What's new in the ecosystem: Shytoshi talks about plans with Shiboshis! You can't miss it! I'll explain it to you below!!
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What are we going to talk about in today's SHIBA video?
CHAPTERS:
0:00 Introduction Shiba Inu.
1:05 Let's comment on the news that focuses on Shiba Inu holders' expectations of a significant increase in the price of the token.
2:56 To further increase the price of Shiba, more significant burns, and the development of additional use cases are needed to attract more investors and large holders to this token.
5:59 I know I'm missing a couple of these projects, the hoodies, the chess sets, the stuffed animals sold to the Shiba Inu community.
6:41 To conclude, the native token of the former cryptocurrency exchange platform FTX, has seen a significant 35% increase in the last 24 hours.
7:58 Conclusions Shiba Inu.
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What's new in the ecosystem: Shytoshi talks about plans with Shiboshis!
Without a doubt, this is a good time for the expansion of the Shiba Inu coin ecosystem, I know people love to diversify their assets, and you can do so beyond your wildest dreams within the ecosystem. To top it off, there is a new feature being promoted by Shytoshi and Lucy. I'm not going to speculate anything, but let's go over an article in this video on what you can do to create new Shiboshis, if that sounds like something you're interested in, let's get started.
Let's comment on the news that focuses on Shiba Inu holders' expectations of a significant increase in the price of the token, specifically targeting the 10000 point price level. However, reaching this milestone faces challenges considering the circulating supply of Shiba and other crucial factors.
Initially launched as a meme token without a substantial use case, Shiba Inu developers have been working on creating use cases for the token through various projects within its ecosystem. In addition, Shiba has been integrated as a payment method in several prominent businesses, which has increased its adoption and attracted investor interest.
However, these efforts have yet to propel the cryptocurrency's price to a new all-time high.
To reach the desired price target of 10000 points, Shiba would have to remove two zeros from its current price of 760 points, which would require an increase of up to 1300%. This rise would require a significant inflow of funds, or a considerable amount of token burns, which seems highly unlikely.
A key factor hindering Shiba's price rise is its hyper-inflated token supply. With a circulating supply of approximately 579 trillion tokens, Shiba's market capitalization would skyrocket to $57 billion, if it were to reach a price of 10000 points.
The Shiba community believes that token burns could help boost Shiba's value. By reducing the circulating supply, the burns would reduce the funds or investments needed to bring Shiba to the desired price level.
Currently, the community has burned approximately 410 billion tokens, but this is not enough to boost the price of Shiba for now. It is important to note that Ethereum creator Vitalik Buterin was responsible for most of the burns, destroying 410 billion tokens in a single transaction.
To further increase the price of Shiba, more significant burns, and the development of additional use cases are needed to attract more investors and large holders to this token. The Shiba team and community have shown incredible dedication to the project.
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