SHIB’s 6,220 percent burn rate surge sparks questions about the possibility of reaching one dollar.
Kusama explains token burns alone cannot sustain SHIB and highlights DeFi projects for growth.
SHIB faces price declines and bearish trends while volatility creates risks for traders and investors.
Shiba Inu (SHIB) has been the subject of debate as its current market capitalization stands at $13.87 billion, and its burn rate has surged by 6,220% in recent days. With over 410 trillion tokens burned from the initial supply of 999 trillion, discussions are rife on whether reducing 99% of SHIB’s circulating supply could push its price to $1.
Shiba Inu’s lead developer, Shytoshi Kusama, addressed questions about the feasibility of burning 99% of SHIB tokens. He said that while such a move is possible, it might not be enough to raise the token’s price to $1. According to him, token burns alone cannot sustain price growth without broader adoption and ecosystem development.
99% is also hard for a few reasons. 1. Assuming things started spiraling to a huge burn, people will buy considering that the price will moon. In this case, it would be more expensive to bur…
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