By The Shiba Inu community continues to introduce measures to strengthen the value of SHIB, popularly referred to as the Dogecoin killer. The memecoin, introduced in 2021, has a large following of investors and fanatics. They are pushing for the blockchain’s further development and the firming of SHIB value.
Today, we look at the recent SHIB burns and the possible integration of artificial intelligence (AI) on the blockchain. We will also present Shiba price predictions.
Shiba Inu Milestone: Over 80 Million Tokens Burned
On 18 November, the Shiba Inu burn rate increased by 60% within a few hours when over 80 million tokens were sent to a dead-end wallet. The driver for the increase in the number of burned Shiba tokens was the news that the blockchain may integrate artificial intelligence.
The anticipation for the introduction of AI followed a post by one of Shiba Inu developers on X. Shytoshi Kusama, the lead developer said, “Decentralized AI is like a symphony of minds working together, where each note contributes to the melody of innovation, no single conductor, just a harmonious collaboration.”
As if to confirm the news of the introduction of AI on the blockchain, Lucie, Shiba Inu market specialist posted the same message on her X profile as the screenshot shows.
Shiba Inu Hints on AI Integration – X.com
Coming back to the issue of the 80 million burned SHIB, 79,127,027 were sent to a dead-end wallet in a single transaction. There were also 4 other smaller transactions of about 2.5 million each. The following diagram shows the total amount of SHIB burned on 18 November.
Shiba Inu (SHIB) Burn Rate – ShibBurn.com
Nonetheless, the burning event did not lead to a remarkable price rise as its value remained stuck around $0.000008515. The next graph shows Shiba Inu price after the burning event.
Shiba Inu Price – Gate.io
As you note on the diagram of Gate.io, the Shiba price decreased between 19 and 23 November, a few days after the burning event. Some people had expected the Shiba price to rise since token burning reduced its circulating supply.
In this case, what the Shiba Inu lead developer, Shytoshi Kusama, said about token burning seemed true. He said that burning tokens does not automatically result in a price rise. Thus, according to him, the value of a token only increases through use and utility.
He also cited the activities of “fudders” as a factor that drives the price of a token down, even if a burning event has occurred. To this effect, he said, “the fudders attack and this drives away users or partners which drives down use.”
Other Shiba Inu Milestones
In addition to the recent burning event, the Shiba Inu network has attained other milestones. There have been improvements in several key metrics.
For example, the network has so far recorded total transactions of 14,312,822 and 1,907,774 total blocks. Its daily transactions stand at around 5.11 million. Again, it has a total of 1,277,580 wallet addresses.
Exploring the Possibility: Shiba Inu’s Potential Venture into AI
Previously, citing Shytoshi Kusama, we hinted on Shiba Inu’s AI integration. With this, the blockchain will integrate AI technology with its play-to-earn (P2E) gaming ecosystem. This shows that the Shiba Inu community, including the developers, is committed to improving its user experience.
The integration of AI into the ecosystem will result in more immersive and interactive gaming experience. This will likely lead to dynamic in-game features and other adaptive gaming mechanics which will improve the players’ motivation and enjoyment. This development comes months after the launch of the Shibarium, a layer-2 scaling solution.
SHIB Price Predictions
Before we look at SHIB’s price forecast for the coming months, let’s first focus on its current sell pressure. On-chain data on IntoTheBlock indicates that the Shiba token is facing strong selling pressure. The aggregated Order Books figures from various crypto exchanges confirm this.
Specifically, the aggregated order book data shows that there are about 3.5 trillion SHIB for sale. On the other hand, there are only 2.7 trillion SHIB buy orders. This shows that SHIB supply exceeds its demand by about 800 billion, as The Graph indicates.
Shiba Inu (SHIB) Exchange On-chain Market Depth – IntoTheBlock
The fact that Shiba token supply is currently greater than its demands depicts a possibility of a large sell-off which may trigger a price fall. Now, let’s focus on the different price prediction permutations.
The existing data shows that the Shiba token price is likely to fall from $0.000007. On-chain data on IntoTheBlock shows mounting bearish pressure. Sadly, if the price falls further it is likely to drop below $0.00006 as the Global In/Out of the Money (GIOM) chart shows.
Shiba Inu (SHIB) Global In/Out of the Money (GIOM) data – IntoTheBlock
As the diagram shows, if the 52, 9200 addresses that bought 19.37 trillion SHIB at a maximum price of $0.000007 offer strong support the price may fail to drop below that level. Nonetheless, if the selling pressure keeps increasing the SHIB price may drop towards $0.000004.
On the other hand, if the bulls exert much pressure the SHIB price may reclaim $0.00001. That level may, however, prove difficult to reach considering that there are 153,700 addresses that purchased 68.5 trillion SHIB at the average price of $0.000008. If they sell their SHIB holdings its price may retrace. However, if the price breaks above $0.000008, it may reach $0.00001.’
Conclusion
On 18 November, the Shiba Inu community burned over 80 million tokens in 5 transactions. Despite burning a large amount of the token, its price did not rise. Instead, its value decreased within the next two days. The news of a possible AI integration into the Shiba Inu ecosystem prompted the token burning event.
Comments