Shiba Inu (SHIB) Burn Rate Explodes by Almost 600%: Details (2024)

FAQs

Shiba Inu (SHIB) Burn Rate Explodes by Almost 600%: Details? ›

Shiba Inu (SHIB) Burn Rate Explodes by Almost 600%: Details. Over 40% of Shiba Inu's total supply has already been destroyed. Shiba Inu's burn rate increased by 579% in the past 24 hours, with nearly 10 million tokens destroyed.

So once the Shiba Inu tokens get transferred, they get removed from circulation, reducing the total supply and creating better stability for the cryptocurrency. Because of this, Shiba Inu has destroyed or gotten rid of 410 Trillion Shiba Inu tokens in the last three years.

How does the burn rate affect SHIB token holders? The burn rate can potentially increase the value of SHIB tokens by reducing the circulating supply. As the supply decreases, the remaining tokens may become relatively scarcer, which can influence their market value.

Can enough tokens be burned in 2024 to send Shiba Inu to $1? The community will have to burn 99.99998% of all tokens to send Shiba Inu to $1 based on its current market cap. In other words, almost all the 589.3 trillion tokens must disappear from circulation, leaving just 6.3 billion remaining.

Cryptos that could boom in 2024 include Render Token (a rendering network) and Solana. Bitcoin and Ethereum could also be poised for strong performances in 2024, thanks to the SEC's approval of Bitcoin ETFs and Ethereum ETFs.

It decreases supply, theoretically increasing demand and, thus, prices. By reducing the number of coins in supply, the entities doing the burning hope to make the tokens more valuable and less attainable—by controlling the coin supply and maintaining or increasing the value of their own holdings.

According to insights from BTCC, if SHIB were to undergo a 50% coin burn annually for the next two decades, it would take approximately 19 years to reach 1 cent. However, more conservative estimates from CoinCodex suggest that SHIB's price might reach $0.00002997 by July 2025.

Shiba Inu (SHIB) Price Prediction for 2024

Binance has a close SHIB price prediction and sees the coin could trade at a maximum price of $0.000014 in 2024.

A Shiba Inu (SHIB) proponent who goes by “SHIB Bezos” recently took to Twitter and claimed the project could potentially burn 111 trillion tokens annually. The known SHIB influencer Queenie had also said the project could burn trillions of SHIB annually. Albeit, Queenie had revealed a hypothetical estimation.

If Shiba Inu were to reach a price of $0.01, given its total supply of 589.53 trillion SHIB, the resulting market capitalization would soar to approximately $5.9 trillion.

How much SHIB to become a millionaire? ›

To become a millionaire through Shiba Inu, one needs to own a substantial amount of the token. Based on current market prices, for instance, if Shiba Inu reaches a price of $0.00003, having 33 billion SHIB tokens would make someone a millionaire. At present prices, this amount of SHIB would cost approximately $515,000.

SHIB has a circulating supply of 589.26T coins and a max supply of 999.98T SHIB.

Crypto.com will burn 59.6 billion CRO tokens today, with the rest being locked in a smart contract, and burned on a monthly basis. The “largest token burn in history” is intended to increase the circulating supply of CRO from the current 24% to over 80% prior to the Crypto.org mainnet launch on 25 March.