The price of Shiba Inu is expected to rise by 51%: Reasons include active token burning and the progress of Shibarium
Bitget2024/02/24 14:03
A prediction suggests that the price of Shiba Inu may increase by 51% in the near future. Factors such as active token burning of SHIB and the development of Shibarium could positively impact its asset value. Despite Shiba Inu's recent poor performance, it remains a topic of interest and is often the subject of bullish forecasts. Twitter user $SHIB KNIGHT predicts that SHIB might be on the verge of a breakthrough, with prices rising by 51% within seven days. ChatGPT estimates that regulatory developments, bullish conditions across the industry, and adoption are key factors. Additionally, technological advancements related to Meme coins could also play a role.
Notably, Shiba Inu's layer-2 scaling solution - Shibarium - has made significant progress since its launch in August last year. Another factor potentially driving up SHIB's price is successful execution of Shiba Inu’s burn mechanism which reduces circulating assets making them more scarce over time and possibly more valuable. Latest data shows that over 41% of maximum supply for SHIB has already been burned.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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