Shiba Inu Coin To Sent Back 100 Trillion SHIB Token and Price will hit $0.1
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The developers of Shiba Inu coin have sent back some of the coin’s supply from circulation as they try to restore some of the excitement that sent prices soaring earlier this year. What if the Shiba Inu coin sent back 100 trillion SHIB tokens? We will discuss the possibilities and the effects of this sent back in a short while.
According to FXEmpire, the price of Shiba Inu rose nearly 20% earlier this month after the developers announced a coin burn, a move in which a coin holder sends a portion of their assets to a wallet that no one can access.
This tactic effectively destroys the coins and reduces the total supply of a cryptocurrency, and it can be used to control inflation and boost enthusiasm among investors, FXEmpire added.
FXEmpire stated while explaining the price fluctuation of altcoins that excitement is everything in the world of altcoins, which have little inherent value and trade primarily on hype. The developers and holders of these coins are constantly using social media for attention.
As per FXEmpire experts, some of the Shiba Inu community have turned to celebrity and influencer endorsements to attract new investors. Unfortunately, the line between good-faith marketing efforts and pump-and-dump tactics is often thin, and many altcoins are outright scams.
In the crypto space, specific methods play a vital role in increasing the coin price, as per FastCompany analysis. For example, social media hype, use of internet influencers, celebrities’ interventions, listing on major crypto exchanges, and at last but not the least is the coin sent back.
Shiba Inu coin has glorious historical data of coin sent back starting from Vitalik Buterin. According to EtherScan.io, which keeps track of Ethereum transactions, Buterin sent back 410 trillion Shiba Inu Coin on May 16, 2021, to an inaccessible wallet worth $7,billion at the time of transfer.
Buterin paid 0.0077269 Ether worth $23.08 as a transaction fee for this sent back. That fee was deducted from Buterin wallet containing Shiba Inu Coin, according to Ethersacn data. NewsWeek highlighted this transaction fee and proved it as a Plus for Shiba Inu Coin. They reported that less transaction fee is one of the factors for the increasing popularity of Shiba Inu Coin. As for 410 trillion Shiba Inu Coin, only a $23 transaction fee was charged, which is a considerably low cost.
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