Shiba Inu token showed no love to investors during this year’s Valentine’s Day weekend, as SHIB recorded 0% burns. According to the data from SHIBburn, the V-day session saw no burns, keeping the circulating supply as it is. The burn rate fell 100%, which eventually led to its price falling to a yearly low of $0.0000056.
The burn rate of Shiba Inu has been low for a year, with a meager amount being sent to the dead wallet. On Monday, around 3 million SHIB tokens were burned, which is worth nearly $19-$20. Therefore, there’s nothing much to celebrate about, even after it rose by zero. The rate is too low to make an impact in the charts.
The declining burn rate has sparked discussions about the Shiba Inu’s prospects and the way forward. SHIB is not creating scarcity; therefore, demand for the token will never be a thing. The demand created for Bitcoin, Ethereum, and other leading cryptocurrencies might never see the light of day for SHIB.
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Shiba Inu Burns: How Many SHIB Tokens Must Be Removed From Circulation?
For Shiba Inu to even consider reaching $0.01, more than 90% of tokens must be burned. Even after removing 90% of the tokens, SHIB will still be left with 59 trillion in circulation. Therefore, the road that leads to the 1-Cent dream is long and hard. There are high chances that it might never reach there, considering the burn scale.
Shibarium, the layer-2 solution, was touted to be the game-changer for Shiba Inu burns. However, the network activity is not high, leading to meager rates. All of these developments are making traders rethink their investment priorities in SHIB. The token is not what it used to be, as the hype and buzz have fizzled out. Unless it begins to send trillions of tokens to the dead wallet, nothing much can be expected of SHIB.