NOTE:๐ฃ๏ธ๐ฃ๏ธ๐ฃ๏ธ update
Shiba Inu: Estimating the Timeframe for SHIB to Reach $1๐๐
Confirmed by the Shiba Inu team on Monday, Shibarium's layer-2 network will commence burning SHIB tokens starting January 2024. Details on the annual burning rate and insights into Shibarium's impact on SHIB's journey to $1 can be found here.
As per the recent blog update, 70% of transaction fees on Shibarium will contribute to burning SHIB tokens, while the remaining 30% will sustain network operations.Shibarium will collect fees in Bone tokens for governance, converting them into SHIB once they reach a $25,000 threshold and subsequently burning SHIB tokens.
With Shibarium now set to burn SHIB tokens, the question arises: Can Shiba Inu reach $1? This article delves into the potential timeframe for Shiba Inu to hit the $1 mark through Shibarium's burning mechanism.
Analyzing the scenario, even if Shibarium burns 3 trillion tokens annually, SHIB wouldn't reach $1 within our lifetime. The dynamics differ, as the ample supply contrasts with limited demand. Shiba Inu currently has 589 trillion tokens in circulation, with only 1.3 million holders, and adoption is lagging behind circulation, resulting in price fluctuations or stability.
In conclusion, despite Shibarium's annual burn of 3 trillion SHIB tokens, it would take 98 years for Shiba Inu to reach $1โan implausible scenario in our lifetime.
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