The Shiba Inu (SHIB) ecosystem has faced a downtrend in its price recently, unlike several other cryptocurrencies that have hit new all-time highs. Despite this, SHIB still has the potential for a comeback. Some believe that network updates might boost SHIB’s price, while others have faith in the coin’s burning mechanism.<\/p>\n
In 2021, the Shiba Inu market saw a significant event when Ethereum co-founder Vitalik Buterin transferred 410 trillion SHIB tokens to a burn wallet in May that year, effectively taking them out of circulation. This burn accounted for about 41% of the total SHIB supply. Following this, SHIB surged to an all-time high of $0.00008845 in October 2021 amid an upward trend in its price. Currently, SHIB is trading at $0.00001382, having dropped by 10% in the last 24 hours and sitting 84% below its all-time high.<\/p>\n
The current circulating supply of Shiba Inu is 589 trillion SHIB, with a market cap of $10.07 billion. If another 410 trillion tokens were burned, the circulating supply would significantly decrease to around 179 trillion SHIB.<\/p>\n
Consider the potential impact with two scenarios:<\/p>\n
1. Market Cap Growth Scenario:<\/p>\n
If the market cap grows in proportion to the reduced supply, increasing by a factor of 3.29 (calculated as 589 trillion divided by 179 trillion), it would reach $33.12 billion. At this market cap and a circulating supply of 179 trillion, SHIB’s new price would be approximately $0.000185. This presents a 983% surge from the current value, possibly pushing SHIB towards a new all-time high.<\/p>\n
2. Static Market Cap Scenario:<\/p>\n
If the market cap remains at $10.07 billion after burning 410 trillion tokens, the reduced circulating supply would still impact the price. With 179 trillion tokens in circulation and a market cap of $10.07 billion, the price of SHIB would be around $0.0000562. While lower than the previous all-time high, this price would still signify a significant rise from current levels.<\/p>\n
It is uncertain whether Vitalik Buterin or any other major entity will initiate another substantial SHIB token burn. While the possibility exists, it remains speculative. Nevertheless, a significant reduction in the circulating supply through burning could noticeably affect SHIB’s price, depending on market dynamics and investor sentiment.<\/p>\n
In summary, while burning another 410 trillion SHIB tokens could greatly impact the supply-demand balance and potentially drive the price higher, achieving a new all-time high would rely on multiple factors, including market cap growth and broader market conditions.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Shiba Inu (SHIB) ecosystem has faced a downtrend in its price recently, unlike several other cryptocurrencies that have hit new all-time highs. Despite this, SHIB still has the potential for a comeback. Some believe that network updates might boost SHIB’s price, while others have faith in the coin’s burning mechanism. The Impact of the […]<\/p>\n","protected":false},"author":12,"featured_media":15251,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Could Burning 410 Trillion Shiba Inu Tokens Lead to a New Record High? - Bitrabo","description":"The Shiba Inu (SHIB) ecosystem has faced a downtrend in its price recently, unlike several other cryptocurrencies that have hit new all-time highs. Despite this"},"footnotes":""},"categories":[318,316,1],"tags":[5815,596,5816,3358],"class_list":["post-15252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-analysis","category-crypto-news","category-cryptocurrencies","tag-crypto-burning","tag-cryptocurrency","tag-new-stats","tag-shiba-inu"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/15252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=15252"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/15252\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/15251"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=15252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=15252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=15252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}