Shiba Inu is the fourteenth most used cryptocurrency in the crypto market, with 549,063,278,876,302 SHIB Tokens in circulation. The community is working hard to reduce its supply and continuously burns an average of 1-3 million SHIB tokens daily.
Recently a popular crypto YouTuber Jeff at OnTheChain.io, wrote in his Twitter post that the Shiba Inu would require 1.157 million years to reduce their circulating supply to 100 billion tokens.
Jeff noted that “SHIB has a quadrillion tokens. If they burn 1 million tokens per day, it would take approximately 1,157,174 years to reduce the total available SHIB to 100 billion tokens.”
Jeremy Hogan, the lawyer of $XRP, commented on Jeff’s post sarcastically, “so, you’re saying it’s possible.” The ‘sarcasm’ in this comment is that it is impossible and unrealistic for the community to take these years to burn its token to 100 billion tokens.
According to the SHIBBURN website, the burn rate of the Shiba Inu token descended by 95.18% in the last 24 hours and burned 1,065,035 SHIB tokens.
Currently, the community has burned around 410,384,886,076,079 from the initial supply. According to CoinMarketCap, Shiba Inu was trading at $0.00001173 at press time, up by $0.93% in the past 24 hours.
The 24-hour trading volume of SHIB has mirrored an impressive hike of 23.37%, and the trading volume was $323,659,517.
Shiba Inu is the second most valuable meme token after its competitor Dogecoin, one of the favorite tokens of centi billionaire and Twitter owner Elon Musk.
SHIB prices have risen by more than 45% in a month. The prices are retesting the resistance zone of 0.000012; if breached, a bull run may be established, reaching new highs. The RSI shows possible price reversal as sellers may participate in booking profits. MACD starts to record sellers gaining temporary dominance. Investors can trust the support zone near 0.0000075 to invest in SHIB and enjoy a price rocket near the Shibarium launch.
Shibarium is an upcoming layer 2 scaling network that will eventually house the entire Shiba ecosystem. Besides hosting the SHIB metaverse on Shibarium, the Shiba Inu team is also looking to deploy a stablecoin, called SHI, on the layer 2 solutions.
Shibarium, Layer 2 protocol by the Shiba Inu team, achieved major support from Atomic Wallet with around 5 Million users. Atomic Wallet is a non-custodial crypto wallet that recently announced the addition of support for Shibarium. The wallet became the first that officially announced its support for Shina Inu’s innovation. The wallet has a user base of over five Million, as noted.
Source: https://www.thecoinrepublic.com/2023/01/31/shiba-inu-will-reach-100-billion-in-over-1mn-years-says-analyst/