Will Shiba Inu Hit $0.01 as Long-Awaited Shiba Inu Burn Portal Now Live
Shiba Inu could witness a resurgence of increased burns from Shibarium following the launch of the much-anticipated Shiba Inu burn portal.
The Shiba ecosystem team recently implemented the launch of the dedicated Shibarium burn portal, one of the most anticipated developments among SHIB community members. The Crypto Basic disclosed this in a report last week, spotlighting the excitement within the community.
The Prospect of the Shiba Burn Portal
Notably, the ecosystem team called the recently launched burn portal ShibTorch, stressing that it was designed to ensure a portion of the base fee from each transaction on Shibarium goes toward burning Shiba Inu. The team noted that a reduction in SHIB supply and control of inflation are some of the reasons behind the burn portal.
The burn portal is already in effect, having incinerated millions in SHIB so far. At the reporting time, data confirms that the portal has burned up to 3.26 million Shiba Inu tokens. While this presents progress, the figure is below bullish expectations. Community figures expect the burn rate to improve in the coming months.
As earlier stated, the burn portal is one of the most awaited features in the Shiba Inu ecosystem. Its launch has rejuvenated optimism of an eventual surge in burn transactions amid the recent slowdown. For context, the community has only burned 98,136 SHIB over the past 24 hours.
Within a period of extra six months, the supply could reduce to 33 trillion tokens, considering the rate of 100 trillion token burn per year. Should Shiba supply drop to 33 trillion, the $0.01 price could come within reach. At this supply, SHIB will boast a market cap of $330 billion if its price reaches $0.01.
This assessment confirms that even if the recently launched Shibarium burn portal incinerates 100 trillion SHIB tokens every year, Shiba Inu would only be able to aim for the $0.01 price sometime in 2030, six years from now.
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