![Shiba Inu Coin [256x256 - 24KB]](https://pic8.co/sh/X8sZpl.png){kind=link}
If it goes to a cent I’m gonna be buying a house with cash.
If it goes to a cent I’m gonna be buying a house with cash.
How high can Shiba Inu Coin go?
How high can Shiba Inu Coin go?
0.000089, apparently. What drives up the value of a meme token with an intentionally high quantity in circulation other than people collectively hoping it goes it?
0.000089, apparently. What drives up the value of a meme token with an intentionally high quantity in circulation other than people collectively hoping it goes it?
Couldn’t you say that about most crypto? Don’t get me wrong I do believe that it has zero ultimate value.
Couldn’t you say that about most crypto? Don’t get me wrong I do believe that it has zero ultimate value.
Now, I know just about nothing about crypto or its functionality nor will I pretend otherwise, but don't other coins at least have an artificial scarcity built in in order to feed the supply and demand dynamic? With Shiba, isn't there somewhere over quadrillions of them? If scarcity, imposed or natural, is not driving the price up, what else is there other than the meme/popularity, with the eventual punchline being to see who gets left holding the bag? How high can it go when the only reason I can see for it to go up is people asking that question and throwing money at it?
Now, I know just about nothing about crypto or its functionality nor will I pretend otherwise, but don't other coins at least have an artificial scarcity built in in order to feed the supply and demand dynamic? With Shiba, isn't there somewhere over quadrillions of them? If scarcity, imposed or natural, is not driving the price up, what else is there other than the meme/popularity, with the eventual punchline being to see who gets left holding the bag? How high can it go when the only reason I can see for it to go up is people asking that question and throwing money at it?
Vitalik Buterin was gifted a large amount of tokens and he wound up burning most of them saying he didn't want that much power. It was worth something like a billion at the time. Whereas if he sold them on the market, the price would have been crushed and it wouldn't be what it's doing now. The shiba contract also burns a % of the supply in a way I'm not sure of. Other things could be happening as well that I'm unaware of but the supply isn't as big as it appears to be and demand is really high for whatever reason. Liquidity is probably low as well which makes the price go up even harder.
And it's important to note that a large supply doesn't mean the price of a token won't appreciate a lot. Hex is up 350,000% even after a 60% dump and the supply inflates 3.69% a year now. It was hyper inflationary during year 1 and that's when it went up the most. Eth inflation is even higher than hex with no cap on the supply. Also, bitcoin inflated at a higher rate as well until the recent halving so big inflation and large supply isn't a bad thing.
Vitalik Buterin was gifted a large amount of tokens and he wound up burning most of them saying he didn't want that much power. It was worth something like a billion at the time. Whereas if he sold them on the market, the price would have been crushed and it wouldn't be what it's doing now. The shiba contract also burns a % of the supply in a way I'm not sure of. Other things could be happening as well that I'm unaware of but the supply isn't as big as it appears to be and demand is really high for whatever reason. Liquidity is probably low as well which makes the price go up even harder.
And it's important to note that a large supply doesn't mean the price of a token won't appreciate a lot. Hex is up 350,000% even after a 60% dump and the supply inflates 3.69% a year now. It was hyper inflationary during year 1 and that's when it went up the most. Eth inflation is even higher than hex with no cap on the supply. Also, bitcoin inflated at a higher rate as well until the recent halving so big inflation and large supply isn't a bad thing.
Agreed
Agreed
They have some program where they are burning tokens
They have some program where they are burning tokens
I'm not sure exactly how it works but Shiba has a deflationary mechanism and Vitalik burned a massive amount of the overall supply. And can't forget what fomo does to people. Demand is obviously high for whatever reason and the supply is reduced so that's all it takes in crypto to see life changing gains.
I'm not sure exactly how it works but Shiba has a deflationary mechanism and Vitalik burned a massive amount of the overall supply. And can't forget what fomo does to people. Demand is obviously high for whatever reason and the supply is reduced so that's all it takes in crypto to see life changing gains.
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