Shiba Inu: If 400 trillion SHIB is burned, can SHIB fall to $0.001?

After launching in August 2020, the Shiba Inu (SHIB) team sent half of the project's token supply to Ethereum co-founder Vitalik Buterin. Buterin decided to destroy 90% of the tokens he received and donate the rest to charity. Buterin destroyed nearly 410 trillion tokens, causing a sharp price surge.

There are currently about 589 trillion SHIB tokens in circulation. If another 400 trillion SHIB tokens are destroyed, the circulation of the asset will reach about 189 trillion. Given that SHIB has a market value of about $10 billion, the price per token will reach about $0.00005291.

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Reaching $0.00005291 from current levels would mean growth of about 212%. It is worth noting that $0.00005291 is still below the all-time high price of Shiba Inu. SHIB peaked at $0.00008616 in October 2021.

SHIB lead developer Shytoshi Kusama has also said that destruction alone cannot drive up asset prices. Kusama noted that destruction must be combined with high demand for prices to rise.

Destroying 400 trillion SHIB coins at once may be a challenge at the moment. Such a move would require widespread participation from all SHIB holders around the world.

If the team can significantly reduce the supply of SHIB while increasing demand for the asset, we may see another 2021-like rally for the project

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