The Shiba Inu [SHIB] ecosystem has seen a significant price drop over the past few months. As multiple assets hit all-time highs, SHIB sat on the sidelines. But the meme coin has the potential to rise again. While some believe that network updates can push SHIB’s price higher, others are betting on SHIB’s burn mechanism.
The Shiba Inu market saw major turmoil in 2021. Ethereum co-founder Vitalik Buterin sent 410 trillion SHIB tokens to a dead wallet in May of that year. About 41% of the total Shiba Inu supply consisted of these tokens. The destruction pushed SHIB to an all-time high of $0.00008845 in October 2021 as the asset had already experienced an uptick. At press time, SHIB is trading at $0.00001382, down 10% in the past 24 hours. Currently, the meme token is 84% below its all-time high.
If 410 trillion tokens were burned now, would Shiba Inu hit a new all-time high?
The circulating supply of Shiba Inu is currently 589 trillion SHIB. The market cap of SHIB is $10.07 billion. If an entity were to destroy another 410 trillion SHIB, the number of SHIB tokens in circulation would be significantly reduced. The new circulating supply would be approximately 179 trillion SHIB.
The $33.12 billion market cap is calculated by multiplying the supply ratio of 3.29 by the current market cap of $10.07 billion. The new circulating supply of Shiba Inu is 179 trillion, which equates to a new price of $0.000185. This is if its market cap grows to $33.12 billion, in line with the supply change rate. At this pricing, SHIB has grown 983% in current value.
If the market value remains at $10.07 billion after destroying 410 trillion tokens, the impact on the price will be small. The market value of Shiba Inu is $10.07 billion, the circulation is 179 trillion, and its price is $0.0000562. Even now, this figure is lower than the peak of SHIB. It is not clear whether Buterin will destroy this SHIB again, but it is also uncertain whether other institutions will do so. #BTC走势分析 #ASI代币合并计划 #美联储何时降息？ #美国6月非农数据高于预期
