One Way for SHIB’s Surge to $1 without $600T Cap
Meanwhile, proponents believe SHIB reaching the $1 target without its market cap growing exponentially is only possible if almost all of its supply is burned. Shiba Inu currently has a total supply of 589.5 trillion tokens.
For Shiba Inu to clinch the $1 target without a heavy valuation, about 99.9987% of its supply must be burned. If this happens, Shiba Inu would be left with a supply of 7.77 billion tokens.
At a target price of $1 per token, SHIB would maintain its current market cap of $7.77 billion, assuming 99.9987% of its supply is burned.
Timeline for Burning 99.9987% of Shiba Inu Supply
While it is technically possible for SHIB to reach the $1 target with such a hefty supply reduction, given the asset’s monthly burn rate, it could take thousands of years for Shiba Inu to have its supply reduced by 99.9987% to 7.77 billion.
Data from Shibburn indicates that the broader Shiba Inu community burned 15.64 billion SHIB last month. If the asset continues to record a monthly burn of 15.64 billion, it would translate to an annualized figure of 187.68 billion.
Therefore, Shiba Inu would take approximately 3,141 years to burn 99.9987% of its total supply, potentially leaving 7.77 billion tokens in circulation.
The whole essence of burning 99.9987% of SHIB is to artificially inflate the perceived value of the remaining tokens to a target of $1 without expanding the asset’s market cap. While it is technically possible for SHIB to reach the $1 target through burns, Shiba Inu’s current burn rate makes it highly unlikely for the asset to achieve this feat.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.#Shiba
