The Shiba Inu token is one of the leading memecoins. However, there’s some stagnation in the price of this token in terms of the number of zeros. Apparently, with the amount of bullish rallies in 2023, many new traders will think there’s a reduction in the number of zeros. Let’s find out together!
Shiba Inu Token Makes a Perfect Start to the Year
- In 2022, things were going well for the crypto market due to a lot of negative occurrences. So, things like the FTX collapse and other bankruptcies made the market dip to new lows. But at the start of 2023, there were expectations that the crypto market would make a recovery. So, the market did make a recovery with tokens like Shiba Inu leading the way.
- According to data, the Shiba Inu token made a good start to the year. So, there was nearly a 70% increase in this token’s price between January to March. In fact, more data shows that Shiba Inu outperformed Bitcoin, Ethereum, and the Nasdaq 100 index in Q1 this year. So, this puts this token as a top-performing financial asset. Now, the question is how many zeros are in the bins for Shiba Inu since the start of the year.
How Many Zeroes Did Shiba Inu Token Delete Since 2023?
- One of the major questions is how many zeros are out of Shiba Inu’s price since the start of the year. So, the answer to this question is quite shocking. Despite the amazing performance of the Shiba Inu token in 2023, it has yet to delete any zero from its price. It is important to note that despite the upsurge, Shiba Inu is still down in the yearly data. So, this token has a downward trend of nearly 35% since last year.
- SHIB was trading at $0.00001293 in November 2022 but is at $0.00000808 in November 2023. This is a bad performance. So, this is mostly a reflection of what is happening within the SHIB ecosystem. There’s a low effort from the developers to push the price of this token. One of the most prominent methods is token burns. So, the developers of the Shiba Inu token are yet to engage in this in 2023.
Lack of Token Burns Affecting SHIB Price
- Previously, we have made reports of some token burns happening on the Shiba Inu ecosystem. However, many of these token burns are from third parties. Hence, their numbers are always small.
- The price of the Shiba Inu token will start deleting more when the developers of this token start burning these tokens in large numbers. So, the burning of tokens helps make it scarce, leading to massive price increases.
Conclusion
Many traders and investors are curious about how many zeros the Shiba Inu token deleted within 2023. So, despite some of the recovery in 2023, this token is yet to delete any zero. One of the recommendations to help SHIB delete more zeros is for the project developers to burn large numbers of the tokens.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
