Not just burns -- here's what is boosting Shiba Inu's price
The Shiba Inu [SHIB] ecosystem witnessed an array of developments over the last couple of months. In addition to this, the holder count of the meme coin has been on a rise. Amidst this, community-driven burns have been taken the front stage. Despite these developments, the price of SHIB has been quite stagnant. While the community has been urging burn portals to destroy more SHIB to boost the price of the asset, Shibburn, a prominent platform, pointed out that it wasn’t exactly how the burn mechanism worked. In a recent tweet, Shibburn revealed that burns alone wouldn’t push the price of the meme coin SHIB. However, it was pertinent. The platform tweeted, “Supply + Demand, that’s what drives the price up. Burning is equivalent to ‘someone buying $100’ in tokens and never ‘selling it’ since it’s locked forever. Imagine a team telling their holders that burning has no effect on price when their supply is in the quadrillions....