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Shiba Inu is one of the hottest cryptocurrencies in recent times in this highly volatile cryptocurrency market. After sustaining at a strong support level for a while, Shiba Inu is ready to reach US$0.000030 soon. Despite the ongoing bear rally in the cryptocurrency market, SHIB has ignited a remarkable bullish trend that will give an edge to the Dogecoin killer in the coming days. This article features how Shiba Inu will climb the ladder of growth in May 2022.
Shiba Inu's official website listed SHIB as a Dogecoin killer for a long time. Shiba Inu, along with Floki Inu, Doge Dash, and Dogelon Mars, uses the same dog-themed branding as Dogecoin, but Shib is the only one to challenge Dogecoin so far.
Since its inception, Shiba Inu has been nipping at the heels of its competitor, Dogecoin. As Dogecoin is similar to Bitcoin, it is still limited in on-chain features such as smart contracts. SHIB is an Ethereum-based token with smart contract capabilities, making it a Dogecoin competitor/killer.
There are two ways for Shiba Inu's value to increase. One is that traders simply bid up the price. The other is for the supply to decrease, which should make the remaining coins more valuable. For this to happen, the coins have to be taken out of circulation, or burned, as traders usually call it, by being transferred to dead wallets.
It's not unusual for this to happen. In fact, according to Shibburn, a website that tracks the burning of Shiba Inu coins, 410 trillion Shiba Inu coins have already been burnt. Nearly all of those coins were taken out of circulation by Vitalik Buterin, the co-founder of Ethereum (CRYPTO: ETH), and was gifted nearly half of the 1 quadrillion Shiba Inu coin supply by the anonymous Shiba Inu founder. Buterin did so because he felt uncomfortable controlling so much of the supply of the cryptocurrency.
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