Shiba Inu’s price has mostly remained stagnant this year with little to no spurts in the charts. Its price is currently hovering around the $0.000012 mark and has been trading sideways for four months. The last SHIB rallied was on the heels of Trump’s inauguration, his election win, and the Bitcoin halving event. Apart from these three events, the dog-themed token has not delivered the desired results on its own.
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SHIB has mostly piggybacked itself from other leading financial developments offering no confidence and upward trajectory of its own. Therefore, investors now consider SHIB a risky bet as its price is dependent on other market factors. It has slim chances of heading north on its own strength and this makes it a token that is doubtful. In this article, we will highlight the major takeaways you need to know before investing in Shiba Inu.
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Shiba Inu: 2 Takeaways to Consider Before Investing in SHIB
The first takeaway is to know SHIB’s circulating supply and how it affects its price in the long run. Before investing in Shiba Inu, know that the token has a circulating supply of 547 trillion coins. This means that it would never be scarce and anyone can accumulate the token and still have trillions in circulation. If SHIB does not reduce its supply through burns, its price could remain stagnant not just for years, but even decades.
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The second takeaway is that SHIB burns are occurring every day with millions of tokens sent to the dead wallet. Read here to know how many Shiba Inu tokens have been burned and removed from circulation daily. Over the years or decades, if trillions of tokens are burned and sent to the dead wallet, SHIB has a good chance of dramatically surging in price. These two things define the future prospects of Shiba Inu and investors need to keep a close eye on them.
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