$1.2 Million SHIB to be Burned, First Step to $0.01?
Shiba Inu (SHIB) lead developer Shytoshi Kusama has teased that the project might undertake a massive burn soon. According to Kusama, almost $1.2 million worth of SHIB tokens might face incineration. SHIB’s burn rate has taken a back seat in 2023, with sporadic, untimely burns occurring randomly. SHIB fans, popularly called the SHIB Army, have called on developers to increase burns to decrease the token’s supply.
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Kusama’s hint suggests that Shiba Inu’s (SHIB) burn rate could see a spike very soon. SHIB burns on Shibarium, the project’s layer-2 network, has also increased. According to the data on Shibburn, 50% of total burns now occur on the network. Burns on Shibarim take place with ShibaSwap Bone (BONE) as gas fees. So far, 1,367,845.42 BONE tokens have accumulated, worth approximately $1.2 million. The gas fee will be converted to SHIB and sent to the dead wallet.
X user randomartz3 suggested using the gas fee to burn BONE and SHIB. However, Kusama disagreed and said the gas fee would only go towards burning Shiba Inu (SHIB).
Can Shiba Inu (SHIB) hit $0.01 after burning $1.2 million tokens?
Removing $1.2 million worth of SHIB tokens will likely positively impact the popular memecoin’s price. However, given SHIB’s massive circulating supply, it is unlikely to hit $0.01. There are about 589 trillion SHIB tokens in circulation right now. The team needs to significantly reduce the token’s supply if its price has to reach $0.01.
Apart from the massive burn teased by Kusama, the Shibarium network recently forked to allow for more enhanced burns. However, the team has not revealed how many tokens will undergo burns after the hard fork.
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Moreover, Shiba Inu’s (SHIB) price has once again dipped, adding a zero to its price after the decimal point. The crypto market has faced a correction, likely due to the US inflation data that is due tomorrow.
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