The Shiba Inu [SHIB] ecosystem has been in a major price slump over the last couple of months. With several assets hitting an all-time high, SHIB stood on the sidelines. But the meme coin has the potential to jump back up. While some believe network updates can push the price of SHIB, a few others have their bets on SHIB’s burn mechanism.
The Shiba Inu market had a major shake-up back in 2021. Co-founder of Ethereum Vitalik Buterin sent 410 trillion SHIB tokens to a dead wallet in May of that year. Around 41% of Shiba Inu’s total supply was made up of these tokens. The burn pushed SHIB to an all-time high of $0.00008845 ATH in October 2021 as the asset was already experiencing an upswing. At press time, SHIB is trading at $0.00001382 with a 10% dip over the last 24 hours. The meme coin is currently 84% below its all-time high.
( Source:watchers )
