Shiba Inu Burn Rate Reaches All Time Low, Will It Never Reach $1 – Crypto News – Crypto News
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Shiba Inu burn rate reaches all time low Shiba Inu burn rate reaches all time low

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Shiba Inu Burn Rate Reaches All Time Low, Will It Never Reach $1 – Crypto News

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2 years ago

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In the last 18 months, it is the first time that the least number of SHIBs are burnt. The Shiba Inu fans destroyed only 368 million SHIB which is worth only $3,200. It is a -99% fall when compared to May of this year. In May 2022, fans burnt 31 billion SHIB which would be worth approximately $310,000.

Created in August 2020, by an anonymous group, Shiba Inu is a meme coin based on the breed of a Japanese breed dog. It is an Ethereum-based Altcoin.

2022-11-23T16:47:00+5:30

Burning tokens will increase the value of SHIB

Supposedly there are 1 million tokens circulating and the market cap is $1 million, the worth of each token would be $1. However, if 999,999 tokens are b burnt down, there will be only 1,000 tokens circulating. Thus, each token will be worth $1 million.

This will only be possible if Shiba Inu brings down its current 590 trillion SHIB to under 1 trillion. Shiba Inu fans have been excited about the same as it will bring down the token to $0.1 or $1. If this happens one can flip $1 for over $1 million.

This happened in May 2021, when Buterin burned 41% of SHIB in supply.

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