New Move on Shiba Inu (SHIB) Supply! Will SHIB Become $1?
The second largest meme token by market cap is taking important steps. Will SHIB supply drop?
Dogecoin has never seen a competitor like SHIB in its history. Among the meme token alternatives born as Dogekiller, SHIB has a special place. Because there is only one competing meme token that has surpassed Dogecoin by market capitalization, even for a short time. Yes, SHIB did it and became the first and so far the only meme token that fulfilled its promise by reaching a market cap higher than Dogecoin. So what are the latest developments on the Shiba Token side?
Shiba Token Burning
After Shiba Inu (SHIB) announced plans to reduce the total circulating supply, the developers are making another update. Today it was announced that SHIB developers will be releasing more updates on the recently launched Shiba Eternity. On September 17, the Shiba Inu team launched the blockchain-based card game in Australia. Meanwhile, the SHIB community is focused on the bigger updates the game will receive. Memecoin's pseudonymous lead developer Shytoshi Kusama and game expert William Volk will announce more details at a Twitter Spaces event.
SHIB maintains its price of 4 zeros for now but is still far from the ATH level. The SHIBA Token team, which wants to reduce the supply significantly by creating alternative solutions like Shiba Eternity, is announcing new projects.
Will SHIB be $1?
Last year, many investors invested in the popular meme token thinking that SHIB would be $1. However, that hasn't happened in the past year and we probably won't see that in the next year. Can SHIB become $1? Of course it can, but for that to happen, the investor reading this article should not have billions of SHIBs. So if you have a dream of becoming a billionaire with SHIB, you should shelve it.
The single biggest obstacle to the $1 target is the current supply of the SHIBA Token. If SHIB, which currently has 589 trillion supply, reaches $ 1 with the current supply, the market value should be 589 trillion dollars. Considering that the total value of cryptocurrencies is $923 billion, this is impossible even in the long term. The idea of any commodity, token or stock reaching a value of $589 trillion is highly implausible. What about $0.1? The $58 trillion target is also not possible with the current supply.
Then SHIB needs to burn a significant amount of supply. In the last 24 hours, 21 million SHIBs were burned, and even if this figure increases 10 or even 100 times with the ongoing token burning rate, it is not possible for the supply to reach levels that will pull the price to $ 1. But this could happen. The SHIB team makes a decision and announces that they will reduce the supply of the token. By invalidating the existing SHIB tokens, each investor will receive 1 new SHIB instead of 10,000 SHIBs. Since the supply will drop to 5 billion, SHIB could be $1 at the current market value. However, in this scenario, the dollar value of the tokens in investors' wallets will not change.
Follow us on Twitter, Facebook, and Instagram to be instantly informed about the latest news.
Post a Comment