The Shiba Inu team continues its token burn strategy, which aims to potentially increase the token price by reducing the circulating supply. Recent market conditions have caused a decline in the price of SHIB, but it is thought that future improvements to the Shibarium network may signal a recovery. Advances in the Shiba Inu ecosystem, specifically the Shibarium blockchain, may impact the token's performance.
The team behind Shiba Inu sends tokens to an inaccessible address to maintain the token burning mechanism. Approximately 380 million SHIB tokens were destroyed in 178 transactions over the past month; In particular, over 70 million tokens were burned on July 11 and 60 million tokens were burned on July 22. While these figures are notable, its value in USD remains relatively low, as it is down 58.5% compared to June's token burn figures.
The basic economic principle affecting the price of SHIB is the relationship of supply and demand. The team expects to see a price increase if demand remains stable or increases because they are constantly reducing the token supply by burning it. This controlled approach can yield positive results for SHIB investors.
While current market conditions are challenging, SHIB is trading down 4% on the day and is trading at around $0.00001583 according to CoinGecko. This decline parallels the overall market pullback; Bitcoin briefly dropped below $64,000 and Ethereum dropped to $3,100.
However, there are also positive signals for SHIB. For example, the Relative Strength Index (RSI) is currently at around 30, indicating that the token is oversold and a correction can be expected. Additionally, continuous developments and improvements in the Shibarium network, Shiba Inu's layer-2 blockchain solution, point to a promising future. Shibarium has made significant progress recently, processing 6 million blocks.
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