Everywhere you turn on the internet, there is some news of some particular cryptocurrency and its potential growth. Shiba Inu is one of the many digital coins that have taken the interest of many crypto enthusiasts in recent days.
Shiba Inu, or rather SHIB token, came into existence in 2020 and was created by an unknown individual whose pseudonym is “Ryoshi.”
Crypto enthusiasts have nick-named this coin the “Dogecoin Killer” since it is modeled after the named coin and is quickly surpassing Doge in popularity. Despite its popularity, the big question now is if this coin can still make a good investment?
Seasoned investors think it can and are already lining up the coin in their portfolios. Just the other day, some two brothers living in Westchester, New York, became instant millionaires while on the verge of becoming jobless.
These two, Tommy and James, each invested $200 in February, following advice from a “crypto expert.” It could have been just luck on their part, but something has happened that might push the price of this coin up even further.
Vitalik Buterin Burning Tokens
A few days ago, Vitalik Buterin, creator of the Ethereum network, is said to have burned about 40 percent of Shiba Inu tokens. Ideally, he reduced the supply of this token by 40 percent by sending them to a useless and unusable wallet.
These are coins that are forever lost and cut out from circulation. Reducing these token by such a huge number will create a shortage and increase demand. The price of the Shiba Inu token went up immediately after the news came out. With the coin in demand and supply shrinking, its price is bound to keep going up in the next few weeks before it stabilizes.
The Dogecoin factor
Since this coin draws its inspiration from Dogecoin that is already making significant steps, it is also bound to follow the same path.
With such an enthusiastic and extensive online community promoting it on various social media pages like Twitter and Reddit, it is bound to bring good returns for those that will place their bets on this token.
Disclaimer: This article is not trading advice. TheDechained holds no liability for investments made on the basis of this information. We recommend independent research before making a decision to invest.