Per our previous report, the total amount of SHIB tokens incinerated in August was 5.7 billion. While this figure might seem remarkable, the Shiba Inu community appeared unpleased as they anticipated significant burn rates that could propel SHIB’s price ascent.
Considering Shibarium’s presence, the Shiba Inu community expected burn rates higher than the value recorded in August.
Meanwhile, Shibarium was officially relaunched a few days ago following the unexpected traffic surge that hampered the technology’s initial release.
Many experts have remarked that Shibarium has the potential to propel SHIB to prices as high as $0.01 due to its in-built SHIB burn feature. However, the first Shibarium-induced burn made many become skeptical of its burning strength.
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Shiba Inu’s Path To A Potential $0.01 Price Mark
As earlier stated, most experts perceive Shibarium’s burn capacity as enormous enough to catalyze SHIB’s $0.01 price target. Achieving a price target of $0.01 would imply a market capitalization of about $5.8 trillion and a reduction in SHIB’s total supply to about 100 billion.
At the time of writing, SHIB’s market cap, according to CoinGecko, is $4,559,705,200. Achieving a market cap of about $5.8 trillion would imply a spike of about 127,000%
On the other hand, SHIB’s burn data on Shibburn shows that a total of 410,658,325,456,437 SHIB coins have been incinerated from the initial supply of 999,984,062,863,241 tokens.
Shibburn also revealed that 9,691,191,090,313 SHIB coins were staked, bringing the total circulating supply to about 579,650,483,453,248 tokens.
It is worth mentioning that the current circulating supply must decline by about 99.982% to attain 100 billion circulating tokens, which is expected to accommodate the $0.01 price target.
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Time Frame For SHIB’s Ascent To $0.01 With A 5.7 Billion Monthly Burn Rate
While a burn rate of 5.7 billion might seem like a miniature to the SHIB community, it could still be tagged as a remarkable feat, considering that the incinerating project will not be spontaneous but gradual.
However, to make a $0.01 SHIB price not take forever to achieve, the current circulating supply has to burn down to around 100 billion SHIB tokens.
So, if a 5.7 billion monthly burn rate remains relatively constant, it would take 8,472 years to attain the 0.01 price level, which is relatively impossible. This is a testament to the need for a massive increase in the current SHIB monthly and daily burn rate if such a price high is still in mind.
In conclusion, readers should note that the estimates in this insight were based on mathematical analysis of data obtained from authoritative sources.
This piece should not serve as financial advice. However, readers can see it as a guide to making good market decisions.
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