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Shiba Inu Coin losing zero has become a key indicator of its success. Since its launch in 2020, the coin has been losing zeros regularly.
The last time the Shiba coin lost a zero is during the rally three months ago. In this rally, the coin recorded 5 times gain within 1 week.
Since then, it has been on a selling trend losing about 60% of its value. Currently, the Shiba coin is trading at the $0.000030 price down from its peak of 0.000088.
For it to lose a zero, it needs to rally over 350% from its current price. Several factors could enable the coin to do this within the year. These include;
Shiba Coin Burning
Burning is the process of removing coins from circulation. It results in the reduction of supply helping boost the price. This strategy is in use by many coins including Shiba.
Coin burning started immediately after its launch when over 41% of Shiba coins were put in a dead wallet and taken out of circulation. This number represents over 400 trillion out of the total launch supply of 1 quadrillion.
There had been calls for acceleration in the burning process to give the coin value faster. Although a huge number of coins have already been burnt, there remain over 560 trillion coins in circulation.
In comparison to other coins, this is a huge amount of supply explaining why the price of Shiba remains below a penny.
Acceleration of burning is necessary to help it drop a zero. With less supply, there will be a higher price growth.
Shiba Metaverse Games
The announcement that the network is venturing into the metaverse industry was a great boost for the coin. Most analysts believe its successful implementation will be key in helping it lose a zero this year.
Metaverse refers to the bridging of the gap between the physical and virtual space. Shiba plans to do this through the creation of Shiboshi games that will be based on the already existing Shiboshis Non-fungible tokens.
Shiboshis NFTS is a group of 10,000 NFT images that were launched last year and are already trading in the NFT marketplace.
With this project planned to go live this year, it will play a key role in Shiba’s growth that could lead the coin to drop a zero.
Growth in the Number of Investors.
Recently, Shiba achieved a major milestone after getting to the 1 million investors threshold. An achievement that only a few coins have.
Investors bring with them demand that is key in growing the price. As the number increases, the coin will keep rising in value helping in the goal to drop a zero.
The coin has achieved this milestone despite being in the market for less than 2 years.
Conclusion on Shiba Inu Coin Losing Zero
The combination of these factors is key in achieving this goal. Successful completion and implementation of the ongoing developments will increase the chances of dropping a zero this year.
From the past price movements, the 350% price gain is a possibility in the next rally with predictions pointing to it happening soon.