Shiba Inu’s price is not recovering in the charts as the token is not dependent on burns, but is overly dependent on them. SHIB has too much reliance on sending the tokens to the dead wallet, and the dependency has stalled its growth.
For the uninformed, Shiba Inu has over 589 trillion tokens in circulation. There are so many tokens, and removing them from circulation seems to be a herculean task. Shibarium was tasked to do the job, but it is clearly failing in executing its core mission.
The activity on the Shibarium network is on a decline after the $4.1 million hack in September. While the issue is resolved, the malicious act has caused a dent in its reputation. It opened up vulnerabilities and loopholes in the layer-2 network, exposing its incompetence. All of these also played a role in dampening Shiba Inu’s price in the charts.
Also Read: Shiba Inu Prediction: Zoom Out, This SHIB Dip Looks Too Good to Ignore
Burning Shiba Inu Tokens Now Impossible
There is no other project that can be bigger than Shibarium to burn Shiba Inu tokens. Almost all projects from the SHIB ecosystem have already been launched and are successfully running. It includes card games, Welly’s burger joint, and John Richmond clothing line, among others.
The SHIB Metaverse is yet to be fully released, but the metaverse concept is already in the ICU, struggling for oxygen. Even Facebook’s parent company, Meta, lost billions from investing in the concept, and Mark Zuckerberg had to fire a big part of the workforce. Even if the Shiba Inu’s project is launched tomorrow, the concept will find very few takers.
All cards seem to be stacked against Shiba Inu currently, and only a miracle can save the token. The market dynamics are against its growth, and overreliance on the burning mechanism would bring its price further down. Taking an entry position in SHIB is as good as forgetting your money for many years.