The only thing that’s hindering Shiba Inu from reaching the $0.01 mark is the absence of a strong burn portal. The unavailability of a burn mechanism has stopped SHIB’s valuation growth. SHIB deleted six ‘zeroes’ in 10 months in 2021 making early investors turn millionaires in a short period.
The late entrants are now left with bags full of tokens that are heading south as each month passes. The development is testing the patience of investors who believe that SHIB is their gateway token to attain financial freedom.
Also Read: Shiba Inu Could Reach $10 by 2024? Here’s a Reality & Fantasy Check
Shiba Inu: Which Platform Burns Trillions of Tokens?
The first SHIB burn entity was Steven Cooper’s Bigger Entertainment, where they burned SHIB tokens through music playlists. In addition, several products were added for burns including merchandise and other options that removed tokens from circulation. Unfortunately, Cooper announced that Bigger Entertainment will no longer burn SHIB tokens and parted ways with the community.
A handful of other third-party firms tried to fill in the void of Bigger Entertainment’s success and burn SHIB tokens. The ShibBurn is a new initiative that sends the tokens to the dead wallet but it has an average rate of 1.5 million burns per day. It nowhere stands close to burning 1 trillion tokens every year.
Also Read: You Can Now Become a SHIB Billionaire With Only $10,000
In the past 24 hours, there have been a total of 40,877,932 $SHIB tokens burned and 12 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more.— Shibburn (@shibburn) May 25, 2023
While a handful of third-party firms have burned SHIB tokens, no one can touch the trillion ‘burn milestone’. The mechanism to remove trillions of tokens every year is yet to be found. Until then, one could expect SHIB’s price to remain on the backfoot while the 1-cent dream remains to be a distant mirage.
Also Read: Shiba Inu: SHIB to Reach $1? See What Google’s Bard AI Says
The Shibarium layer-2 solution will burn SHIB tokens, confirmed the team but the scale remains to be unknown. We will have to wait and watch if Shibarium could be the key that burns trillions of tokens. If it does, then the path of $0.01 could be made easier and investors could turn richer in the process.