The Shiba Inu (SHIB) community is buzzing with renewed optimism following the launch of the Shibarium burn portal, known as ShibTorch. This latest development could play a pivotal role in Shiba Inu’s quest to reach the elusive $0.01 price target, a goal that has long been the Holy Grail for its supporters.
ShibTorch – A Game-Changer for SHIB
The Shibarium burn portal, ShibTorch, is a transformative addition to the Shiba Inu ecosystem. Designed to tackle inflationary pressures, ShibTorch works by burning a portion of SHIB tokens from each transaction fee on the Shibarium network. This deflationary mechanism aims to systematically reduce the circulating supply of SHIB, potentially driving up its price over time.
Since its launch, ShibTorch has made a notable impact, burning approximately 3.26 million SHIB tokens. The early success of the portal is evidenced by a staggering 1250.90% increase in the SHIB burn rate over the past 24 hours, with over 28 million tokens having been incinerated. This surge in activity highlights the Shiba Inu community’s enthusiasm and commitment to supporting the burn process.
Path to $0.01: Ambitious but Possible
The Shiba Inu community’s eyes are firmly set on the $0.01 price target. The introduction of ShibTorch has reignited speculation about whether this ambitious goal is achievable. The theory is that if ShibTorch can burn up to 100 trillion SHIB tokens annually, significant price gains could follow.
Currently, the circulating supply of SHIB stands at approximately 589 trillion tokens. If the burn portal meets its annual target, the supply could drop to 489 trillion after one year and 89 trillion after five years. Achieving a price of $0.01 would still be a daunting challenge. At a supply of 89 trillion tokens, Shiba Inu would need a market capitalization of $890 billion—greater than Ethereum’s current market cap.
However, the scenario becomes slightly more attainable if the burn rate continues consistently, reducing the supply to around 33 trillion tokens over time. At this level, a $0.01 price would result in a market cap of $330 billion, which, though ambitious, is within the realm of possibility.
Also Read: Shiba Inu (SHIB) Bounces Back – 1,250% Burn Rate Spike Fuels 14% Weekly Surge
Achieving the $0.01 price target will likely be a prolonged endeavor. Based on the current burn rate projections, it could take until 2030 for Shiba Inu to reach a supply level where the $0.01 goal becomes realistic. This extended timeline underscores the need for ongoing community support and significant growth in Shibarium’s adoption to sustain the burn efforts.
In summary, while the Shibarium burn portal’s impact is promising, the road to $0.01 is long and fraught with challenges. The success of this venture hinges on consistent burn rates, community backing, and broader adoption of the Shibarium network. As Shiba Inu’s journey unfolds, the next few years will be critical in determining whether this ambitious price target can become a reality.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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