Two Reasons Why the Shiba Inu Price Is Set to Skyrocket.
Within 48 hours of the portal's introduction, more than 12 billion Shiba Inu tokens worth $277,680 were removed from circulation.
Proponents believe that lowering the circulating supply of the token will raise prices.
The price of the Shiba Inu has been driven mostly by the increase in the quantity of SHIBs taken out of circulation and the acquisition of SHIBs by large wallet investors.
This trend has accelerated, as whales on the Ethereum network grab up tokens at every dip.