SHIBA INU Price

While the Ship Army rallies hard to drive the Shiba Inu price higher, it is doubtful that it could cross the critical $1 level in the future. While taking DOGE to $1 is a crucial movement, its extremely high circulating supply makes it almost impossible for the Dogecoin killer to aim for the same goal.

The Shiba Inu coin was among the strongest performers in 2021, with the SHIB to USD price rising by as much as 46,000,000%. It made several early investors very rich, one of the reasons why its community enjoys such high levels of engagement.

Despite multiple burn events, the Shiba Inu supply remains in the trillions. For the Shiba Inu rate to soar to $1, it would mean that its market cap would have to surge into hundreds of trillions of dollars. This amount would not only exceed that of Bitcoin’s market cap and that of the overall crypto market but also be well above the global GDP, which sits at under $100 trillion at the time of writing.

Its strong preference among traders has also made several businesses worldwide start accepting SHIB as a payment method, alongside BTC and DOGE. Although the current price of Shiba Inu has slipped from its all-time high level, the SHIB token continues to enjoy high liquidity and trading volume, making the most of the FOMO (fear of missing out) sentiment among retail traders hoping to make a quick buck.

On a serious note, however, the developers behind the cryptocurrency have become more committed to driving higher utility and engagement with their community through several announcements. The establishment of ShibaSwap and the upcoming Shiba Inu Games and its very own metaverse will drive up the live Shiba Inu price and value among cryptocurrencies. It could contribute to making it an attractive investment to consider.

The more the number of use cases for the SHIB token, the higher the price of SHIB and its market cap could get. In addition to rising utility, token burn events can also increase Shiba Inu’s appeal as a crypto asset to invest in. Periodic burns by the Shib Army and other community members help reduce the circulating supply of SHIB coins, creating a deflationary effect and supporting the SHIB price statistics in the market.

SHIB For Payments

The cryptocurrency Shiba Inu offers a convenient way to make digital payments between users and businesses. It is accepted as a payment option by hundreds of crypto-friendly companies.

Shiba Inu in DeFi

The ERC-20 token SHIB can be used on DEXs for staking and providing liquidity, offering its holders a way to generate passive revenue streams. ShibaSwap lets users provide liquidity and swap SHIB for other ERC-20 tokens. KuCoin's Crypto Lending is a great way to earn passive income by investing in SHIB. Lend liquidity in Shiba Inu to the exchange to generate daily interest over seven days, 14 days, or 28 days.

SHIB Can Buy Shitoshi NFTs on ShibaSwap

The Shiba Inu ecosystem also supports an NFT marketplace. Shiba Inu holders can buy Shitoshi NFTs on the platform using their tokens.

Trading and HODLing Shiba Inu

You can also buy or sell Shiba Inu against other cryptocurrencies, stablecoins, and fiat currencies on cryptocurrency exchanges such as KuCoin. If you believe in its long-term potential, you can also buy and HODL Shiba Inu.

The highly engaged Shiba Inu community, Shib Army, conducts regular token burn events to reduce the Shiba Inu’s circulating supply. Such events positively impact the SHIB price, sending it higher for a short while as long as the market sentiment remains upbeat.

Bigger Entertainment is one of the biggest hosts of SHIB burn events, conducting such events around once a month to reduce their max supply and drive up the value of Shiba Inu by sending the tokens to a dead wallet.

Using the Burn feature on ShibaSwap is one way for token burning, and it also provides a way to earn SHIB and grow your crypto portfolio.

How to Burn SHIB on ShibaSwap

1. Connect your digital wallet to ShibaSwap DEX. Supported wallets include MetaMask, WalletConnect, and Coinbase Wallet.

2. Ensure that your wallet is funded with SHIB coins by buying Shiba Inu on KuCoin or other supported platforms.

3. Head to the Burn Portal link at the bottom of the ShibaSwap homepage.

4. Check the total APR on offer and select the number of SHIB tokens from your holdings you wish to transfer to the burn pool.

5. Remember that, unlike the Bury feature, you can never get back the SHIB crypto you contribute to Burn.

6. Sit back and earn passive income by getting rewards in RYOSHI tokens for burning Shiba Inu on ShibaSwap.

ShibaSwap is Shiba Inu’s very own official decentralized exchange (DEX). You can use the ShibaSwap DEX to stake Shiba Inu and burn SHIB to generate attractive returns.

How to Stake or Bury SHIB on ShibaSwap

1. Connect your digital wallet to ShibaSwap. At present, the DEX supports MetaMask, WalletConnect, and Coinbase Wallet.

2. Fund your wallet by buying Shiba Inu on KuCoin or any other platform.

3. Click on the Bury tab to start staking Shiba Inu on ShibaSwap.

4. Check the latest APYs on offer and enter the number of SHIB tokens you wish to bury.

5. Click on Approve to confirm the transaction and sit back to earn rewards for staking SHIB.