Shiba Inu (SHIB) Market Outlook: A Bullish Q1 Finale in Sight? – Blockonomi

On February 15, Shiba Inu (SHIB) attempted to rally but was unable to maintain its upward trajectory, experiencing a decline shortly thereafter.

SHIB’s Price Movement within a Corrective Framework

How to buy SHIB?

A competitive market

SHIB gets burned

Shiba Inu (SHIB) incorporates a token burning mechanism as part of its ecosystem strategy to reduce the total supply in circulation, potentially increasing scarcity and value over time. Token burning involves permanently removing a certain quantity of tokens from circulation by sending them to a “dead” wallet address from which they can never be retrieved.

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This process is sometimes initiated by the developers or through community-led initiatives, such as using a portion of transaction fees or specific smart contract functions designed for burning. By decreasing the supply, the SHIB project aims to create a deflationary pressure, which, in theory, could enhance the token’s value if demand remains constant or increases. The SHIB community actively tracks these burn events, which are seen as a commitment to the token’s long-term viability and price stability.

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Author: Oliver Dale

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