Shiba Inu (SHIB) fans have big ambitions for pushing the coin’s price closer to the 1-cent mark. However, one milestone for the popular crypto is the $0.0003 price level. Burns have been an excellent way to reduce the project’s supply, thereby increasing each coin’s price. Vitalik Buterin’s massive token burn was one major reason for SHIB’s incredible rally in 2021. Let’s calculate how many coins have to be burned for Shiba Inu (SHIB) to hit $0.0003.
How Many Coins Need To Be Burned For Shiba Inu To Reach $0.0003?
Shiba Inu (SHIB) currently trades at $0.0000097, has a supply of about 589 trillion, and a market cap of roughly $5.7 billion. Circulating supply multiplied by the price equals the market cap. If the project’s market cap remains the same, and the price has to hit $0.0003, the project’s supply has to be about 19 trillion. This means that the project would need to burn nearly 570 trillion coins. This is close to the 410 trillion coins burned by Vitalik Buterin in 2021. While Buterin was sent half of SHIB’s supply, making it easy for him to undertake a large burn, a similar move is near impossible today.
On the other hand, if Shiba Inu’s market cap increases, we may not need to burn 570 trillion coins to hit the $0.0003 target.
Although burning a large chunk of coins theoretically could lead to a price surge, burns are not enough. According to Shiba Inu (SHIB) lead developer Shytoshi Kusama, the project needs mass adoption for prices to rally. Buterin’s 2021 burn was coupled with high demand. Big burns and high demand led to a massive price spike for Shiba Inu (SHIB).
Also Read: Will Shiba Inu Collapse? SHIB Team Addresses Investor Concerns
Shiba Inu (SHIB) is trying to bring more people into the SHIB ecosystem. The Shibarium network needs more development activity to drive adoption. More applications need to be built on the SHIB network for people to flock to the project.
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