• Shiba Inu prices have dropped by more than 12% since the previous trading day and pierced through the crucial support at $0.00001
• Shytoshi Kusama, Shibaswap’s lead developer, recently confirmed that the Shibarium beta version will be released this week
• 111 trillion tokens could be burned every year if things happened as per the plan
Shiba INU Price May Undergo an Interesting Move-Could Possbily Rise Beyond $0.000017 Soon
Recent Market Conditions
Shiba Inu is breaking down, the prices have dropped by more than 12% since the previous trading day and pierced through the crucial support at $0.00001, validating the commencement of a fine bearish wave.
The Launch Of Shibarium On ShibaSwap
Shytoshi Kusama, Shibaswap’s lead developer, recently confirmed that the Shibarium beta version will be released this week. The SHIBArmy was overjoyed about the launch until the market unexpectedly collapsed. This drove the SHIB price lower, which has now plunged below the psychological level of $0.00001.
Burning Mechanism Of SHIB
If we consider the burning mechanism of SHIB, then 111 trillion tokens could be burned every year if things happened as per the plan. Further, with launch of Shibarium on ShibaSwap, there is possibility of burning another trillion tokens each year emerge. Considering that transaction fee for SHIB token burns on Shibaswap is 1%, nearly 3.7 trillion SHIB tokens may be burned each month and for a year it may reach more than 44 trillion tokens out of circulation . Moreover if 1% of fees gets stacked on Shibarium , burn rate may double up to 111 trillion tokens per year . This could push prices higher and slash couple of zeros from their value .
What’s Next?
The above chart displays formation of ‘Adam & Eve’ trend reversal pattern in daily chart which is one variety of double bottom pattern where first bottom is largest in trading volumes and second bottom is ‘u shaped’ protracted and unremarkable volume . With all these facts ,there are chances that SHIB price can flip current bearish trend and rise beyond $ 0.000017 soon .