Shiba Inu Burn Rate Reaches A New Low, Will It Never Reach $1?
Live Updates and News on Shiba Inu:
In the last 18 months, it is the first time that the least number of SHIBs is burnt. The Shiba Inu fans destroyed only 368 million SHIB which is worth only $3,200. It is a -99% fall when compared to May of this year. In May 2022, fans burnt 31 billion SHIB which would be worth approximately $310,000.
Created in August 2020, by an anonymous group, Shiba Inu is a meme coin based on the breed of a Japanese breed dog. It is an Ethereum-based Altcoin.
EverGrow burning faster than SHIB
Although the burning of Shiba Inu tokens has increased in the past hours, it’s not sufficient. Whereas EverGrow is burning with a speed of 3500x than Shiba Inu this November. EGC follows a hyper-deflationary process, which means it allows its tokens to burn just like Shiba Inu but the process is automatic. 1.3 trillion EGC has been destroyed out of supply of 1 quadrillion. Only 370 million SHIB have been destroyed out of 1 quadrillion.
The sharp fall of Shiba Inu
Shiba Inu started trading at $0.000000001 in the year 2020. Since then it saw a quick rise. By the month of May- June 2021, it’s token increased by 3.4 million. In October, SHIB reached its peak with a market cap of approximately 44 billion. After that Shiba Inu has continues to fall and plummeted by 87%. The value of Shiba Inu is currently estimated to be less than $5.4 billion.
The fall of FTX, one of the largest cryptocurrency exchanges, has further affected Shiba Inu along with other tokens in the market.
However, there are predictions that the meme coin will make a comeback with other coins in the market.
Burning tokens will increase the value of SHIB
Supposedly there are 1 million tokens circulating and the market cap is $1 million, the worth of each token would be $1. However, if 999,999 tokens are b burnt down, there will be only 1,000 tokens circulating. Thus, each token will be worth $1 million.
This will only be possible if Shiba Inu brings down its current 590 trillion SHIB to under 1 trillion. Shiba Inu fans have been excited about the same as it will bring down the token to $0.1 or $1. If this happens one can flip $1 for over $1 million.
This happened in May 2021, when Buterin burned 41% of SHIB in supply.
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