41% Of The Original Circulating Supply Of Shiba Inu Has Been Burned

Since the beginning of September, 329.8 million Shiba Inu (SHIB) tokens have been burned, SHIB is burned daily to solve the problem of oversupply. In the past 30 days, the largest total daily burn was 455,699,414 SHIB on Aug 31.
41% Of The Original Circulating Supply Of Shiba Inu Has Been Burned 5

The Shiba Inu community targets $0.01 per token. But to achieve this based on the current circulating token supply, the SHIB market cap would need to reach $5.5 trillion, or more than 5.5 times the current total market cap.

By burning tokens, the amount in the circulating supply decreases over time and should, in theory, increase the price of SHIB.

The image below shows the project moving towards halving its initial supply. However, with the huge supply, token burning takes a long time to reach that level.

Source: Shiba Burn Tracker

Meanwhile, since July 12, the Shiba Inu has posted slightly higher lows leading to a gradual tilt towards the support price. However, like all altcoins in this bear market, SHIB is down 86% from its all-time high of $0.00008616, reached on October 28, 2021.

SHIB daily chart. Source: CoinCu

The latest blog post from Shiba Inu has revealed plans to develop a Metaverse, called WAGMI, in conjunction with art studio The Third Floor.

“WAGMI is short for “We’re All Gonna Make It”. It refers to a higher conviction and optimistic state about the future. The foundation of SHIB has always been the community. We love that our community is strong, and the conviction to see SHIB rise and reach new heights come with great passion and a true belief system.”

Currently, the project is in the early stages of development, with ideas coming out through concept artwork. The sketch below depicts the WAGMI temple and its surrounding landscape, described as a “meditation-inspired architecture” that captures the concept of a peaceful and tranquil environment.

Source: Shiba Inu Ecosystem

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

11 minutes ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

31 minutes ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

47 minutes ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

1 hour ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

2 hours ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

2 hours ago

This website uses cookies.