Why Does The Price of The Constantly-Burning Shiba Inu Coin Keep Falling?

Since the end of March, when the new Shiba Inu coin project Metaverse opened, its price has not seen major fluctuations. The team has been burning Shiba Inu coins to keep SHIB scarce. However, even so, Shiba Inu coins are still in a state of decline.

According to the international Gate.io crypto exchange, the price of the Shiba Inu coin was $0.00001092 at the time of writing, and it has raised 8.7% in the last 7 days and dropped 4.2% in 24 hours, with a trading volume of $329,268,721. The price of the Shiba Inu coin has been declining since April, and it is not trending upwards much.

What is happening behind this price? Why is the price of the Shiba Inu coin in a state of persistent decline? Perhaps there are a few more reasons here.

SHIB Metaverse Launch Not Bought by Holders

The Shiba Inu Coin Metaverse project opened for public land sale on April 23, but it did not attract much attention and the number of participants is decreasing. As a result, the price of the Shiba Inu coin has fallen.

The last time the price of the Shiba Inu coin went up was because of a teaser issued by the Metaverse project. At that time, the Shiba Inu Coin team announced that only holders of LEASH tokens and Shiboshi NFT (the other two tokens in the Shiba Inu ecosystem) would have access to early land purchases in the Metaverse. However, the Shiba Inu coin team is only accepting ETH for public land sales and purchases to maintain the token’s liquidity. Such a move has met with opposition and criticism from holders, causing its Shiba Inu coin price to keep falling.

Billy Markus, the founder of Dogecoin, famous for his pseudonym Shibetoshi Nakamoto, is also one of the strong denouncers of the Shiba Inu coin Metaverse. He has publicly stated that the Shiba Inu coin Metaverse is a useless cash harvester and that the sale of fake land in the metaverse is solely to increase the utility of their effect. Billy Markus also called out the SHIB team for needing to focus more on supporting the blockchain rather than raising money through bogus land sales.

Mechanism of Burning SHIB Enhanced

Previously, the burning of Shiba Inu coins was carried out by the official team, and its purpose was to allow tokens to reduce the total circulating supply and increase token scarcity.

However, now to increase its burning rate, the Shiba Inu coin team has introduced a new burning mechanism that allows holders to burn their tokens themselves, while this also generates passive income. Some people are therefore considering whether to buy Shiba Inu coin.

Nevertheless, the price of the Shiba Inu coin is still not moving significantly and the upward trend is minimal. How long will it take for the Shiba Inu coin to break through the $0.00003 expectation?

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