Although we are still a long way from pricing the SHIB at one cent, we are quite close to doing so. Since the Shiba Inu team makes no attempt to keep this memecoin from reaching its goal of becoming “on top of the world,” other from the advances mentioned by Shytoshi Kusama. It specifically set out to accomplish this by burning 767 million SHIB lately.
Burn SHIBs to prevent stage burning
Shiba Inu supporters appeared to be overwhelmingly in favor of this most recent SHIB burn, as evidenced by the comments on Reddit. Congratulations to all who waited and persisted, to quote only supermanjohnE who commented on this:
Could a SHIB for one penny become a reality? Bishop-3241, the author of a lengthy commentary and an analogy with the DOGE, believes the following:
- “ I remember when the Dogecoin community rejoiced when the coin hit the 10 cent mark. On occasion, it has topped 10 cents and settled around 30 cents. So when you read those stories from so called crypto expert magazines that say it will take a thousand years for Shiba to reach $1, respond accordingly with a huge chuckle. And watch them swallow their words.”
In the past 24 hours, there have been a total of 767,893,116 $SHIB tokens burned and 16 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy— Shibburn (@shibburn) July 17, 2022
Shiba Inu and burn tales
We are aware that Shiba Inu’s creators are not participating in their first burn in history. On July 11, just last week, 205.6 million SHIB tokens were burnt. They have to send 31 transactions to a combustion address in order to accomplish this. It will be difficult to utilize or possess them after they are routed in.
However, it should be noted that SHIB’s total destruction is not a bad thing. In fact, it will only help the owners by raising the value of the remaining Shiba Inus.
Remember that 600.7 million SHIBs were burnt in March of last year. It just took 5 transfers to complete this task.
Regarding the most recent SHIB burn, take notice that it required 22 transactions to reach that point and that there were 767,531,840 Shiba Inu burns overall.
Here is a little review for those who are still hesitant to invest in the SHIB:
- Total supply of SHIB tokens: 999,991,384,843,530;
- Total tokens in circulation: 589,617,689,978,264;
- Total SHIBs burned: 410,373,694,865,263.
At the time of writing this report, the Shiba Inu’s unit price on CoinGecko was $0.00001132. Something to serve as a reminder that the desired 1 cent SHIB is still a long way off. Shiba Inu burns have no additional goals, thus we can still anticipate reaching an ATH or even dropping one or two zeros in the near future.