Shiba Inu (SHIB) Community Awaits Accelerated Burn Rates to Reach $0.01 Price Target
In August, the Shiba Inu community witnessed a substantial incineration of 5.7 billion SHIB tokens, but this accomplishment fell short of their expectations for accelerated burn rates that could propel SHIB’s price to new heights. The Shiba Inu ecosystem had high hopes for Shibarium, which was officially relaunched after encountering initial technical challenges due to unexpected traffic surges.
Read Also: XRP Potential to Reach $10,000 and Beyond A Bridge for CBDCs in the Digital Financial Landscape
Shib burn as a potential catalyst for pushing Shib price up
Shibarium, with its built-in SHIB burn feature, has been touted by many experts as a potential catalyst for pushing SHIB’s price to $0.01. However, the community’s initial experience with Shibarium-induced burns left some feeling sceptical about its burning capabilities. Despite this, most experts still believe in Shibarium’s potential to help SHIB reach the coveted $0.01 price target, a milestone that would result in a market capitalization of approximately $5.8 trillion and a total supply reduction to around 100 billion SHIB tokens.
SHIB’s Market Capitalization
As of the current market data from CoinGecko, SHIB’s market capitalization stands at $4,559,705,200. Achieving a market cap of $5.8 trillion would require an astonishing increase of approximately 127,000%.
Looking at SHIB’s burn data on Shibburn, it is evident that a significant number of SHIB coins have already been incinerated, with 410,658,325,456,437 SHIB coins burned from the initial supply of 999,984,062,863,241 tokens. Additionally, 9,691,191,090,313 SHIB coins have been staked, resulting in a total circulating supply of about 579,650,483,453,248 tokens.
However, reaching the 100 billion circulating tokens necessary to support the $0.01 price target would require a reduction in the current circulating supply by about 99.982%. While the 5.7 billion monthly burn rate achieved in August is a significant achievement, it’s important to note that the burn process is gradual and not spontaneous.
Read Also: Terra Classic Community Holds Crucial Revote for USTC Repeg Proposal Amid Technical Challenges
At the current monthly burn rate, it would take an estimated 8,472 years to reach the $0.01 price level, a timeline that is considered unattainable. This underscores the urgent need for a substantial increase in the monthly and daily burn rates if the community’s ambitious price goal is to be realized.
In conclusion, the insights presented in this analysis are based on mathematical analysis of data from reputable sources. It’s essential to emphasize that this piece should not be regarded as financial advice but rather as a guide for making informed market decisions. The Shiba Inu community continues to await developments in the ecosystem, particularly regarding burn rates, as they strive to see SHIB reach the elusive $0.01 price target.
Â
Follow us on Twitter, Facebook, Telegram, and Google News
Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
