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.

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.

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.

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.

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.

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Harold

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