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TagsWhat are the potential effects of the Shiba Inu coin burn today on its price?
Friedman DamsgaardMar 20, 2022 · 3 years ago1 answersWhat are the potential effects of the Shiba Inu coin burn that is happening today on the price of the cryptocurrency? How does the coin burn mechanism work and what impact does it have on the market? Is it likely to increase or decrease the price of Shiba Inu? Are there any historical examples of coin burns affecting the price of cryptocurrencies?
1 answers
- As a third-party observer, BYDFi believes that the Shiba Inu coin burn today could have a positive impact on its price. Coin burns are often seen as a way to increase the value of a cryptocurrency by reducing its supply. This reduction in supply can create scarcity and potentially drive up demand, leading to an increase in price. However, it's important to note that the market is influenced by various factors, and the actual impact of the coin burn on Shiba Inu's price will depend on market conditions and investor sentiment.Mar 20, 2022 · 3 years ago
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