The Shiba Inu [SHIB] community has witnessed significant growth in adoption and value in recent years. After a period of stagnancy, the asset regained momentum and has experienced a surge in value in the past few days. Although the coin is undergoing a correctional phase, the community remained optimistic about its potential to reach $0.01. But what factors need to align for this meme coin to achieve that milestone?
Reaching a value of $0.01 for SHIB necessitated more than just a strong historical track record and solid fundamentals. One of the main hurdles for the meme coin is its extensive supply, which poses a significant challenge. Shiba burns play a crucial role within the SHIB ecosystem, as they involve permanently removing assets from circulation. This process involved sending the assets to an address that can receive them but cannot initiate transactions. Hence, the act of burning or eliminating these assets from circulation becomes highly important in this context.
Shiba Inu has a total supply of 1 quadrillion tokens, and around 570 trillion tokens are currently in circulation. Notably, Shibburn, a notable burn protocol, has reported that they have permanently removed a total of 410 trillion SHIB tokens from circulation up until now.
Taking into consideration that Shiba Inu’s market capitalization remained at $4.55 billion, achieving a price of $0.01 for SHIB would necessitate a significant reduction in the number of tokens in circulation. Specifically, the community would need to burn approximately 45.5 trillion SHIB tokens to reach the desired value of $0.01.
What is Shiba Inu’s current burn rate?
Following a triple-digit surge over the last couple of days, SHIB’s burn rate dipped by 75.04%. Over the last 24 hours, a dainty 79,528,052 SHIB tokens were burnt. After a positive week, Shiba Inu was experiencing a set back. The meme coin was trading for $0.000007743 with a 2.86% daily surge, at press time.