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SHIBA Inu coin (SHIB) recent price jump has made it very popular. Within a matter of days, its price jumped by over 300% making it among the top cryptocurrencies in the market.
Below are some of the important facts you need to understand about this coin,
- It is a meme coin whose name mimics that of a dog.
- Shiba has a current circulation of close to 400 trillion coins.
- Its pricing is so low that almost any interested investor can afford several of them.
- It is barely two-year-old.
Now that you have an idea of what Shiba is, let us review some of the attractive factors for the buyers;
Shiba is one of the most affordable cryptos in the market. Although the price correlates with the amount of coin supply in the market, it is still a motivator for investors to buy.
Rarely do you find cryptocurrencies valued at 0.00003? This right here is a winner. Low Shiba pricing makes it possible for you to acquire several coins without having to make a huge capital commitment.
This trend of penny coins is becoming the new trend as the mainstream cryptos become unaffordable to the majority.
One advantage of these penny coins is that they have a bigger room to grow over time. Although this is a gamble, there is a chance of making profits if the coins manage to hit higher figures.
Coin Supply reduction
Shiba creators have introduced a coin supply destruction strategy making it possible to reduce the number of circulating coins in the long term.
Reduction of supply helps increase the price as long as demand is available. Although this is a long-term strategy, most investors are buying these types of coins to speculate.
Some analysts argue that one of the factors that drove the recent price gain is the announcement that Shiba coins worth over $20,000 were burnt.
This approach is not unique to Shiba. Some cryptos such as Ethereum are also implementing coin burning with the hope that it will help create more value in the future.
Development of Innovative solutions
Shiba developers are at full speed working to introduce innovative blockchain solutions that are meant to give the coin more value.
Some of these include;
- Shiboshis NFT
This is a platform that supports various functions within the Shiba community. Through Shiba swap, you can do some functions such as;
- Staking your tokens
- Swapping tokens
- Trading NFTS
These are newly released Shiba NFTS. They represent the beginning of SHIB’s journey into the NFT world. NFT is the new concept of trading digital assets. This is enabled through the use of blockchain technology.
Through SHIBOSHIS, Shiba has joined a space currently dominated by a few players. This is a futuristic marketplace that is likely to get bigger in the future.
By offering such solutions, it is betting on growing its presence that will ultimately cause its price to grow.
This list represents some of the key factors that could drive Shiba’s price higher. Most of the coin buyers currently over 700 thousand are optimistic the value of the coin will continue growing in the long term.