The Shiba Inu (SHIB) Lead Dev has recently shared that the token needs more burns to increase its price. This news comes as no surprise to holders of SHIB who have seen significant price drops in recent weeks. Despite a strong community of supporters, SHIB has struggled to maintain its value. However, the Lead Dev’s comments suggest that there is hope yet for the token’s price to recover.
The concept of token burns is not new in the cryptocurrency world. A token burn is the process of permanently removing coins from circulation. This can be done by sending them to an address that is not accessible, effectively destroying them. The purpose of token burns is to reduce the supply of a token, which can lead to increased demand and a higher price.
In SHIB’s case, the Lead Dev has stated that more burns are needed to move the price. This is because SHIB currently has a large circulating supply, which can create downward pressure on the price. By burning more tokens, the supply is reduced, and the remaining tokens become more valuable. This news is encouraging for SHIB holders who may have been concerned about the token’s future.
Another token that has seen a recent increase in price is Polygon (MATIC). Polygon is a Layer 2 solution for Ethereum that aims to improve scalability and reduce transaction fees. The token has recently seen a surge in demand, which has resulted in its supply on exchanges dropping to a four-year low.
This is a positive sign for MATIC holders as it suggests that the token is being held and not sold. When the supply of a token on exchanges is low, it can create upward pressure on the price as buyers compete for a limited supply. As more users adopt Polygon, its value may continue to increase.
Finally, RenQ Finance (RENQ) has moved faster than expected in its ongoing presale. RenQ Finance is a new decentralized finance (DeFi) platform that aims to provide users with a more user-friendly experience. The platform is built on the Binance Smart Chain (BSC), which is known for its low transaction fees and fast transaction times.
The ongoing presale of RENQ tokens has attracted a lot of attention from the DeFi community. The token has already raised a significant amount, and this has led to speculation that it may perform well once it is available for trading. The speed at which the presale is moving is an indication of the demand for the token.
In conclusion, the cryptocurrency market is always evolving, and it can be difficult to keep up with the latest developments. However, these recent updates on SHIB, MATIC, and RENQ provide some insight into what is happening in the world of crypto. It is important to remember that investing in cryptocurrencies carries significant risk, and investors should do their own research before making any decisions. As always, it is best to approach the market with caution and diversify your investments to minimize risk.