It is no longer news that efforts to burn Shiba Inu’s massive token supply remain crucial in propelling the token’s price growth. However, the sentiment shared by most crypto users regarding the SHIB price and the effect of burns in the token’s ecosystem remains a misconception, according to Shibburn, the SHIB burn tracking platform.
Supply And Demand: Key Factors For Price Movement
Correcting the misconception regarding SHIB’s burn and market prices, Shibburn highlighted supply and demand as significant factors that could affect the token’s price movement.
Making an analogy to drive its point further, Shibburn wrote, “Burning 10 billion tokens in a week will not impact the price when there are far larger transfers being purchased daily, and prices have just sustained.”
Read Also: Shiba Inu (SHIB) Primed for a Bullish Surge: 25% Upsurge Imminent? Details
Furthermore, Shibburn emphasized scarcity, which could be achieved by burning coupled with significant buying pressure, noting that increased demand and decreased supply would positively impact an asset’s token price, making it more valuable.
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“Don’t Believe Everything You Hear” – Shibburn
The verdict about Shiba Inu on various news and crypto outlets has always tended towards writing off the crypto project based on its price trends.
Downplaying the verdict above, Shibburn remarked, “Out of over 23,000 cryptocurrencies, $SHIB proudly stands tall in the top 20 (#18). Some of those who claim SHIB is dead because of the current price might need to wipe their crystal ball because they can’t see that far into the future. SHIB is just two years old, and it’s still early days. Remember, a lot of what’s being built hasn’t yet been released.”
Meanwhile, the crypto sphere is still evolving, with more crypto adoption becoming inevitable. Should heavyweights like Google and Apple succeed in fully adopting cryptocurrencies, it would undoubtedly mean a lot to the crypto community and a major turning point for crypto assets such as Shiba Inu (SHIB).
"It's burning, but price not moving!"
We wanted to address some misconceptions about burns and price. This applies to $SHIB and many other tokens as well.
A common question that comes our way is "Why isn't the price moving after "massive" burns?" At this moment, burns are… pic.twitter.com/uMuJQubpNO
— Shibburn (@shibburn) July 23, 2023
Read Also: First Time In Two Years, Elon Musk Directly Mentions Shiba Inu in Twitter Interaction: Details
Bottomline, Shiba Inu (SHIB) remains a young project and is currently in its building phase, which seems to capture widespread interest from the crypto community. Hopefully, the digital asset maintains its impressive momentum, more adoption will set in, and growth will be inevitable.
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