Shiba Inu’s attempt to retest price of $0.01 can benefit from coming burn portal
The Shiba Inu (SHIB) protocol is printing a whole new series of fundamentals to help achieve its long-term goal of pushing its price to a level as high as $0.01. At the time of writing, this target is a very, very long shot, considering that Shiba Inu is changing hands at a price of $0.000007369 after an obvious marginal gain of 0.95% in the past 24 hours.
Shiba Inu is an intriguing meme coin that has grown by a significant margin since its inception a few years back. While every one of its growth milestones has lent a unique cushion to the price resurgence over the years, its ecosystem growth, marked by the highly enthusiastic Shib army, remains one of its biggest promoters.
In recent times, Shiba Inu has pivoted away from being absolutely dependent on the hype generated by Elon Musk and has shifted its focus into being a utility-promoting protocol through its debut of Shibarium, one of the newest Ethereum Layer-2 (L2) scaling solutions.
The Shibarium hype is taking over from the natural optimism that was nursed by the Shib army in an attempt to help sustain the relevance of the Shiba Inu ecosystem.
Core fundamental for price surge
As a meme coin, Shiba Inu has a massive circulating supply that is naturally fueling its inherent devaluation. As a result, it has been undergoing subsequent token burning with impressive moves documented by U.Today.
Seeing that achieving the $0.01 price target with the current circulating supply is impossible, Shibarium core developers are determined to build a burn portal through which a defined number of tokens will be taken out of circulation on an annualized basis, as will be predetermined through community voting.
While the conversations are still new, the longer-term price prospects of Shiba Inu notably rest on the success of this important milestone.