The goal of the coin burn mechanism is to create a deflationary effect on the
Vitalik burned 90% of his SHIB holdings, accounting for more than 40% of the total supply (approximately 410 trillion coins). Shiba Inu prices increased by nearly 40% after Vitalik burned the SHIB tokens.
Currently, SHIB owners who burn their coins get a reward. They receive “burntSHIB” tokens. They can also stake these tokens and the reward is in Ryoshi tokens. This is a token that the Shib community created.
Coin burning reduces the supply, making tokens of that cryptocurrency scarcer. That scarcity can lead to an increase in price and benefit investors.
According to Etherscan, more than 1.6 billion Shiba Inu (SHIB) tokens have been burned, equivalent to about $14,400 at the current price of $0.000009 per SHIB. This is an unprecedented move for a meme coin with a total supply of one quadrillion tokens.
With the current circulating supply, Shiba Inu is unlikely to reach 1 cent any time soon. The overall market cap of Shiba Inu has been fluctuating around $4 billion for the last couple of weeks.
But how many tokens need to be burned to generate a price of $1? All else equal, shrinking the supply to 7.5 billion tokens would theoretically result in a price of $1, based on Shiba Inu's current value of $7.5 billion.
In the past, burning 100 million SHIB tokens did not have a substantial impact on the asset's value, given its enormous circulating supply of 573 trillion tokens. However, with a daily burn rate of at least one billion SHIB, the market could experience a noticeable effect.
A project burns its tokens to reduce the overall supply. In other words, it creates a “deflationary” event. The motivation is often to increase the value of the remaining tokens since assets tend to rise in price whenever the circulating supply falls and they become more scarce.
Burning crypto is a common practice, exercised by cryptocurrency platforms, that permanently removes tokens from circulation. By reducing the total supply of a coin, the hope is that the value of a specified digital asset will increase with market demand.
Another 3,300 years to burn half the Shiba Inu supply
According to Shiba Burn Tracker, 83 billion Shiba Inu tokens have been burned throughout 2022.
Queenie, the SHIB Discord moderator ran a hypothetical data in March 2022 on how many 'burns' might take place. She hypothetically forecasted that around 111 trillion SHIB tokens could be burned every year if things go as planned. That's an overall 20% of the entire Shiba Inu tokens in circulation at present.
We anticipate that Shiba Inu's share of this market will result in gains for the coin. We predict that the SHIB price will rise to $0.000036 in 2023.
This is an important moment for the Shiba Inu community or commonly known as ShibArmy to strengthen the token project. For information, burning or burning coins is an effort to reduce the supply of coins from circulation. Usually the burning also boosts the value of the burned coins as did Ethereum some time ago.
Over 15 Billion SHIB Burned in May 2023.
Shiba Inu Community has permanently removed a total of 15,369,335,177 (15.36B) SHIB from circulation in May 2023.
When the conditions are met and burn initiated, it is impossible to recover the number of tokens predefined at the start of the execution of the code. In fact, the function burn, just like the function transfer is saved on the blockchain in an irreversible and completely transparent way.
How Many Shiba Inu Coins Are There: Total Supply Explained. The total supply of a cryptocurrency refers to the total number of coins that will ever exist, and for Shiba Inu, this is set at 1 quadrillion coins, The Shiba coin total supply is important because it can impact its scarcity and, ultimately, its value.
Burning Shiba Inu to $1 is over 25 years away
Burning 90% of the original supply would leave $100 trillion SHIB tokens in circulation.
He eventually burned 90% of the tokens and donated 10% to an Indian Covid relief fund. Because of this, the largest holder of Shiba Inu is a dead wallet containing the contents of his Shiba Inu burn. The wallet holds 41% of the SHIB supply and has been topped up by further burns.
A total of 17,471,415 SHIB tokens have been burned in the last 24 hours in 13 transactions. In the last seven days, 871,678,685 SHIB tokens have been burned so far.
To secure a $1 million return if Shiba Inu hits $0.01, you would need to buy $878 worth of SHIB. At the current price, if you purchase Shiba Inu right now with $878, you would get 100 million SHIB tokens. If these 100 million tokens are HODLed until the asset hits $0.01, the tokens would be worth a massive $1 million.
Can Shiba Inu reach $1? Here's the bottom line. Unless something fundamental such as its volume, changes, Shiba Inu cannot reach $1, or even 50 cents for that matter. But it might reach 1 cent after some years of token burns and deflationary mechanics.
How much is 10000000 SHIBA INU in US Dollar? 10000000 SHIBA INU is 72.072021 US Dollar.