Shiba Inu Has Burned $4 billion worth of SHIB, But Still Can't Beat Bitgert Performance (2024)
Key Insights:
Shiba Inu’ burn portal’ is still burning more SHIB with tens of trillion tokens burned
Bitgert price performance has been superb in the past week due to the mass adoption
The Bitgert team still has massive developments coming up
The Shiba Inu coin performance has been dismal in the past few weeks, but for the last few days, the price has been stable. Shiba Inu has maintained a $0.00001 for the last few days after killing the fifth zero. However, a lot of developments have been going on at Shiba Inu, with tokens burning being among the most discussed topic.
The recent announcement from the Shiba Inu team is that over 410 trillion SHIB tokens have been burned since the launch of the Shiba’ burn portal.’ However, these tokens, which worth has been put at $4 billion, have not had the expected price impact. In fact, Shiba Inu has been unable to beat its closest rival, the Bitgert (BRISE).
Even without such a huge burn, Bitgert has managed to post a better price performance than the Shiba Inu. The massive supply and the Shiba Inu coin lacking utility are reasons why Shiba Inu is still doing poorly in the market.
Bitgert is doing better than most coins, not just the Shiba Inu coin. The bullish performance of the Bitgert coin is one of the reasons the Bitgert hype has been growing exponentially. Bitgert project’s massive adoption is the reason Bitgert has been doing pretty well than Shiba Inu.
But the Bitgert mass adoption comes from the impressive blockchain products that Bitgert is building. The Bitgert ecosystem is super disruptive, which is why adoption has been super high. Among the products that crypto analysts say are driving the Bitgert price surge is the Bitgert BRC20 blockchain.
The launch of the Bitgert blockchain skyrocketed the Bitgert price. The chain adoption rate is still the best, and this is why it is a factor in the surging Bitgert price. The mass adoption of the Bitgert bridge and the newly launched USDT/USDC bridge are other reasons why Bitgert is doing well.
But there are many new products and projects joining the Bitgert ecosystem that are attracting crypto investors. There will be a lot of products from Bitgert roadmap V2 and projects from the Bitgert Startup Studio. Therefore, Bitgert still holds the potential to do better than Shiba Inu even in the next few weeks.
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Almost 800 million SHIB tokens were removed from circulation in the last seven days. The Shiba Inu burn rate exploded again, an effort aimed to reduce the asset's circulating supply and make SHIB more valuable in time. However, the price remains deep in red territory amid an overall market collapse.
Can Shiba Inu burn trillions of coins? In 2022, a Shiba Inu community member, who goes by the pseudonym 'Queenie,' projected that the Shibarium burn portal could incinerate a whopping 111 trillion SHIB tokens annually.
SHIB is known for its high supply, which started at one quadrillion tokens. Over the years, that supply has gradually reduced due to the Shiba Inu coin burn. In three years, more than 410 trillion tokens have been burnt.
So, can Shiba Inu reach 1 cent? If you're making a Shiba Inu price prediction, the 1-cent price level is more or less out of the question. As we've shown, such a price level would imply a completely unrealistic market capitalization of $5.89 trillion for Shiba Inu.
In January 2024, the Shiba Inu cryptocurrency ecosystem witnessed the burning of approximately 9.9 billion SHIB tokens, a move aimed at reducing the token's circulating supply and potentially increasing its value. This burn removed about $88,348 worth of SHIB from circulation.
If Shibarium burns 100 trillion SHIB tokens a year, 500 trillion coins in circulation will be sent to the dead wallet. That's removing 90% of tokens in the next year years. The development will leave Shiba Inu with another 49 trillion tokens in circulation in the market.
According to some rumors, the network may burn trillions of tokens yearly. Shiba Inu (SHIB) influencer and team member “Lucie” had previously said the project could burn 111 trillion tokens yearly. Going by that estimate, we may see almost 10 trillion SHIB tokens being removed from circulation every month.
To date, the SHIB community has burned a total of 410,726,100,388,767 SHIB, with a circulating supply of 582,881,498,855,693 SHIB remaining. The 419 trillion meme coins have been permanently locked in the SHIB burn wallet, the blockchain address holding the largest amount of SHIB.
The Shiba Inu burn rate mechanism is designed to gradually reduce the circulating supply of SHIB tokens over time. The development team periodically sends a portion of the tokens to the burn address, effectively removing them from circulation.
Shiba Inu (SHIB-USD) finds itself amid a whirlwind of activity. While the community rallies behind an unprecedented burn rate, the token's price action tells a different story. The SHIB community has set ablaze over 154 million tokens, propelling the burn rate by a staggering 4,000% in just 24 hours.
To reach 1 cent, Shiba Inu would have to increase in price by a factor of 1111. Assuming a 50% burn rate and continuing with the current development plans, SHIB can reach $1 in 31 years. Will SHIB reach $1 in 2025? No, the Shiba Inu will not become a dime in value by 2025.
The Shiba Inu (SHIB) Burn has been a topic of discussion in the cryptocurrency community since its introduction by the Shiba Inu team. The burn mechanism is designed to reduce the supply of SHIB tokens in circulation, which can increase the token's value over time.
Hence, burning away the supply is one way of pushing SHIB's price. If SHIB removes 99% of its supply, there would be about 5.4 trillion remaining. If SHIB remains at its current market cap, the cost of each token would rise to about $0.000742. This represents a growth of over 10,800%.
Shiba Inu (SHIB) experienced a massive increase in token burns in March, with billions of SHIB removed from circulation. The development of Shibarium, SHIB's layer-2 solution, has advanced significantly, potentially supporting further ecosystem growth and value appreciation.
By reducing the number of tokens in circulation, the value of the shiba will increase. To keep it simple, one Shiba will never have the same value as one Bitcoin. The community's goal is to raise the Shiba to $0.01. To achieve this, you will have to burn tokens.
Introduction: My name is Barbera Armstrong, I am a lovely, delightful, cooperative, funny, enchanting, vivacious, tender person who loves writing and wants to share my knowledge and understanding with you.
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