{"id":549962,"date":"2023-09-04T23:00:45","date_gmt":"2023-09-04T23:00:45","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=549962"},"modified":"2024-06-11T07:49:29","modified_gmt":"2024-06-11T07:49:29","slug":"shiba-inu-price-001","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/shiba-inu-coin\/shiba-inu-price-001\/","title":{"rendered":"Why The Shiba Inu Price Cannot Realistically Get To $0.001"},"content":{"rendered":"

In the last crypto bull market spanning from 2020-2021, the price of Shiba Inu ran as high as $0.00008. Due to the high euphoria at the time, expectations rose rapidly around the meme coin, leading to calls for SHIB at $0.001. However, this target remains as unrealistic today as it was back then and this report dives into the reason why.<\/p>\n

Not Enough Of SHIB Supply Is Being Burned<\/h2>\n

The Shiba Inu community officially kicked off its burning initiative back in 2022<\/a> which SHIB tokens being sent to dead addresses weekly. However, despite being roughly a year in the making, the total number of SHIB tokens burned so far has been next to negligible in the grand scheme of things.<\/p>\n

Related Reading: Expert Market Analysts Agree A Spot Bitcoin ETF Is A Matter Of When, Not If<\/a><\/div>\n

Shibburn, a Shiba Inu burn tracking website, shows that a total of 410,658,326,324,061 tokens have been burned since the first burn. This accounts for a little over 46% of the maximum total supply of more than 999 trillion tokens. But even more interesting is the fact that the community burn makes up less than 1% of the total burned figure.<\/p>\n

\"Shiba<\/p>\n

Community burn accounts for less than 0.5% of total burn figure | Source: Shibburn<\/a><\/pre>\n
The vast majority of the burned figure mentioned above comes from the burn carried out by Ethereum founder Vitalik Buterin. The Shiba Inu founders had sent half of the token\u2019s supply to Buterin, who then donated 50 billion SHIB to an Indian COVID relief fund and sent the rest to a burn address<\/a>.<\/p>\n
Buterin\u2019s transaction carried over 410 trillion tokens and was the first-ever recorded SHIB burn event<\/a>. Given that the SHIB burned so far is sitting at 410,658,326,324,061, it means the community burn over the last year makes up around 0.15% of the total burned tokens.<\/p>\n
\"Shiba<\/p>\n
SHIB price stalls below $0.000008 | Source: SHIBUSD on Tradingview.com<\/a><\/pre>\n
Can\u2019t Drive Shiba Inu To $0.001<\/h2>\n
The point of the Shiba Inu community burn was to encourage the rapid reduction of the SHIB supply. With the supply of the token so high, it has served as a hindrance for it to reach higher prices compared to its fiercest rival Dogecoin<\/a>.<\/p>\n
The community burn is not removing tokens from circulation as fast as is needed, stalling the potential of SHIB\u2019s price<\/a> hitting $0.001. Realistically, for SHIB to rise as high as $0.001, at least 80% of its supply would have to be burned to make this an attainable goal. This means removing hundreds of trillions of tokens from circulation just like Buterin did with his burn.<\/p>\n
Related Reading: Pro-XRP Legal Expert Takes The Spotlight With Daring Ripple Vs SEC Settlement Theory<\/a><\/div>\n
However, given that most of the remaining SHIB supply is already in circulation, meaning in the hands of millions of holders<\/a>, such a large burn is impossible. This is because investors would not want to burn large chunks of their holdings, which is the same as throwing dollar bills in an open flame.<\/p>\n
Unfortunately, this means the price of the meme coin will likely not reach $0.001 given that its current circulating supply sits at over 579 trillion, even more than the portion of supply already burned.<\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
In the last crypto bull market spanning from 2020-2021, the price of Shiba Inu ran as high as $0.00008. Due to the high euphoria at the time, expectations rose rapidly around the meme coin, leading to calls for SHIB at $0.001. However, this target remains as unrealistic today as it was back then and this report dives into the reason why. Not Enough Of SHIB Supply Is Being Burned The Shiba Inu community officially kicked off its burning initiative back in 2022 which SHIB tokens being sent to dead addresses weekly. However, despite being roughly a year in the making, the total number of SHIB tokens burned so far has been next to negligible in the grand scheme of things. Related Reading: Expert Market Analysts Agree A Spot Bitcoin ETF Is A Matter Of When, Not If Shibburn, a Shiba Inu burn tracking website, shows that a total of 410,658,326,324,061 tokens have been burned since the first burn. This accounts for a little over 46% of the maximum total supply of more than 999 trillion tokens. But even more interesting is the fact that the community burn makes up less than 1% of the total burned figure. Community burn accounts for less than 0.5% of total burn figure | Source: Shibburn The vast majority of the burned figure mentioned above comes from the burn carried out by Ethereum founder Vitalik Buterin. The Shiba Inu founders had sent half of the token\u2019s supply to Buterin, who then donated 50 billion SHIB to an Indian COVID relief fund and sent the rest to a burn address. Buterin\u2019s transaction carried over 410 trillion tokens and was the first-ever recorded SHIB burn event. Given that the SHIB burned so far is sitting at 410,658,326,324,061, it means the community burn over the last year makes up around 0.15% of the total burned tokens. SHIB price stalls below $0.000008 | Source: SHIBUSD on Tradingview.com Can\u2019t Drive Shiba Inu To $0.001 The point of the Shiba Inu community burn was to encourage the rapid reduction of the SHIB supply. With the supply of the token so high, it has served as a hindrance for it to reach higher prices compared to its fiercest rival Dogecoin. The community burn is not removing tokens from circulation as fast as is needed, stalling the potential of SHIB\u2019s price hitting $0.001. Realistically, for SHIB to rise as high as $0.001, at least 80% of its supply would have to be burned to make this an attainable goal. This means removing hundreds of trillions of tokens from circulation just like Buterin did with his burn. Related Reading: Pro-XRP Legal Expert Takes The Spotlight With Daring Ripple Vs SEC Settlement Theory However, given that most of the remaining SHIB supply is already in circulation, meaning in the hands of millions of holders, such a large burn is impossible. This is because investors would not want to burn large chunks of their holdings, which is the same as throwing dollar bills in an open flame. Unfortunately, this means the price of the meme coin will likely not reach $0.001 given that its current circulating supply sits at over 579 trillion, even more than the portion of supply already burned. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":549965,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[83668,86002,89178,84473,83667,89181,89157,84562,84558],"class_list":["post-549962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-shib","tag-shib-burn","tag-shib-news","tag-shib-price","tag-shiba-inu","tag-shiba-inu-burn","tag-shiba-inu-news","tag-shibusd","tag-shibusdt"],"acf":[],"yoast_head":"\nWhy The Shiba Inu Price Cannot Realistically Get To $0.001<\/title>\n<meta name=\"description\" content=\"Due to the high euphoria at the time, expectations rose rapidly around the meme coin, 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. 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