Is Booming Trust on Binance Skyrocketing the Shiba Inu Price?

Binance Skyrocketing the Shiba Inu Price: The meme coin surged in tandem with the broader market

Shiba Inu or SHIB's calm price action stands in stark contrast to that seen over the past two sessions. SHIB/USD slumped as low at the $0.00000840s on Monday, as worries about Binance solvency weighed across the crypto space. The cryptocurrency surged in tandem with the broader market in wake of Tuesday's softer-than-expected US inflation figures, which have eased fears about how aggressively the Fed will continue to tighten financial conditions in the coming months, according to crypto news. Is booming trust on binance skyrocketing the Shiba Inu price?

All told, SHIB has seen a round trip of around 11% from Monday's lows to Tuesday's highs in the $0.00000930s. However, longer-term price predictions remain pessimistic, with SHIB's technicals not looking great. Between now and the end of 2022, Shiba Inu could hit the $0.0001 mark and lose another zero after the decimal. In October 2021 it ate one more zero. The trigger to such a rally between now and the end of 2022 would likely be broader market price action.

If the market is bullish in 2022, then SHIB eating one more zero is possible. That's because the hype around SHIB at the moment is quite strong, as is evident in its price action in October and early November. With so many people expecting SHIB to rally, FOMO could see it gain by a couple of thousand percent next year.

In 2023, Shiba Inu's price action will largely depend on the market's performance in 2022. If the market is bullish in 2022, then some of that momentum could spill over into SHIB going into 2023. However, if the market is lackluster in 2022, the Shiba Inu could enter a corrective phase in 2023.

Shiba Inu (SHIB) – The Dogecoin Killer

Shiba Inu (SHIB) is a meme coin that almost everybody knows how it skyrocketed last year and gave massive returns to its holders. SHIB is an ETH-based token launched in competition with Dogecoin (DOGE), the pioneer of dog-themed coins. It has a strong community which kept the project alive even when the market was red.

SHIB is currently consolidating at a fair price. Shina Inu (SHIB) gained fame because of Elon Musk and other famous personalities who are fans of dog-themed tokens. To increase its use case, SHIB is moving towards creating a metaverse platform while using dog NFTs and other utilities. It currently ranks in the top 20 tokens, according to CMC. SHIB has a circulating supply of over 500 Trillion and a market cap of over $5B.

Shiba Inu is More Bark than Bite?

In the world of cryptocurrencies, however, Shiba Inu really has no competitive edge. Being a network that is compatible with Ethereum doesn't necessarily make people want to own and use the SHIB token.

With no true competitive advantages in the crypto world, coupled with falling interest from the crypto community, it's hardly a surprise that SHIB's price has crashed 90% since its all-time high, set in October 2021. Investors might be tempted to buy in with the hope that the price could bounce back higher, but this is akin to gambling, as opposed to real investing.

Will Shiba Inu burn its way to $0.1?

If Shiba Inu today sent 589 trillion tokens to the burn address, the SHIB price would be $0.1. Vitalik Buterin already sent 410 trillion SHIB tokens to the burn address in a single transaction in 2021. Could the same thing happen again? Could Shiba Inu burn its way to $0.1?

Not likely. Those 589 trillion tokens are in the hands of more than 1.2 million Shiba Inu holders. And they're not burning a lot of them. In November, just 661 million SHIB tokens were burned at a dollar value around $6,000.

It's a drop in the ocean. Shiba Burn Tracker says we'd be waiting at least 67,000 years for Shiba Inu to be worth $0.1 by token burning alone.