It is no longer news that several price analysts seem to project SHIB to price highs in the range of $0.01 and beyond. However, one big question that has always accompanied these projections has remained the potential timeline for such price predictions to play out and what could be the catalyst to drive it.
No timeline could be said to be specific for SHIB’s potential ascent. However, most market watchers are confident about the positive impact a significant reduction in the coin supply would have on the token’s price movement. This explains why the Shibarium’s release was preceded by so much hype and expectations.
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It is worth noting that the Shibarium, a layer-2 scaling solution network, was implied to be Shiba Inu’s game changer primarily because of its ability to incinerate SHIB tokens. However, it has so far failed to live up to the initial hype.
According to SHIB burn data, the past 24 hours oversaw a whopping 85,164,364 SHIB tokens burned successfully, bringing the total SHIB tokens incinerated to 410,661,200,246,138 coin stores.
Consequently, SHIB tokens in circulation were reduced to 579,814,124,713,800; this remains a massive token supply that must reduced to accommodate SHIB’s market cap for a $0.01 selling price.
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SHIB to $0.01? Implications Of Burning 50% Of Shiba Inu Circulating Supply
Reducing Shiba Inu’s 579 trillion coin supply by 50% would invariably reduce the token’s supply to about 289.5 trillion tokens. This is expected to have an incremental effect on the coin’s price in the long run.
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At the time of writing, SHIB is trading at $0.00000673 with a market cap of $3,964,521,366. Although there is no guarantee of a $0.01 price level if the 289.5 trillion SHIB is burned, it will certainly have a notable impact on the price.
It is a general understanding that a reduction in supply has always been associated with increased scarcity that would induce buying pressure and decrease selling-off.
In a nutshell, Burning SHIB tokens remains an effective means to achieve an impressive price surge. However, SHIB’s ascent to $0.01 seemed exceedingly over-ambitious based on current standings, as the coin is expected to surge by more than a million percent.
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