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One of the most significant catalysts for Shiba Inu’s ($SHIB
) incredible rally in 2021 was Vitalik Buterin’s massive token burn. The Ethereum$ETH
co-founder received half of SHIB’s supply upon launch. Buterin burnt 90% of the coins he received and donated the rest to charity. His actions led to a substantial drop in supply. SHIB’s demand was high, and the supply dip led to a drastic price spike.
There are still about 589 trillion SHIB tokens in circulation. The high circulating supply is a barrier to SHIB’s price. If the project can reduce its supply and increase demand, we may witness another 2021-like rally. The general market environment also needs to be bullish for SHIB to rally.
The team reportedly works on a new burn mechanism, rumored to burn trillions of tokens yearly. The team has yet to disclose the new burn mechanism’s launch date and inner workings.
#USUALSpotPrediction
) incredible rally in 2021 was Vitalik Buterin’s massive token burn. The Ethereum$ETH
co-founder received half of SHIB’s supply upon launch. Buterin burnt 90% of the coins he received and donated the rest to charity. His actions led to a substantial drop in supply. SHIB’s demand was high, and the supply dip led to a drastic price spike.
There are still about 589 trillion SHIB tokens in circulation. The high circulating supply is a barrier to SHIB’s price. If the project can reduce its supply and increase demand, we may witness another 2021-like rally. The general market environment also needs to be bullish for SHIB to rally.
The team reportedly works on a new burn mechanism, rumored to burn trillions of tokens yearly. The team has yet to disclose the new burn mechanism’s launch date and inner workings.
#USUALSpotPrediction
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