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In the last few weeks, the price of the Shiba Inu coin has been dipping making the coin lose over 50% from its peak price.
Commonly known as the Dogecoin Killer, Shiba Inu burst into fame recently after a price rally that made it among the 10 biggest cryptocurrencies in the market. A huge achievement for a coin that didn’t exist barely a year ago.
Since this rise, the coin has become a darling of investors. A group of coin supporters known as SHIBARMY has emerged and is in the front line supporting it.
1 Million Shiba Coin Investors Threshold
This is the magic number the Shiba community has been celebrating in the last few days. One million represents the new number of Shiba coin investors.
Most analysts consider this a huge win that could be critical in driving the next Shiba rally. Although it came as surprise to some, it was inevitable considering the amount of interest the coin has been attracting recently.
This huge number of investors bring with them demand that could potentially shift the downward trend currently in play to a bullish trend.
With the coin currently at a support zone, an increase in demand is likely to cause a reversal that could have the coin rallying by up to 100%. This equals doubling your wealth. If you think that a 100% rally is big, kindly note that in the last rally, the Shiba coin price rose over 500% within a week.
Increase in the Number of Shiba Inu Utilities
Utilities are the products that help in giving the coin value. Shiba has been keen to introduce some in the market such as non-fungible tokens commonly known as Shiboshis. There are also rumors of a possible gaming capability launch on the network soon as announced by the famous Shiba supporter on Twitter.
Traditionally, this individual has been known to make announcements regarding the coin that turns out true.
These utilities will help grow the coin’s demand. A good example is the NFT tokens that were all taken up soon after release.
Shiba is also growing the list of partners to make the coin transactional. Among the leaders is AMC entertainment that is working to have SHIB acceptable for transactions.
Such partnerships are essential in taking the coin mainstream and helping grow its demand.
Shiba Coin Burning Strategy
The network is accelerating coin burning as a strategy to boost its price. Coin burning has become a key undertaking in the industry to ensure a token gains value in the long term.
Currently, there are at least 500 Shiba coins in circulation after over 40% of the rest were placed in a dead wallet.
These activities will most likely help in reversing the current price fall in the market. As an investor, this presents the right opportunity to buy the dip and wait for the returns.
Normally, markets fall and rise depending on who is in control. Either the buyers or the sellers. Currently, the sellers have been in control but the situation is about to change in favor of buyers.
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