Shiba Inu Token Burn Update: Will 99% of SHIB Tokens Be Burned?

Bittime - Shiba Inu (SHIB) now has a market capitalization of $15 billion and a token burn rate that has skyrocketed.

This time, the Shiba Inu token burn will reportedly burn 99% of the total SHIB supply. Read this article to find out more!

Shiba Inu Token Burn

Recently, the SHIB token burn rate increased significantly. In the last few days, Shiba Inu token burn has skyrocketed 6.220% so that drastically reducing the amount of circulating supply. 

From the initial total as muchk 999 trillion tokens, more than 410 trillion has been burned leaving only 541 trillion tokens in the market.

One user on social media asked Shytoshi Kusama, the leader of the Shiba Inu project, whether burning 99% of the total tokens could push the price of SHIB to $1. 

Kusama acknowledged that it was technically possible, but stressed that burning alone was not enough to significantly increase prices.

Shiba Inu Token Burn: Solution to Increase Prices

Shytoshi Kusama explains that Shiba Inu token burn is just one of many factors that can occur influence price token SHIB. 

The wider Shiba Inu ecosystem, including projects DeFi, also played an important role in supporting the rise in token prices.

Kusama also warned that burning too many tokens in a short period of time could be detrimental to the ecosystem. 

If the price of the SHIB token rises too high, the token may become too expensive to purchase, which will ultimately slow the burn rate and hinder the growth of the ecosystem.

Shiba Inu Token Burn:Shibarium, Layer 2 

Selain Shiba Inu token burn, sone of the ways to raise the price of SHIB tokens is by Shibarium, Layer 2 Shiba Inu solution.

Shibarium is designed to improve network efficiency, such as reducing transaction costs, speeding up processes, and increasing scalability. 

With these features, Shibarium can strengthen the Shiba Inu ecosystem so that it can attract more users to adopt SHIB tokens in their daily activities.

Massive Shiba Inu Token Burn Risk

Meven though it's interesting, Shiba Inu token burn 99% of the total token supply is at risk if done without careful planning. This large-scale burning can disrupt the balance of the ecosystem. 

Kusama emphasized the importance of maintaining a balance between token burning and developing ecosystem features, including Shibarium.

However, if token burning is carried out gradually and measurably, this can encourage a sustainable increase in token prices. 

Some analysts believe that with proper management, the price of the SHIB token can reach the price $0.000045, theespecially if it manages to pass a certain resistance level.

Read Also: W-Coin Announces $WCOIN Token Allocation, Listing Immediately!

Shiba Inu FAQ

What is Shiba Inu?

Shiba Inu is a crypto asset that was originally known as a meme coin with the iconic Shiba Inu dog mascot, but has now grown into a project with a broad ecosystem, including DeFi, token burning, and a Layer 2 solution called Shibarium.  

How Does Shiba Inu Token Burn Work?

Shiba Inu token burnThis is done by permanently removing a portion of the SHIB token supply to reduce the number in circulation, so that the token becomes scarce and is expected to increase the value of the token.

What is Shibarium and its Benefits for Shiba Inu?

Shibarium is a Layer 2 Shiba Inu solution designed to increase transaction speed, reduce gas fees, and support blockchain-based application development.

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Reference

Mustafa Mulla, Shiba Inu Token Burns 99% Supply: $1 Target in Reach?, accessed November 28, 2024.

Shytoshi Kusama, Shytoshi Kusama's Official X Account, accessed November 28, 2024.

Author: IPR