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SHIBA is by now probably one of the most successful cryptocurrencies in the market. At only one year, it has already made it to the top 10 biggest cryptocurrencies by market value. Surpassing thousands of its peers that have been in the market longer.
The below price chart from CoinDesk shows Shiba’s price movement this month alone. It is clear the coin is (heading to the moon)
Within a matter of days, the price has doubled and the momentum seems to continue.
Currently, Shiba is trading at an average of $0.00005. This is a 50 % gain in one week alone. With this momentum, predictions indicate the $0.00006 could soon fall as the coin continues to conquer the market.
Shiba belongs to a group of coins valued below a penny. The reason for this is because they have huge supply volumes amounting to trillions of coins.
Due to this amount of supply, any small price change causes a huge rise in the market valuations. Let us dig into some of the factors that are driving the price to $0.00006.
A whale is a market term that refers to big traders whose transactions have the possibility of influencing the price. There has been increasing buying of SHIBA by whales recently. This is causing an increase in demand helping drive the price.
This buying momentum is a key driver in the price gain. Without any corresponding whale sale, the price can only keep going higher soon.
Any further increase in demand will likely make the coin hit the $0.00006 market value. This could happen as soon as tomorrow depending on the market activity.
Removal of Coin from the Market
This is another strategy that targets reducing coins supply to boost the price. Shiba is implementing coin burning to ensure it is deflationary in the long run.
Although not a lot of coins are being destroyed, just the act itself has enough weight to influence the market. Since Shiba announced this development, the coin has been on consistent price growth.
The majority of the investors though believe the burning of coins should be accelerated to make the coin gain faster.
Any announcement of coin burns triggers an increase in buyer’s strength.
Introduction of the Shiba swap platform and Shiboshis NFT
This is the latest platform and product the Shiba network has introduced. The ShibaSwap platform supports its products such as SHIB, LEASH, and BONE.
Through the platform, you can perform actions such and swapping and staking. It also allows trading on the shiboshis NFT tokens.
The Shiboshis represents the entry of Shiba in the NFT market. It plans to launch at least 10,000 shiboshis of which the first batch has already been fully taken up.
This value addition will only result in boosting Its price going forward.
Shiba is positioning itself as a competitive and valuable token. This is making it attractive hence attracting more investors who trust in its capability to offer better value in the future.
With all these actions, the realization of a $0.00006 SHIB remains a possibility.