The Shiba Inu ($SHIB
) community has been abuzz with discussions about the possibility of burning 99% of the total SHIB supply ๐ฅ. The idea behind this proposal is to reduce the circulating supply of SHIB, potentially driving up its price to $1 or more ๐.๐ Here's a breakdown of the current SHIB supply:- Total supply: 1 quadrillion (1,000,000,000,000,000)- Circulating supply: approximately 550 trillionIf 99% of the total SHIB supply were to be burned, the new circulating supply would be around 5.5 trillion ๐.๐ค Potential Benefits of Burning 99% of SHIB:1๏ธโฃ Reduced Supply: Burning 99% of SHIB would significantly reduce the circulating supply, potentially leading to higher demand and, in turn, driving up the price ๐.2๏ธโฃ Increased Scarcity: With a reduced supply, SHIB would become scarcer, making it more attractive to investors and potentially leading to increased adoption ๐.3๏ธโฃ Improved Perception: Burning 99% of SHIB could improve the perception of the project, demonstrating the team's commitment to reducing inflation and increasing the coin's value ๐ฅ.๐จ Potential Risks of Burning 99% of SHIB:1๏ธโฃ Market Volatility: Burning such a large percentage of SHIB could lead to significant market volatility, potentially causing the price to fluctuate wildly ๐.2๏ธโฃ Loss of Liquidity: Reducing the circulating supply by 99% could lead to a loss of liquidity, making it more difficult for buyers and sellers to trade SHIB ๐.3๏ธโฃ Community Backlash: The decision to burn 99% of SHIB could be met with resistance from the community, potentially leading to a loss of trust and support ๐ซ.๐ฎ Conclusion:Burning 99% of SHIB is a high-risk, high-reward strategy that could potentially drive the price up to $1 or more ๐. However, it's essential to carefully consider the potential risks and consequences, including market volatility, loss of liquidity, and community backlash ๐จ.Ultimately, the decision to burn 99% of SHIB should be made with caution and careful consideration, taking into account the potential impact on the ecosystem and the community ๐ค.