Shiba Inu’s meme counterpart Floki spiked more than 800% in the last 30 days. An investment of $1,000 could have turned into $9,000 in a month if investors brought Floki in February. The price rise comes after Floki Inu developers burned 1 trillion tokens last month. On the other hand, Shiba Inu spiked nearly 280% in 30 days without burning a massive number of SHIB tokens.
Also Read: Shiba Inu Has Potential To Surge 822% & Hit $0.00029
A Shiba Inu investor questioned the lead developer Shytoshi Kusama about burning 1 trillion SHIB tokens. “Why not burn one trillion Shiba like Floki did,” tweeted the investor tagging Shytoshi.
Shytoshi replied to the user saying that SHIB developers don’t have 1 trillion tokens in their kitty like Floki developers. Therefore, burning 1 trillion SHIB tokens remains out of the equation, he said.
Also Read: When Will Shiba Inu Reach $1?
“Because unlike Floki devs, I don’t have 1 trillion to burn. Do you? Remember when I joined Shiba was 6 months old and fully decentralized. I just do it for the people,” Shytoshi said.
Also Read: Forbes Calls Shiba Inu Among the 10 Best Cryptocurrencies To Invest
Shiba Inu Needs To Burn Trillions of SHIB Tokens To Reach 1 Cent
To reach the milestone of 1-Cent, SHIB needs to remove trillions of tokens from circulation. Without sending SHIB tokens to the dead wallet, a price run toward the $0.01 mark remains impossible. Even if the bull market intensifies, SHIB can go only up to a point and will stagnate due to the 589 trillion supply.
Also Read: Shiba Inu (SHIB) Forecasted To Surge 300%: Here’s When
The token needs to become scarce to sustainably scale up in the charts in the coming years. Read here for a realistic price prediction on when Shiba Inu could climb above the $0.01 mark.
At press time, SHIB was trading at $0.0000344 and is down nearly 0.5% in the 24-hours day trade. Moreover, SHIB is also down close to 61% from its all-time high of $0.00008616, which it reached in October 2021.