The pseudonymous X (Twitter) user “Shib Informer” believes that the price of Shiba Inu will go up once investors display a huge appetite for the memecoin.
According to them, such a demand could be triggered by lowering the fees on Shibarium and increasing its utilization.
“Shib Informer” thinks that having “really low” transaction fees could attract developments where people could “utilize the ecosystem while having a little impact on their finances.”
“I really understand that people is impatient does not see SHIB moon. But they have to understand that attracting money to the ecosystem requires incentives for its utilization,” they added.
According to “Shib Informer,” burning tokens is essential and could play a role in a potential price increase of the memecoin’s price. However, “burns are nothing without demand.”
“For now, burning will be slow (we are still not close to accumulating enough for the first burn), but, if we all (team AND community) play our cards right, we will make it possible.”
Recall that Shiba Inu’s burn rate recently soared above 330%, an event considered quite bullish since it reduces the overall supply of the asset, making it more scarce. Nonetheless, SHIB has failed to record substantial gains in the past several weeks.
“Shib Informer” opined that whales are also significant factors when talking about a potential increase of the memecoin’s valuation, but they are “a few, and what’s needed is masses of people creating transactions.”
Subsequently, they reminded that Shiba Inu is part of the whole financial and crypto market, noting that the price performance of Bitcoin (BTC) “still affects” the entire digital asset industry.
Indeed, most altcoins have often mimicked the primary cryptocurrency whenever it was charting considerable gains and all-time highs. As such, it is safe to assume that positive news surrounding BTC and its potential price expansion could benefit the market as a whole.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.