Popular meme-coin Shiba Inu (SHIB) has made its mark in the cryptocurrency space. SHIB is the 15th-ranked crypto asset by market cap. At the time of writing Shiba Inu is trading at $0.0000231 and is down 8% over the past week. Early investors who invested $100 into the SHIB coin when it was first released in 2020, would have ended up with $3.21 million by mid-February of this year if they held onto the meme-coin. In recent news, a key member of the Shiba-Inu team known as Archangel, suggested that with ShibaSwap 2.0 a new feature the “burn portal” would be included. This burn tool would allow for a slow and steady reduction of the Shiba Inu coin supply. A key point was that they want to see that the burn rate and utilization rate of the coin grow at a similar pace. While this is exciting news to hear for SHIB coin enthusiasts, it’s important to keep realistic expectations and realize that the burn rate can only go so high.
What is ShibaSwap?
If you’re not familiar with the crypto space and SHIB coin, you may be curious as to what exactly ShibaSwap is. ShibaSwap was launched in July of 2021 and is the decentralized exchange (DEX) of the Shiba Inu coin project. Simply put, users can access ShibaSwap to exchange or Swap their Shiba Inu coins with other crypto coins. There are other features on ShibaSwap such as Dig, Woof and Bury.
What is Shiba Inu Burn Rate?
According to the website SHIBBURN, which tracks the burn rate of the Shiba Inu coin, there was initially a max total supply of 999,991,758,330,016. The current total supply, after recent burns, is sitting at 589, 696,234,002,756. The total coins burnt from the initial supply is 410,303,765,997,243. For investors who are looking to hop on the crypto train and invest in the SHIB coin, it’s important to keep tabs on the burn rate and total supply of the SHIB coin. As the supply decreases and burn rates continue, the SHIB coin will naturally become more valuable.
Will SHIB Coin reach $1?
Shiba Inu swept investors away with its remarkable run in 2021. The cryptocurrency was at $0.00000000013 at the end of 2020 and moved to $0.000033 by the end of 2021 — increasing 26,000,000%. Currently at the time of writing Shiba Inu is at $0.0000231. But how soon could we see SHIB reach $0.01 cent? Currently the cryptocurrency Shiba Inu trades for a fractional price of a penny because of large supply of the dog-themed coin.
It could be possible to see Shiba Inu reach $1 if traders bid up the price or if we continue to see the supply of SHIB coins decrease, which would make the coins more valuable. In order for the supply of the Shiba coin to decrease, the coins need to be taken out of circulation, otherwise known as “burned”. How are coins burned? The coins are transferred to dead wallets. A member of the Shiba Inu team Archangel notes for investors to be realistic and not to expect a 90% burn rate of the coin.