The Shiba Inu burning portal and how it works Holders burned 20 billion Shiba Inu on the portal within five days of its launch. The burning portal allows holders to send their SHIB tokens to a specific burn address. ShibBurn was inspired by Ethereum creator Vitalik Buterin's May 2021 $6.7 billion SHIB token burn.
Overall, during the past week, thanks to the efforts of the SHIB community, 3,093,934,362 SHIB coins were burned. On Saturday, the SHIB burn rate printed a notable rise by 666%. In total, 410,642,087,431,967 Shiba Inu meme coins have been burned, according to the Shibburn website.
Shiba Inu Community burns 50.76 million SHIB in a day.
Over 15 Billion SHIB Burned in May 2023.
Shiba Inu Community has permanently removed a total of 15,369,335,177 (15.36B) SHIB from circulation in May 2023. This remarkable achievement was accomplished through 191 separate transactions, which saw the community's collective effort toward burning SHIB tokens.
It is worth noting that SHIB's burn rate is on some recovery at the moment, as over a million tokens have been set ablaze in the past day. This represents a whopping 281% burn rate increase in the last 24 hours.
But how many tokens need to be burned to generate a price of $1? All else equal, shrinking the supply to 7.5 billion tokens would theoretically result in a price of $1, based on Shiba Inu's current value of $7.5 billion.
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.
In order to reach a price of $1 per token, Shiba Inu would need to rally more than 12,400,000% from its current token price. While there are potential catalysts that could trigger a solid bullish run for the meme cryptocurrency, hitting that ambitious target price is virtually impossible.
A total of 17,471,415 SHIB tokens have been burned in the last 24 hours in 13 transactions. In the last seven days, 871,678,685 SHIB tokens have been burned so far.
On May 30, Shibburn reported that a total of 3,616,412,304 SHIB were set on fire (meaning: sent to be locked in dead-end wallets). The majority of that amount, 6,601,495,249 Shiba Inu, were burned in a single transaction by what seemed to be an anonymous enthusiastic cryptocurrency whale.
It may seem valuable, considering its market cap, but its value is only entertainment-based. Keeping this in mind, it would not be wise to invest too much of your money in shib. The shiba inu crypto may help you make a quick buck, but it is not a reliable long-term investment.
Our real-time SHIB to USD price update shows the current Shiba Inu price as $0.0000086 USD. Our most recent Shiba Inu price forecast indicates that its value will increase by -0.45% and reach $0.000008485 by June 04, 2023.
According to CoinMarketCap data, there are currently 589,537,670,653,244 SHIB coins in circulation. This, in comparison to other altcoins, is relatively high. This circulating supply comes after Ethereum co-founder Vitalik Buterin burned 410 trillion Shiba Inu tokens in circulation, which he received as an airdrop.
Coin burning reduces the supply, making tokens of that cryptocurrency scarcer. That scarcity can lead to an increase in price and benefit investors.
Shiba Inu price prediction December 2030: Shiba Inu's price for December 2030 according to our analysis should range between $0.00017 to $0.0002 and the average price of SHIB should be around $0.00018.
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.
Queenie, the SHIB Discord moderator ran a hypothetical data in March 2022 on how many 'burns' might take place. She hypothetically forecasted that around 111 trillion SHIB tokens could be burned every year if things go as planned. That's an overall 20% of the entire Shiba Inu tokens in circulation at present.
Burning Shiba Inu to $1 is over 25 years away
Burning 90% of the original supply would leave $100 trillion SHIB tokens in circulation.
Let us look at all the data in hand to determine whether Shiba Inu can reach 1 cent. Therefore, combining the criteria of quality of investment, growth required, and market cap at 1 cent, it is impossible for Shiba Inu coin to reach 1 cent.
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.
To reach 1 cent, Shiba Inu would have to increase in price by a factor of 1111. Assuming a 50% burn rate and continuing with the current development plans, SHIB can reach $1 in 31 years.
ShibaSwap charges a 0.3% fee for every swap transaction distributed to liquidity providers and token holders. A portion of this fee is also used to buy and burn Shiba Inu (SHIB) tokens periodically.
The concept behind the Shiba Inu [SHIB] burn strategy was to reduce the token supply and increase its value but the meme coin has repeatedly failed to achieve these objectives. Interestingly, Etherscan showed that there was a recent colossal transaction pertaining to the SHIB burn activity.
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.