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In August, a total of 5.7 billion SHIB tokens were burned. While this number may seem impressive, the Shiba Inu community seemed dissatisfied as they were expecting significant burning rates to support the price increase of SHIB. Considering the existence of Shibarium, the Shiba Inu community may expect higher burning rates than those recorded in August.
Meanwhile, Shibarium was officially re-launched a few days ago after an unexpected surge in traffic that hindered its initial release. Many experts noted that Shibarium has the potential to push SHIB to a high price, like $0.01, thanks to its internal SHIB burning feature. However, the initial burning caused skepticism among many regarding its burning power.
The Future of Shiba Coin
As mentioned earlier, most experts believe that Shibarium’s burning capacity is significant enough to pave the way for SHIB’s $0.01 price target. Achieving the $0.01 price target for SHIB would mean a market value of approximately $5.8 trillion and a total supply of SHIB decreasing to about 100 billion.
According to CoinGecko, the market value of SHIB was $4,559,705,200 at the time of writing. Reaching a market value of about $5.8 trillion would represent an increase of approximately 127,000%. On the other hand, the burning data in Shibburn shows that 410,658,325,456,437 SHIB tokens were burned out of the initial supply of 999,984,062,863,241 tokens.
Shibburn also reported that 9,691,191,090,313 SHIB tokens were staked, and the total circulating supply reached approximately 579,650,483,453,248 tokens. It should be noted that the current circulating supply needs to decrease by about 99.982% to reach the target of 100 billion tokens, which is expected to meet the $0.01 price level.
Comments on Shiba Coin
Although a burning rate of 5.7 billion may seem small for the SHIB community, it can still be considered a significant achievement when considering that the burning project will be gradual rather than spontaneous. However, in order for the $0.01 price of SHIB not to last forever, the current circulating supply needs to burn down to approximately 100 billion SHIB tokens.
Therefore, if the monthly burning rate remains relatively constant, reaching the $0.01 price level would take 8,472 years, which is not much different from being impossible. This situation can be seen as evidence that a significant increase in the monthly and daily burning rate of SHIB is needed if such a high price is still in question.
