Can Shiba Inu's Burn Rate Ignite the Path to $0.1?
Adekunle Joshua
Shiba Inu, a cryptocurrency with a massive token supply, aims to hit $0.1 or even $0.01. But can it reach these targets with its current burn rate?
Burning means taking tokens out of circulation, reducing supply, and potentially boosting the value of a cryptocurrency
Shiba Inu's recent burn stats are up by 50%, with about 70 million tokens burnt in the last 24 hours. But is this enough to reach that elusive $0.1 mark?
To hit $0.1, Shiba Inu needs a massive reduction in supply. With 579 trillion tokens and a current burn rate of 74 million per day, it would take over 21,000 years to reach the target.
Lately, various news agencies and websites have cited a target of 5 trillion burns per month as an ideal monthly burn rate. Achieving this rate would shorten the burn period to a mere 115 months or approximately 9 years and 7 months.