Could the Shibarium update push the price of SHIB to $1?
SHIB currently has a circulating supply of around 584 trillion coins. Therefore, to reach $1, SHIB would need to reach a market cap greater than the total value of all financial assets in the world today. This is a very unrealistic prediction. However, if SHIB can somehow reduce its massive supply, reaching $1 may be possible. In fact, the latest Shibarium update includes a burn contract that can be updated, but it is not yet clear how much it will burn and how fast it will do so. The update was posted at address 0x541 and block 8200512. The Shibarium website states that the upgradeable burn contract “will support exciting future updates and improvements” and “adds an important feature that will help reduce the overall supply, providing additional value to coin holders.” According to SHIBBurn.com, over 410 trillion SHIB coins have already been burned so far, which is more than 40% of its initial supply. Over time, the supply could be reduced from hundreds of trillions to billions after this new update, and only then will the SHIB price have a chance to reach $1.
