KEY POINTS

  • Shiba Inu was trading at $0.00002211 as of 8:20 a.m. ET on March 17
  • Investors hopeful SHIB's price could shoot up after recent bearishness
  • The SHIB community is applying many tools to reduce the meme coin's supply

The price of the popular dog-themed meme coin Shiba Inu had plummeted after it reached an all-time high of $0.00007957 last October. However, some investors and industry watchers remain optimistic that Shiba Inu's price will soon skyrocket as burning picks up pace and a new burning mechanism is anticipated to become available very soon.

The Shiba Inu community burned more than 742 million tokens overnight with Shibburn, a platform that monitors burned tokens statistics, reporting 10 transactions that pulled out 742, 702,200 SHIB from circulation. 

Between August 2020 and March 17, 2022, Shibburn said more than 410,305,248,213,400 SHIB tokens were burned from the initial supply. The platform calculates burns using three special addresses, a couple of dead wallets which have no obtainable keys and tokens sent to the Genesis address to lower the supply. 

Shiba Inu -crypto Shiba Inu token. Photo: Shiba Inu -Twitter

Apart from this activity, the highly anticipated ShibaSwap 2.0 will reportedly have a feature that will allow SHIB tokens to be burned on the platform. ShibaSwap is the upcoming new version of the dog-themed meme coin's own decentralized cryptocurrency exchange. 

This new feature could be the long-awaited solid burning mechanism and strategy for the token. At present, there are around 549.1 trillion SHIB in circulation and reducing this supply through burning could increase the value of the remaining coins. 

The Shiba Inu team has not yet revealed the definitive release date of the ShibSwap 2.0 although it is believed to roll out sometime in the first half of this year. While the details of this new burn feature are known, its very existence could attract renewed interest in SHIB. 

Higher interest usually leads to price going up, but it is worth noting that burning cryptocurrency is not the only option to help boost the price of a token. 

In the case of Shiba Inu, it has a wide range of ideas in the works that could help skyrocket SHIB's value. These include the increasing list of real-world businesses adopting Shiba Inu as an accepted payment alternative. Holding and staking the dog-themed meme coin could also help the crypto climb back into the reckoning.

Shiba Inu was trading down 2.43% at $0.00002211 with a 24-hour market volume of $581,879,974 as of 8:20 a.m. ET on March 17, as per CoinMarketCap's data.