When a recent rumor is taken into consideration, it is possible that the price of Shiba Inu (SHIB) is about to experience a large increase. The meme coin, which has been seeing a precipitous decline as of late, will receive the much-needed relief that this will bring.
Is There Going to Be a Shiba Inu Burn That Will Rewrite Records?
Ragnar, a member of the Shiba Inu team, highlighted the possibility that the 9.25 trillion SHIB tokens could be burned down this month in a post that has since been removed from X (which was once known as Twitter). Despite the fact that it is not clear why Ragnar removed the message, it is possible that he did so in order to avoid causing any confusion or misunderstanding.
Lucie, who works in marketing for Shiba Inu, has said in the past that the chief developer, Shytoshi Kusama, was hesitant to provide a timeframe for these burns.
It is also possible that Ragnar erased the message as a result of an error on his behalf, which is especially plausible when one considers the enormous amount of 9.25 trillion SHIB. Despite the fact that the maximum number of SHIB tokens that have been burned in a single month is still in the billions, this continues to remain the case.
To put this into perspective, with the exception of Vitalik Buterin, the founder of Ethereum, a trillion Shiba Inu tokens have never been burned in a single year. As a result, it is highly improbable that the member of the team was referring to the occurrence of this incident this month. If Ragnar was talking to the amount of the meme coin that could be burned this year, then such a figure appears to be even more plausible than it already is.
If this is the case, it has the potential to have a significant effect on the price of SHIB. When SHIB tokens of such magnitude are burned, the meme coin is known to create a rise. This is not even to mention the potential outcomes that could occur if such a record is achieved.
It is highly possible that Shibarium will be responsible for the burning of 92.5 trillion SHIB tokens if this year's burning objectives are met. With regard to the Shiba Inu fires that have been carried out in recent times, the layer-2 network has been the most significant contribution. It is interesting to note that Shibarium was solely responsible for contributing to nearly half of all the SHIB tokens that were destroyed in the year 2023.

During the course of the previous year, just more than 76 billion SHIB tokens were destroyed, with the layer-2 network being responsible for roughly 34 billion SHIB of those destructions. Shibarium, on the other hand, has not gotten off to a particularly good start this year, as the number of daily transactions has decreased from the highs it reached in December of the previous year. The Shibarium Explorer has provided information that indicates that the number of daily transactions that take place on the network is presently around 4 million.
According to the data provided by the Shiba Burn Tracker, the 9.25 trillion SHIB tokens that are being burned are still a long way from being a reality. This month, little over 64 million SHIB tokens have been burned.
According to information provided by CoinMarketCap, the value of Shiba Inu is currently trading at approximately $0.000008907, representing a decrease of more than 5% in the preceding twenty-four hours.
#ShibaBurns #Shibarium #crypto2024 $SHIB

It would take a well-planned and massive withdrawal of tokens from circulation.

In theory, SHIB tokens might become more valuable due to their increased scarcity.

Shytoshi Kusama, the chief developer of the Shiba Inu (SHIB) cryptocurrency project, recently issued a remark that has the whole community buzzing. Kusama has brought up the prospect of limiting the amount of Shiba Inu in circulation to as little as 0.1 percent of its present volume. Many people, including investors and fans of the cryptocurrency, are talking and speculating about this statement.

The current circulating quantity of SHIB is 580 trillion, and if this idea were to be implemented, it would cause a significant change. Kusama made the comment in reaction to a sardonic offer by an opponent to destroy 99.9% of SHIB tokens, maybe with the money from Shibarium service fees. 

Tough Task

A large portion of the Shiba Inu community has responded favorably to Kusama’s audacious claim. Many SHIB enthusiasts are eagerly awaiting the possible burning of enormous quantities of tokens. Many members of the community share this optimistic outlook and would love to see the value of SHIB rise after drastic supply cuts.

Though difficult, Kusama certainly countered that it is not impossible to accomplish such a feat. But getting to that level of dramatic decrease isn’t easy. It would take a well-planned and massive withdrawal of tokens from circulation to burn up 99.9 percent of SHIB’s supply. Token burns have been executed by the SHIB development team before, although on a lesser scale.

In theory, SHIB tokens might become more valuable due to their increased scarcity as a result of a lower supply. According to CoinMarketCap, at the time of writing, SHIB is trading at $0.00001103, up 1.17% in the last 24 hours.

Highlighted Crypto News Today:

Turkey Taps Specialist for Central Bank’s Crypto Policy Committee

Shiba Inu (SHIB), the canine-themed cryptocurrency, has taken the crypto world by storm. However, SHIB is facing challenges in its ambitious pursuit of reaching the $1 mark. Despite impressive returns of approximately 12975614.3% since its inception in 2020, intricate dynamics may hinder SHIB’s ascent to $1.Unlike significant cryptocurrencies such as Ethereum (ETH) with diverse use cases, SHIB primarily thrives on social sentiment. One major obstacle on SHIB’s path is the concentration of tokens in the hands of a few whales. The vulnerability to a significant sell-off looms large, potentially dealing a severe blow to SHIB’s price and disrupting its $1 aspirations. The sheer magnitude of SHIB’s circulating supply emerges as a formidable barrier. While burns are gradually reducing the supply, the rate is not substantial enough to make a meaningful impact.Can Shiba Inu burn activity help with the price surge?A glimmer of hope resides in the Shiba Inu burn portal initiated in April 2021, which sends SHIB tokens to dead wallets, effectively removing them from circulation. However, the impact on SHIB’s price has been limited.The Shibarium network holds potential, as it is set to participate in burns actively. Proponents suggest that Shibarium could burn trillions of tokens annually, potentially providing the boost needed to elevate SHIB’s price.In a speculative scenario where 90% of SHIB’s supply is burned, leaving 50 trillion tokens in circulation, the path to $1 presents a staggering challenge. Achieving this milestone would necessitate a market cap of $50 trillion, surpassing even the GDP of the United States, which stands at $23 trillion.Realistically, SHIB would need to burn over 99% of its supply, bringing it down to the billions or even millions—a formidable task that would span decades at current burn rates. Shibarium, however, offers a ray of hope, potentially expediting and streamlining this complex process.As the crypto community watches with anticipation, Shiba Inu’s journey to $1 remains a fascinating narrative shaped by technological advancements, burn mechanisms, and the dynamic interplay of market forces.#SHIB💥 #ShibaBurns