To increase the price of the Shiba Inu, the project team is working with the Shiba community known as SHIBArmy to reduce the overall supply. However, despite about 259 billion SHIB being burned, the price of the meme token is still a long way from $0.10. Soon we can see many different methods being applied…
Strategy change is at hand in Shiba Inu “token burn” studies
Surprisingly, some experts consider the current insufficient to reduce the total supply of SHIB by one quadrillion. Will Ashworth, a well-known investment writer, recommended that the Shiba team develop a crypto version of the reverse split stock to increase the value of the token. According to Ashworth, the reverse split approach will reduce the total supply of the Shiba Inu by more than 50%. In other words, 1,000 SHIB in your wallet will turn into 100 SHIB of the same value, and indirectly there will be a massive reduction in supply.
Instead of continuing to buy SHIBs at lower prices, Ashworth suggested that the Shiba Inu team concentrate the current 1 quadrillion SHIBs into fewer, more valuable units. The project team may choose a tenth (1:10) reverse split, in which one unit of the new SHIB replaces ten units of the old Shiba Inu token. If accomplished, the move will significantly reduce the overall supply of SHIB.
Need community help to burn supply
It is worth noting that SHIBArmy is committed to increasing the value of SHIB, even as they continue to support efforts to restrict Shiba Inu token production. Bigger Entertainment, a popular Shiba Inu supporter, has been at the forefront of SHIB burning programs, burning more than 10 billion SHIBs through its own burning program. Bigger Entertainment was inviting SHIBArmy members to purchase tickets to certain events to participate in the SHIB burning campaign.
Alright everyone, the SHIB BURN Spotify playlist is ready. More stores coming today/this week. Visit https://t.co/Xm7tZmRNUz for details. We’ve increased the burn rate to 20 SHIB / STREAM for now to make a bigger impact. Burn rates will decrease slightly as #shib goes up.
— Steven Cooper (@iamstevencooper) October 20, 2021
The experiment aroused the interest of the Shiba community, resulting in billions of SHIBs being transferred to wallets. Unfortunately, each time the burn was announced, it affected the SHIB price at an uncharted rate. cryptocoin.com As we reported, last Monday Bigger Entertainment announced that it will no longer burn SHIB through the sale of concert tickets. The company has promised to develop a new SHIB incineration strategy in the near future. With Bigger Entertainment halting SHIB’s burning program, the Shiba Inu team devise new tactics to reduce SHIB’s overall supply. Thanks to Shiba Inu’s decision to take on the crypto version of the reverse stock split and Shiba Inu’s commitment to creating a decentralized environment, hopes of pushing the SHIB token above $0.10 are kept alive.
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