Shiba Inu (SHIB) has had quite an eventful year in 2022. In April, the project launched its very own burn portal. The aim is to remove as many SHIB tokens from the circulating supply. Ever since fans and investors have actively participated in the burn process.
At press time, SHIB’s burn rate surged to a whopping 649.92%. In the past 24 hours, 25,991,998 Shiba Inu tokens have been burned. Additionally, one single transaction was responsible for removing 10 million SHIB tokens from circulation.
SHIB is undoubtedly one of the most popular crypto projects in existence. Having a low price, the project is passionately loved by fans, in hopes of it reaching “the moon.” Today in particular SHIB is witnessing massive buy orders on the popular crypto exchange Coinbase. As per the data, Coinbase has 91% buy orders for Shiba Inu, and only 9% sell orders. Additionally, the holding time has jumped from 5 months to 6.5 months, indicating growing confidence among holders.
Can Shiba Inu Burn Itself Towards $0.01?
Although SHIB’s burn portal is moving full steam ahead with burning SHIB tokens, the amount of tokens burnt is extremely small compared to SHIB’s massive 549 trillion supply. Moreover, apart from some third-party apps, there is no other initiative to burn big amounts of SHIB.
However, there is only one development that could have the potential for the big SHIB burns required: the Shibarium launch. Shiba Inu’s layer-2, Shibarium, was supposed to have launched by Q3 of this year. However, the developers missed the scheduled time frame. Shibarium would most likely have a built-in burn mechanism to send SHIB tokens to the four dead wallets, based on how much SHIB can be burned via Shibarium. It will give a better idea if Shiba Inu can burn its way to $0.01.
At press time, SHIB was trading at $0.00001008, down by 0.1% in the last 24 hours.