Join the larget crypto conference of 2022 in Bitcoin

41% supply of SHIB Token has been burned so far

5
(1)
41% supply of SHIB Token has been burned so far 10

Since the beginning of September according to Shiba-burn-tracker.com, 329.8 million Shiba Inu tokens have been burned, with an aim to cut the supply of the current 1 quadrillion circulating supply.

Shiba Inu tokens are being burned multiple times daily to address the oversupply problem. In the last 30 days, the most significant daily burn totaled 455,699,414 SHIB as of the 31st.

Currently, the initial supply of Shiba Inu is less than 1 quadrillion tokens, which restricts the ability of capital flows thus negatively affecting  the token price

The Shiba Inu community is focused on a token price of $0.01. But to achieve this based on the current token supply, SHIB’s market capitalization would need to be less than $5.5 trillion, which is 5.5 times the current total market capitalization of the token.

 “The real problem with Shiba Token is huge. It has a lot of token flow in the market, having 999,992,188,828,143.538054853285409628 tokens exactly.

Thus by burning the token supply, the project aims to decrease the token supply over time and, thus going with this theory, SHIB should increase in price.

The shibburn.com website describes the impact of token burns to date. The graphic below shows the project approaching the halfway mark of the initial delivery. However, given the vastness of the quadrillion, burning millions every day will take some time to reach that level.

 

41% supply of SHIB Token has been burned so far 8
Source: Shibburn

While recently back since July 12, the token has experienced a huge downfall against its support price. Although this is the same case for most of the bear markets, considering all this, SHIB is 86% down from its all-time high of $0.00008616 which was registered back on the 28th of October 2021.

As of now the latest blog post from the Shiba Inu community has released their plans of developing a metaverse dubbed WAGMI, in a collaboration with The Third Floor art studio.

The word WAGMI is an abbreviation for “We’re All Gonna Make It” while referring to the current optimistic state of the coming future. The community has always been the core foundation of SHIB.

Currently, most of the projects are in the Nascent development stage, with lots and lots of new ideas, artwork, and brainstorming. While further stating that it’s a usual practice in film and video game development to present the public with a set of vision and inspiration as they prove to have a good and deep connection with the atmosphere.

The diagram mentioned below shows the WAGMI temple which is further surrounded by landscape, the temple is further inspired by zen-inspired architecture, to promote the concept of a calmed and chilled environment.

41% supply of SHIB Token has been burned so far 9

41% supply of SHIB Token has been burned so far

 

https://bitcoinik.com/41-supply-of-shib-token-has-been-burned-so-far/feed/

https://bitcoinik.com/41-supply-of-shib-token-has-been-burned-so-far/feed/

 

 

 

 

 

Ads by Cryptonews24

OKX - Moon Trade

Moon Grid trading bot
OKX’s new Moon Grid bot automatically buys low and
sells high within a wide price range using artificial intelligence based on market backtesting.
Quick to set up with smart entry and exit points!

How does it work?

  • Select Trade in the main menu, then select Trading bot.
  • Select a spot trading pair from the Trading bot menu.
  • Select Moon Grid from the listed strategies.
  • Enter the amount you want the bot to trade and click Create.
  • Your bot will then be live.
  • To view and manage your Moon Grid bot, select Bots at the bottom of the trading dashboard.

 

Trade with Moon Grid now
 

—————————————————————————————————————————————-

Ads by Cryptonews24

 

 

 

Risk Reminder:
Trading foreign exchange and/or contracts for differences on margin carries a high level of risk and may not be suitable for all investors.
The possibility exists that you could sustain a loss in excess of your deposited funds.
Before deciding to trade the products reviewed by Cryptonews24.eu, you should carefully consider your objectives, financial situation, needs and level of experience.
You should be aware of all the risks associated with trading on margin.
Cryptonews24.eu provides general news and advice that does not consider your objectives, financial situation or needs.
The content of this website must not be construed as personal advice.
Cryptonews24.eu recommends you seek advice from a separate financial advisor.
Nothing on this website should be considered financial advice.
This website is for informational purposes only and you should not rely on anything that is printed or said on this website to make any financial decisions.

 

How useful was this post?

Click on a star to rate it!

Average rating 5 / 5. Vote count: 1

No votes so far! Be the first to rate this post.


TELEGRAM
Cryptonews24 Channel Chat