Demand on the Rise
Like any other cryptocurrency, Shiba Inu’s price depends on the balance between demand and supply. When more people want to buy SHIB than sell it, the price goes up.
Over the past 24 hours, trading volume has jumped over 33% to $2.1 billion. Plus, more traders are getting interested in SHIB, as seen by the increase in open interest. If demand keeps rising and sellers run out of coins, it could push the price above $0.0001.
Burning Away
Another factor helping SHIB’s price is the community’s effort to burn tokens. By removing SHIB from circulation, the supply decreases, making each remaining coin more valuable.
The Shiba Inu team and the community are actively burning tokens. The team’s latest burn of 40 ETH is worth over $100,000. In the past day alone, over 15 million SHIB has been burned, leading to a huge increase in the burn rate.
Crypto Market Boost
When the overall crypto market is on the rise, coins like Shiba Inu with strong communities tend to do well. If Bitcoin keeps climbing and takes the rest of the market with it, SHIB could easily reach $0.0001.
