Shiba Inu (SHIB-USD) has a new catalyst giving investors reason to be bullish. Specifically, the pupcoin protocol is continuing to beef up its fundamental value this week, leaning further into token burning. This news appeases investors who believe SHIB is held back by its massive supply. It’s also doing well to increase interest in Shiba Inu price predictions.
The Shiba Inu crypto ecosystem has been hustling hard over the last year. Since becoming a premier speculative pupcoin, the token’s developers have implemented a ShibaSwap dex, or decentralized exchange. They have also introduced two more tokens to supplement the ecosystem — a governance token called Bone (BONE-USD) and a rebase token Leash (LEASH-USD). The latter has since been severed from its price adjustment algorithm and exists as a store-of-value investment.
In particular, over the last six months, the Shiba Inu team has made big promises. For instance, the Shibarium layer-2 will create Shiba Inu’s very own chain on which to record transaction data. But perhaps most notable of all is the incoming Shiba Inu metaverse — the Shiberse — which will allow users to play to earn passive income. The SHIB team has inked a partnership with Australian game developer Playside Studios to assist with the project.
Still, while these new tokens and products are beefing up the use cases for SHIB, many investors remain disappointed with the massive supply of tokens. Indeed, there are hundreds of trillions of SHIB in circulation, even after nearly half of the total supply was burned. These investors want more — and they’re getting it now.
In recent months, there have been a number of community SHIB burn projects. Shiba Inu holders are getting creative with how they send tokens to the network’s permanent burn address. A Shiba Inu coffee company cropped up, for instance, burning SHIB with each purchase. Another user made a playlist which burns SHIB as you listen to it.
These methods are creative ways to reduce the total supply. However, they still aren’t nearly as effective as the developers themselves implementing their own burn projects. Luckily for investors, though, that’s happening now, creating a rising interest in Shiba Inu price predictions.
Shiba Inu Price Predictions Rise as SHIB Burns Ramp Up
Yesterday, Shiba Inu announced an official partnership with NOWPayments, which will assist in a controlled SHIB coin burn. NOWPayments is a company that seeks to help merchants seamlessly accept crypto payments. Through the partnership, NOWPayments will help merchants with Shiba Inu payment acceptance. More importantly, these merchants will be able to dedicate portions of sales to token burning, allowing retailers and webstore owners alike to contribute to supply reduction.
This news is bringing a fair bit of interest to SHIB. In the past 24 hours, trading volume of the token is up 30%. This buyer influx is also helping to lift the token by about 1%, bringing prices to $0.000024. Can Shiba Inu use this partnership as leverage for future gains? Let’s take a look at some Shiba Inu price predictions and see what analysts think:
- CoinPriceForecast sees a price doubling for Shiba Inu this year. The site expects the token to grow to $0.000041 by the end of 2022.
- DigitalCoin is not as bullish, however. Its SHIB forecast expects the token to close out the year at $0.000032.
- Meanwhile, WalletInvestor thinks SHIB will make significant gains in the next 12 months. Its $0.0000517 price prediction implies a 100% gain by March 2023.
- Gov Capital is the most bullish of the bunch currently. The outlet expects Shiba Inu to drop a zero by March of next year, growing to $0.00011.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.