Shiba Inu (SHIB) just launched its new burn portal. This has sparked fresh interest in the token’s future. The new tool, called ShibTorch, aims to reduce SHIB’s supply. It has reignited talks about possible price movements. Many wonder if SHIB can reach the $0.01 mark.
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Analyzing SHIB’s Burn Portal, Price Predictions, and Market Impact
ShibTorch: The New Shiba Inu Burn Portal
The Shiba Inu team introduced ShibTorch for the Shibarium network. This news excited the SHIB community. It addresses one of the token’s main issues: its large supply.
ShibTorch burns SHIB tokens in a simple way. It uses part of each Shibarium transaction fee. Over time, this process should reduce the total supply. This could affect the token’s value.
Current Burn Rate and Community Expectations
ShibTorch is active, but its early results are modest. So far, about 3.26 million SHIB tokens have been burned. This number is lower than some community members expected.
The burn portal’s success depends on how many people use Shibarium. More network activity would lead to higher burn rates. Right now, the daily burn rate is only 98,136 SHIB. This shows that Shibarium needs more users to speed up token reduction.
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The Path to $0.01: Analyzing SHIB’s Supply Reduction
For Shiba Inu to reach $0.01, its supply must drop a lot. Some community members want to burn 100 trillion SHIB each year through Shibarium.
Let’s see how this might work:
- Current supply: 583 trillion SHIB
- Target yearly burn: 100 trillion SHIB
- Supply after 5 years: 83 trillion SHIB
At this lower supply, a $0.01 price would value Shiba Inu at $830 billion. This would be more than Ethereum’s current value. It shows how hard it is for SHIB to reach such a high price.
Potential Timeline for Reaching $0.01
Given current conditions, SHIB’s path to $0.01 looks long. Even burning 100 trillion tokens yearly, it would take about six years to reduce the supply enough. This might make a $0.01 price more possible.
If the supply dropped to around 33 trillion tokens, a $0.01 price would mean a $330 billion market cap. This is still high, but it’s closer to top cryptocurrency values.
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In conclusion, ShibTorch is a big step for Shiba Inu. However, reaching $0.01 is still a complex, long-term goal. The burn portal’s success will depend on how many people use Shibarium in the coming years.