Shiba Inu Could Trade with Three Zeros After Supply Reduction
Since its launch in August 2020, Shiba Inu has significantly progressed, evolving from a meme coin to a utility token with a reduced supply.
Shiba Inu’s Supply History
Initially, Shiba Inu launched with 1 quadrillion SHIB tokens. Currently, the total supply has shrunk to 589.25 trillion SHIB, which is 58.95% of the original amount, per Shibburn data.
The remaining 410.75 trillion tokens were burned through various campaigns, including one led by Ethereum co-founder Vitalik Buterin.
Community Push for Further Burns
Despite over 41% of the initial supply being burned, some community members want to further reduce SHIB’s supply to about 10 trillion tokens. They argue that the current supply of 589.25 trillion tokens contributes to SHIB’s underperformance.
In the past year, SHIB’s price has dropped 40.86%, and it has experienced a 14.47% loss this past month. This decline coincides with a broader market downturn, affecting other coins like Ethereum.
Shiba Inu Price if Supply Drops to 10 Trillion
To achieve the target of 10 trillion SHIB tokens, approximately 579 trillion would need to be burned. If the market cap stays at $7.19 billion, a 10 trillion token supply could elevate SHIB’s price to $0.000719, a rise of about 5,793% from its current price of $0.00001220.
SHIB to $0.0007 Forecast
Various market experts predict SHIB could reach the $0.0007 mark in the coming years. Telegaon estimates SHIB will be around $0.000712 by 2030, while Changelly experts suggest a similar price point by December 2034.
Final Thoughts
While reducing supply to 10 trillion could theoretically drive price to $0.000719, the actual chance of burning 579 trillion tokens is quite low. This scenario highlights the importance of supply reduction in influencing price performance.
This article is informational and does not constitute financial advice.
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