Contributions like the Shiba Inu token burn are helping the cryptocurrency gain value

Nobody can underestimate the growth that Shiba Inu has showcased in the past year. In 2021, the cryptocurrency recorded a stunning 26,000,000% spike after stealing investors' hearts. Although Shiba Inu's price has been down after reaching an all-time high last October, the Dogecoin killer is still making a buzz. Despite the ongoing bear trend, SHIB is outperforming other cryptos every now and then. Contributions like the Shiba Inu token burn from the Shib Army are helping the cryptocurrency gain value amidst the surrounding darkness.

Shiba Inu didn't get the popularity overnight. It has been rough and tough before becoming investors' favorite and most profitable cryptocurrency. Initially, the buzz around Dogecoin showed some light on SHIB, making it a top memecoin. Although the billionaire entrepreneur Elon Musk never came in favor of Shiba Inu, his vague statements and Tweets have helped SHIB grow. The rise of Dogecoin and its popularity fuelled the interest in SHIB token, making investors call it the 'Dogecoin Killer'. Shiba Inu was created by an anonymous person known as 'Ryoshi' in August 2020. But the cryptocurrency remained relatively unknown until it hit mainstream adoption in 2021. A plethora of factors including institutional adoption, acceptance as a payment method, listing on exchanges, etc contributed to the growth of Shiba Inu's price. Currently, SHIB is standing at a moderate place confusing around which path to take. But despite the ongoing crisis in the cryptocurrency market, Shiba Inu followers are trying their best to increase the value of the Dogecoin competitor.

The Burning Exercise

Shibburn is created for Shiba investors to burn their tokens. In the platform, burns are calculated using three special addresses, two dead wallets, which have no obtainable keys, and tokens sent to the Genesis address to reduce the supply. In the past 24-hours, coins worth US$467,903,362 have been burnt.

Unfortunately, in a Tweet, Shibburn has claimed that burning is not the only factor that could give an edge to Shiba's price. Even to reach the much-coveted US$0.01 mark, SHIB needs to do more. They believe that doing more for the SHIB community such as holding and staking might help the cryptocurrency opt for an upward trend.

Shibburn has reported that over 7.2 billion tokens were burned between August and September 2021.

Other Factors Contributing to SHIB's Growth

As mentioned earlier, burning is not the only option that gives an edge to Shiba Inu's price. We have a myriad of other ideas which could help trigger SHIB's value.

• Although the trading volume of Shiba Inu has decreased, investors are still having hope for the Dogecoin killer. They are in no rush for exiting the crypto despite sluggishness.
• Shiba Inu will get a dedicated exchange for itself called 'ShibaSwap'. Similar to many other crypto exchanges, the platform will act as a decentralized medium to buy and sell cryptocurrency.
• Shiba Inu should try to keep up the buzz for a long time in order to stay in the race. Currently, the Shib Army is huge and the followers are willing to do anything for the cryptocurrency. Therefore, SHIB should acknowledge their efforts and compensate them accordingly.
• Inclusion in major platforms like Robinhood will give a boost to Shiba Inu's price. SHIB reached a record high after the Change.org petition demanding Robinhood to include Shiba Inu in the platform became popular.

Will Shiba Inu Really Reach US$0.01 in 2022?

For a long time, Shib Army was expecting the cryptocurrency to reach the US$1 mark. However, according to experts, that is impossible because the total supply of SHIB is 549 billion. If every token is worth US$1, then the market capitalization of Shiba Inu will cross over the global economic standard. However, people still expect that to happen because SHIB gave them the hope that a rally could make anybody a billionaire in the cryptocurrency market.

Fortunately, US$0.01 is possible if Shiba follows all the mentioned criteria. However, the cryptocurrency market should also get on a recovery path in order to give an edge to SHIB.