Indians are flocking to SHIB, which is seen as the investment that requires relatively small funds but would generate a large profit.
Prosperous day in India for Shiba Inu: rush on cheap SHIB with high ROI
Indians celebrate for 5 days in this month of November 2021, Diwali which is the festival of lights, life, and Lakshmi Pujan. The latter which falls on November 4, 2021, is the day when families pray to the goddess of wealth and prosperity. Many Indians buy gold and shares every year on this day. They are also, and this is new, very interested in the SHIB this year.
Keshav Aggarwal, founder of the Bitcoin Investors Group, calls SHIB FOMO – fear of missing out – “absolutely real. For SHIB investor Dharmesh Barot, “the motivation for buying SHIB is to earn a good profit in a short period of time. It is “cheap money, easy to bet on”, he says. The co-founder of Indian exchange WazirX, Siddharth Menon, also points to the “cheap price” of SHIB as the reason for the craze, just as it was for dogecoin (DOGE) in 2017:
“The cheap price has been the biggest factor, and to see $100 become $1,000 in no time is insane.”
SHIB at $1 in 5 years instead of 10: the solution would be in the burn
Indian investors are also flocking to SHIB, as they hope to see a major burn in the token’s supply, which will allow its price to reach $1. Jiren Singh, a member of the Telegram Shina Inu India (Official) group, said that these “burned tokens” are one of his main motivations for investing in SHIB:
“The cheap price is indeed a reason, but my primary motivation is its strong community base and the burnt tokens.”
A petition on Change.Org, which has garnered over 13,000 votes in less than 24 hours, calls on Shiba Inu to implement a policy that would allow a significant amount of SHIB supply to be burned, with the aim of reducing the time for the price of SHIB to reach $1:
“The price of Shiba Inu is aiming for $1, but when exactly it will reach that threshold, no one can know.”
“Developing a policy that could burn some of Shib’s outstanding supply will allow Shiba to reduce, for example, this period from ten years to five years.”
Will SHIB’s price growth be similar to that of bitcoin (BTC) over the next five to 10 years? The comparison may seem crazy, but at one point, one in four Americans believed that dogecoin was on its way to becoming the new bitcoin.