• Shiba Inu (SHIB) prices have recently dropped below the $0.00001 mark due to a bearish market trend.
• Shytoshi Kusama, Shibaswap’s lead developer, has confirmed that the Shibarium beta version will be released this week.
• Burning up to 111 trillion tokens annually may push SHIB prices higher, potentially allowing it to move beyond $0.000017 soon.
Shiba Inu Price Drop
Shiba Inu (SHIB) prices have continued to flash bullish signals despite an overall bearish market environment. Despite this, SHIB prices have dropped by more than 12% since the previous trading day and pierced through the crucial support at $0.00001, validating the commencement of a fine bearish wave.
Burning Mechanism of SHIB
The platform intends to uplift the SHIB price to $0.01 and therefore burn 100 trillion SHIB each year in order to achieve their goal. Additionally, with the launch of Shibarium on ShibaSwap, it is possible for another one trillion tokens to be burned annually as well; if 1% of fees get stacked on Shibarium then this will double and reach 111 trillion tokens per year which could help push up SHIB prices significantly reducing its value with a couple of zeros taken off its current worth.
Adam & Eve‘ Trend Reversal Pattern
The daily chart above displays the formation of an ‚Adam & Eve‘ trend reversal pattern which is varieties of double bottom patterns where-in;the first bottom is on largest trading volumes and second bottom is ‚u-shaped‘, protracted and unremarkable volume compared to first bottom’s volume . This pattern suggests that SHIB prices may trigger a rebound very soon if it continues following this pattern correctly as expected earlier .
In conclusion , burning mechanism for shib token can possibly increase its value considerably in upcoming days . Also Adam & Eve trend reversal pattern suggest that shib price may trigger rebound very soon .