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On Monday, January 30, cryptocurrency YouTuber Jeff from OnTheChain.io tweeted the approximate amount of years it may take Shiba Inu to get to 100 billion tokens in circulation.
A quadrillion tokens are held by Shiba Inu, according to the crypto expert. According to him, it would take around 1,157,174 years for the cryptocurrency’s supply to be reduced to 100 billion tokens if it burned 1 million tokens every day.
It appears that Jeremy Hogan, an attorney for $XRP, meant that it would be difficult and unreasonable for the cryptocurrency to take those years to burn its tokens to around 100 billion tokens when he responded to Jeff’s tweet with, “So, you’re saying it’s possible.”
Shiba Inu was introduced in 2020 and started with one quadrillion tokens, making it the second most valuable meme token by market cap behind Dogecoin. In an effort to raise the value of the currency, it has progressively burned off almost 410 trillion tokens over the past two years. For the token price to ever hit $1 or even $0.01, there is still a ton more burning to be done.
Initially, the whitepaper for the Shiba Inu cryptocurrency did not include the token burn. This indicates that the fire was not anticipated at the project’s outset. The first significant Shiba Inu burn occurred in June 2021 when Vitalik Buterin, the co-founder of Ethereum, burnt 90% of the SHIB tokens given to him (eliminating 41% of the Shiba Inu supply), in an effort to decrease the amount of currencies in circulation. The Shiba Inu community started committed to burning SHIB tokens in this way.
Data from October of last year indicated that it would take more than 25,000 years to burn down the Shiba Inu’s worth to $0.05. Based on the pace of Shiba Inu burning, which occurred in September and resulted in the destruction of over 1.75 billion SHIB tokens in circulation, Shiba Burn Tracker developed this figure.
On the other hand, based on the burn volume in September, Shib Burn Tracker predicted that it would take 25 years to burn 90% of the initial SHIB supply for Shiba Inu to reach $1. However, destroying 90% of the initial supply would still leave 100 trillion SHIB tokens available.
Since SHIB only has a $5.7 billion market valuation, its creators would need to burn more tokens regularly for a few more years in order for a few billion of them to continue in use.
At the time this article was being written, SHIB’s trading price was $0.00001164 USD, down 3.42%, and its 24-hour trading volume was $265,139,495. In the last week, SHIB’s value has decreased by 1.64%.
The RSI is at 62.09, indicating that SHIB is in the bullish zone but is likely to see a change in trend or a price correction.
The chart shows that SHIB’s price bullishness may encounter several declines but may hold at the support level of $0.00001400. In the coming days, the price of the cryptocurrency is anticipated to retrace to a support level of $0.00000861 if this level doesn’t hold.
