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Most signs indicate SHIBA could be one of the most successful coins in the future. A coin less than two years old is already in the top 20 list of the biggest cryptocurrencies.
This is happening despite the coin being less than a penny in price. Accelerated innovation and coin-burning strategies are some of the current actions that could help propel SHIBA higher.
What is SHIBA Coin?
Shiba token is a decentralized cryptocurrency that was introduced in 2020 to function as a peer-to-peer currency.
Its name mimics that of the famous Japanese Dog Shiba Inu and the coin has heavily borrowed from its peer DOGECOIN.
These types of Cryptocurrencies are known as meme coins that were initially meant to act as fun coins. However, as
cryptocurrencies evolve, they are finding real-life uses.
One of the key success drivers for SHIBA is its price. Its low pricing ensures that a majority of investors can afford it. This helps increase demand that keeps the coin’s price rising.
The low price also ensures there is room for future growth before the coins become unaffordable to the majority of people. This can be seen in some mainstream cryptos such as Bitcoin whose price exceeds $50,000.
The low price has some analysts predicting SHIBA could grow by up to 100 times in the future. Looking at the total SHIBA investors, the list is still below 1 million in a world of over 7 Billion people.
As more people and governments embrace cryptocurrencies, their value will likely keep rising ensuring more future success.
SHIBA Token Burning Strategy
Shiba has a coin destruction strategy meant to ensure there is control in supply. This is an approach that aims to reduce coins in circulation to boost the price with increasing demand.
The strategy is already working as it was among the contributors to the recent jump in its price. The long-term goal is to make the coin deflationary and pull in more investors.
Coin burning is a concept that other cryptocurrencies are adopting as well. A key example is Ethereum.
SHIBA has recently joined a list of blockchain platforms offering Non-Fungible Token products. These are known as Shiboshis and are already attracting market interest.
NFT concept was introduced by Ethereum in 2015 and it is already revolutionizing the digital assets space such as art. Using the proof of Ownership concept, it is enabling traders to sell and buy digital assets. Traditionally, this was an impossible task due to the nature of these assets.
NFT is a genuine technology of the future and could go mainstream soon. Already, millions of dollars are changing hands daily.
The continued growth in the NFT front will be key in ensuring long-term success for the token.
These are some of the products and interventions that will guarantee SHIBA’s long-term success. The Crypto industry is still young but fast-growing.
Nobody can fully predict the future. However, the more adaptive and innovative a coin is, the higher the chances of future success. SHIBA token has just that.