Shiba Inu burns coins daily. At the current rate, SHIB holders burn slightly over a quarter million tokens everyday. However, this only equates to a couple of thousand dollars.
Burn rate spikes 135% as dozen of millions of SHIB destroyed
Most of it was burned in a single transfer of 10,455,764 SHIB four hours ago. Also, two transactions, carrying 1,000,000 SHIB each preceded that one. Over the past 24 hours, Shibburn notes, the community burned 3,979,631,635 Shiba Inu.
The preceding information, when coupled with an energetic burn program, makes a 1 percent Shiba Inu population projection seem entirely reasonable. It would take SHIB 19 years to reach 1 Cent if its coins were burned at a rate of 50% per year during the next 20 years.
According to a hypothetical burn computation, the Shiba Inu could burn 111 trillion SHIB every year with help from ShibaSwap, Shibarium, and virtual land renames. Shiba Inu (SHIB) may have seen its most ambitious price forecasts yet, as a community member recently posited that the asset could rally to $1.
Over 410 Trillion SHIB Tokens Worth $5B Have Been Burned So Far By CoinEdition.
Can Shiba Inu burn enough coins? At its current rate, Shiba Inu is not burning enough tokens. According to shiba burn tracker, roughly over a quarter million SHIB is burned every day. SHIB holders will have to burn more tokens before the price changes significantly.
If a coin's demand falls while the supply continues to rise, its price can take a bit of a hit or even plummet severely. But coin burning can help a coin's price recover to some extent (in certain scenarios). The reason for this is pretty simple: burning coins decreases the circulating supply.
So will Shibarium really burn 111 trillion of Shiba Inu coins every year and remove them from circulation? Um, the answer is no. No one from the Shiba Inu team has confirmed that Shibarium will 'burn' coins, let alone 'burn' trillions per year.
With the current circulating supply, Shiba Inu is unlikely to reach 1 cent any time soon. The overall market cap of Shiba Inu has been fluctuating around $5 billion for the last couple of weeks.
To reach 1 cent,Shiba Inu will have to rise 900x.At 1 cent,Shiba Inu's market cap would be woth around 5.8 trillion. If SHIB were to grow at the rate of 25%every year,it would take Shiba Inu about 30 years to reach 1 cent.
Shiba Inu is one of the most popular cryptocurrencies and is widely adopted at this point. With supply continually going down, and demand on the rise, Shiba Inu is likely to test the $0.001 mark in 2030 for the first time since it was launched.
Price Prediction of 2023
Shiba Inu's expansion appears to be influenced by the token's introduction into the metaverse. We anticipate that Shiba Inu's share of this market will result in gains for the coin. We predict that the SHIB price will rise to $0.000036 in 2023.
Even if one or more of these tailwinds come to fruition in 2023, there's no chance Shiba Inu will reach $0.01. For instance, Shibarium's public launch was rumored to be in the third quarter of 2022. However, developers confirmed that issues with the level-2 blockchain project delayed its launch.
At that pace, it would take more than 7,100 years to achieve the goal. On a positive note, that's a little sooner than one of my previous predictions of more than 10,000 years. But the bottom line is this: Not only will Shiba Inu fail to reach $1 in 2023, but it's also unlikely to get there in our lifetime.
The bottom line—don't expect Shiba Inu to reach 1 cent
As we've shown, such a price level would imply a completely unrealistic market capitalization of $5.89 trillion for Shiba Inu. Of course, Shiba Inu going to 1 dollar is an even more unrealistic scenario.
A daily burn rate of over 1.5 billion SHIB tokens can potentially lead to a significant reduction in the token's supply. In the past, burning 100 million SHIB tokens did not have a substantial impact on the asset's value, given its enormous circulating supply of 573 trillion tokens.
The all-time high of Shiba Inu Pay is $0.0000000027.
SHIBA INU (SHIB) Price History
Therefore, the current SHIBA INU market cap is $5,021,444,523. Over the last year, SHIBA INU price is -23.37%. The highest price of SHIB in the last year was $0.000016 and the lowest price of SHIB in the last year was $0.0000081.
Coin burning reduces the supply, making tokens of that cryptocurrency scarcer. That scarcity can lead to an increase in price and benefit investors.
The act of burning a digital asset involves sending it to a place from which it can never be retrieved, also known as a burn address, which effectively removes the digital asset from circulation by locking it up for eternity.
“Burning crypto is a necessary feature for some protocols as it represents an integral part of how they are designed,” Cerba said. “But burning is primarily used to reduce the supply of a given cryptocurrency … in order to give more value to the tokens in circulation.”
Key Points. Some investors expect a repeat of this token's previous multimillion-percent gains. As with any investment, previous results are not indicative of future performance. The math suggests a $1 token valuation is simply impossible.
SHIB Burn Roadmap
All Shiba Inu platforms, including layer-2s and decentralized exchanges such as Shibarium, Shibaswap, and Shibanet will also feature a burning mechanism.
24, 2023, a record number of Shiba Inu (SHIB) tokens were burnt in a single transaction by an unidentified wallet. An astounding 108,476,685 (108.47 million) SHIB were sent to the “dead” wallet.