Massive SHIB Burn Expected As Shiba Inu’s Metaverse Gathers Pace Following Huge Traction On Robinhood
Shiba Inu, the second-largest meme token with a market cap of $13.9 billion, had a 34% price increase just hours after it was listed. Since Monday’s launch, the coin has remained consistent in an uptrend that appears to have sped up this month.
Those that were able to get some Shiba Inu coins at approximately the $0.000022 support were rewarded with an upsurge. The “hodlers,” on the other hand, have been one of the most profitable groups.
HODL, which stands for “hold on for dear life,” is a term coined by cryptocurrency investors who refuse to sell their coins regardless of market fluctuations.
Diamond hands by SHIB hodlers paid off well, according to market analytics firm IntoTheBlock, with their purses increasing following the rise after the revelation that Robinhood had listed Shiba Inu.
“Diamond Hands win $SHIB Hodlers remain unfazed and accumulated during the past weeks and it’s paying off with Robinhood announcement. Addresses holding SHIB >1yr increased their balance by 57% in just 30 days – They now hold 2.82% of the supply”
SHIB’s transaction volume has increased by 536% in the last 24 hours, owing to a flood of liquidity streaming into Robinhood and other large exchanges to buy the coin.
Following the launch, Shiba Inu’s team announced the introduction of the Metaverse (BID EVENT), inviting anyone with $LEASH or Shiboshi in their wallets to begin bidding on the metaverse’s 36,431 plots.
According to Shiba Inu Discord moderator SHIBQueenie, the upcoming Shib burn program under ShibaSwap 2.0, as well as additional channels for burning tokens such as community burns and other burn programs, hundreds of trillions of SHIB tokens might be destroyed “in a bad year.”
The coin reduction is projected to help double the value of the remaining coins, causing SHIB’s price to skyrocket.
On the other hand, Shiba Inu ran into a massive supply wall on Wednesday, pushing the coin into a sideways squeeze that lasted until the middle of the day.
However, this does not appear to have deterred buyers, who are still banding together in the hopes that a breach and closing above $0.00003 will pave the way for higher moves. SHIB is currently trading at $0.000025.
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