It would be a crypto dream.
Turning a purchase of $100 dollars today into a fortune of $1,000,000 over the next few years.
This is the maths of what could happen if Shiba Inu grows from a price today of $0.00001 to a price of $1 – a 999,900% SHIB price increase.
News that ShibaSwap has taken over the Burn Portal has got many Shiba Inu holders bullish as they imagine burning SHIB gets them there faster.
But just how likely is this in reality?
Burning Shiba Inu to $1 is over 25 years away
According to Shiba Burn Tracker, it would take 25 years to burn 90% of the original SHIB supply based on the burn volume in September.
But even then Shiba Inu might not be worth $1.
Burning 90% of the original supply would leave $100 trillion SHIB tokens in circulation. Shiba Inu only has a market cap of $5.7 billion, so burning would need to continue for a few more years until there were just a few billion tokens left.
But that's based on October. Back in July, Shiba Inu Tracker said it would take just 10 years to burn 90% of the SHIB supply based on the volume of burns.
Obviously, incentivising people to burn SHIB could bring the $1 price much closer
What is Shiba Inu doing to raise SHIB burning?
Shiba Inu has burned through 41% of its original supply already. But the majority of that amount was actually burned by Vitalik Buterin in a single transaction.
Just 0.2% has been burned from supply since 18 months ago.
At the beginning, Shiba Inu holders burned a portion of their own tokens. Then projects were set up to burn SHIB with a % of their profits. Most recently, the ShibaSwap lead development team are taking over the Burn Portal to reward anyone who burns SHIB with a stream of passive income.
Each of these projects will help Shiba Inu catch up with competitors.
For example, the EverGrow token which burned through 3% of original supply in its first year, and has set up an ecosystem to burn more EverGrow. A new NFT marketplace (LunaSky) raises revenue through minting and trading fees, and sends these 100% to buyback and burn EverGrow.
EverGrow is on track to ramp up token burning and lose 0s faster than SHIB – and that's from a current price of $0.00000009.
For example, the dollar value of Shiba Inu burns in September was $17,500. When EverGrow launched LunaSky (and added 100% of the proceeds from an NFT lottery sale) more than $200,000 was gathered in the first week of launch.
That's 11x more funds than used to burn Shiba Inu in a quarter of the time.
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