Let’s look at what the community is doing to try and help its value go back up.
What is a “Token Burn?”
One of the main things the Shiba Inu team and community are doing is called a “token burn.”
Think of it like this: If there are fewer of something, each one can become more valuable. A token burn is when people permanently destroy some of the coins to reduce the total supply. They send the coins to a special digital wallet that no one can ever get them out of.
How Many SHIB Coins Were Burned in November?
In November, about 163 million SHIB coins were burned and removed forever. The busiest day for burning was November 26th, when over 60 million coins were destroyed.
While 163 million sounds like a huge number, it’s not worth a lot in US dollars right now. This means that burning coins helps a little, but it will take a lot more to make the price of SHIB go up significantly.
Since this burning program started in 2022, over 410 trillion SHIB coins have been burned. There are still about 585 trillion coins left.
People are Moving Their Coins
Another interesting thing is happening. People are moving their SHIB coins away from online crypto stores (called centralized exchanges) and into their own private digital wallets.
The number of coins held on these exchanges is the lowest it’s been since the spring of 2021. Why is this a good sign? When people move coins to their own wallets, it usually means they plan to hold onto them for a long time instead of selling them soon. This reduces the “selling pressure,” which could help the price stay stable or go up. This feeling of hope that a price will rise is often called being bullish.
What Do Experts Think Will Happen?
Even though the price has been low, some experts are still hopeful. One person on X (formerly Twitter) called SHIB one of “the strongest tokens” and said not to underestimate the power of its community, the “ShibArmy.”
Another expert predicted a few months ago that SHIB could reach a new all-time high (the highest price it has ever been) by the end of 2025.
Where is the Price Now?
Currently, one SHIB coin is worth about $0.000008032. This is about 90% lower than its all-time high back in 2021.
It’s very unlikely that the price will shoot up to its old record in the next month. However, the world of digital currency is always full of surprises!
The original story was first published on CryptoPotato.