The Shiba Inu burn rate skyrocketed 1,250% on Friday leading to its price briefly surge by 1.6% in the day’s trade. The latest data from SHIB Burn shows that a wallet has burned 22.7 million tokens while two other wallets have initiated burns of more than 1.3 million tokens.
This development is refreshing, as the burns have dried up recently, with only a few hundred thousand being sent to the dead wallet.
Now that Shiba Inu burns have kick-started, will its price move toward the $0.01 mark? This article will highlight how the burns are essential in pushing SHIB’s price up in the charts.
Also Read: Can Shiba Inu (SHIB) Reach $0.01 Before 2050?
Shiba Inu Burn Rate Goes Up: Can SHIB Hit $0.01?
The burn rate of 1,250% will not drive Shiba Inu’s price toward the $0.01 mark. In the last 24 hours, not more than 32 million SHIB tokens have been sent to the dead wallet.
To clarify, 32 million tokens are worth less than $500, with SHIB’s price at $0.000014.
Also Read: How Much Shiba Inu Is Required To Make $1 Billion?
These make little to no changes to Shiba Inu’s prospects, and the $0.01 milestone is a faraway dream. For SHIB to reach $0.01, burns need to be in trillions, not millions or billions. Yes, trillions of SHIB tokens need to be burned every day for the dog-themed token to even consider moving towards the $0.01 mark.
Explore a realistic price prediction for when SHIB might hit the $0.01 milestone. The prediction is for the long term and requires decades of patience to reach the target.
Also Read: Shiba Inu: AI Sets SHIB Price for August 31, 2024
Waiting for decades is not everyone’s cup of tea, as life demands that money be withheld for personal reasons. Those who genuinely wait for the long term might reap all the rewards in their lifetime.