2021-8-9 17:10 |
The Shiba Inu SHIB/USD coin has seen an increase in value from the project’s very own developers, as they started a two-pronged strategy, where they added new pairs on decentralized exchange (DEX) ShibaSwap as well as a coin burn.
In other words, this expansion led to a coin burn of two major coins, the Shiba Inu (SHIB) and Leash (LEASH). This resulted in two new ETH trading pools on ShibaSwap, the Perlin (PERL-ETH) pool, and the Ryoshi (RYO-ETH) pool.
The addition of these new pools resulted in a USD $25,000-coin burn for SHIB, and USD $25,000-coin burn for LEASH tokens.
When we look at data from the official Shiba Inu website, we can see that Leash has a total supply of 107,646 tokens. Shiba Inu by comparison started with a supply of 1 quadrillion but the team gifted 50% of that supply to Vitalik Buterin, Ethereum’s co-founder. Who burned most of that in a dead wallet while he donated the rest to charity.
The burn leads to heightened scarcity, and an increased value in each token’s value, so should you buy Shiba Inu (SHIB)?
Should you buy Shiba Inu (SHIB)?The value of Shiba Inu (SHIB) was $0.00000764 on August 9.
The coin’s all-time high was $0.00003791 on May 10. This gives us a perspective as to how high the token has the potential of climbing. This means that the value of the token in May 10 was around 400% higher than it was on August 9.
To get a bigger perspective on the value of the token, we will analyze its performance in July to see how it grew and fell in value throughout that span.
On July 6, the value of SHIB went as high as $0.00000922. It fell to as low as $0.00000582 on July 20. This gives us a clear perspective about the recent growth of the token. This indicated a difference of 37% in value throughout the span of the month.
According to data from IntoTheBlock, the SHIB coin experienced $253.63 million in transactions greater than $100,000 within the span of the last 7 days.
With all of that in mind, it is expected that as a result of this coin burn, the SHIB token’s value has the potential of climbing to a 30% increased value of $0.00000994 by the end of August. This makes it a worthwhile purchase.
The future development of the Shiba Inu coin (SHIB) looks bright, and only time will show us how far in value it can climb in the near future.
The post Is SHIB worth buying after the coin burn got delivered by developers? appeared first on Invezz.
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