Shiba Inu to $0.01: How Many Tokens Need to Be Burned?
The burning question on every SHIB holder\'s mind: how much Shiba Inu needs to be burned for the price to reach $0.01? It\'s a complex equation, but let\'s break down the factors and the challenges involved.
The Shiba Inu community dreams of seeing SHIB reach that coveted $0.01 mark. However, achieving this requires a significant reduction in the circulating supply. Major burns would be needed to lower SHIB’s present level of 589.26 trillion from what it is. The current circulating supply is enormous, making price appreciation difficult without substantial token burning.
Understanding Token Burning
Simply put, you burn a coin or token when you remove it from circulation permanently. This is done by sending coins or tokens to an address that can receive but can not send crypto. This is not to be confused with a dead wallet. Dead wallets are inactive for multiple years and do not send or receive. Burning permanently removes the tokens from the active market, decreasing the total supply.
The Math Behind the Burn
Calculating the exact number of tokens needed to be burned to reach $0.01 depends on various factors, including market capitalization and overall demand. To reach a price of $0.01 with the current market cap, a huge percentage of the remaining SHIB in circulation would need to be burned. This is a monumental task.
Challenges and Current State
While the Shiba Inu community has burned almost 410.7 trillion tokens thus far, many feel it\'s not enough. The recent Shiba Inu burn rate highlights these challenges. News reports indicate "Shiba Inu burn rate drops 100% in the last 24 hours with zero tokens burned." This underscores the inconsistency and difficulty in maintaining a high burn rate.
Furthermore, holder data shows 55% of SHIB investors currently underwater on their positions. This adds pressure on the community to find sustainable burning mechanisms and utility to support price growth.
Is $0.01 Realistic?
Reaching $0.01 for Shiba Inu is a long shot, requiring consistent and massive burning efforts. While the community is passionate, relying solely on burns may not be enough. Increased adoption, utility, and positive market sentiment are also crucial factors.