ShibBurn has opened new possibilities for the Shiba Inu cryptocurrency. In the highly volatile cryptocurrency market, the SHIBA Army has already started using the ShibBurn strategy to increase the price of cryptocurrencies by reducing the supply.
Shiba Inu used SHI as their own stable currency. Shiba Inu development is in full swing, with the goal of breaking the $1 mark in the near future. Let’s see how the Shiba Inu Army can use the SHI stablecoin to make this $1 project a success in the cryptocurrency market.
SHI is a custom Shiba Inu cryptocurrency stablecoin known to be an algorithmic stablecoin pegged at US$1.
The main goal of SHI is to be a global stablecoin that works on both Ethereum and Shibarium. SHI, along with ShibaSwap 2.0 and others, is one of Shiba Inu’s most popular products.
Today, we celebrate the anniversary of the record-setting crypto charitable donation that @VitalikButerin made in $SHIB. We are honored to be a part of such an impactful act of generosity. pic.twitter.com/StvKD8fRdf
— Shib (@Shibtoken) May 14, 2022
Crypto investors believe that by using all these different strategies, this cryptocurrency will never reach the $1 mark. The main reason is that the price of Shiba Inu is currently $0.000009939, with a market capitalization of US$5.46 billion and a volume of US$1.66 billion.
As a result, the price of a stablecoin will take longer to reach $1 than the current price of cryptocurrencies.
What will be the effect of SHI on the price of memecoin?
Shiba Inu ditched the memecoin to create SHI, its first stablecoin in the cryptocurrency market. It will also be used as a store of value and as a means of payment. Keeping SHI stable, it will be fixed at 0.01 USD.
ShibBurn’s strategies and increased cryptocurrency adoption should benefit Shiba Inu. However, for this cryptocurrency to reach the $1 benchmark, its yield must increase by around 5,000,000% from its current price as a stablecoin. Shiba Inu, meanwhile, has a total supply of 589.7 trillion. ShibBurn and SHI are owned by holders hoping for a price increase.
—PingDoohan (@PingDoohan) May 15, 2022
As a stablecoin, SHI will be one of the financial assets of the SHIBFE, or Shibarium financial ecosystem. SHI must fit into the decentralized Shiba Inu process and the Shibarium ecosystem.
However, it is still unclear if the stablecoin SHI will be able to push the price of the cryptocurrency to $1, but very clearly the chances are very low that it will succeed. On the other hand, it is necessary to note all the efforts of the developers of Shiba Inu to create a complete ecosystem to distinguish this crypto from its image of memecoin.