Cryptocurrency Q&A
How many SHIB coins need to be burned to reach $1?
How many SHIB coins need to be burned to reach $1?
Elena
Mon Oct 14 2024
|
7
answers
1341
I want to know the number of SHIB coins that need to be removed from circulation through the burning process for its value to increase to one dollar.
7 answers
Pietro
Wed Oct 16 2024
The question of whether enough Shiba Inu tokens can be burned in 2024 to propel the cryptocurrency's value to $1 is a complex one. The task at hand is daunting, requiring an unprecedented level of community participation and token destruction.
Was this helpful?
165
46
Silvia
Wed Oct 16 2024
To achieve this milestone, the Shiba Inu community would need to burn an astonishing 99.99998% of the total token supply. This translates to the elimination of nearly all the 589.3 trillion tokens currently in circulation.
Was this helpful?
210
58
Riccardo
Wed Oct 16 2024
Given the sheer magnitude of the task, it's evident that reaching the $1 mark would be an uphill battle. Such a dramatic reduction in the token's supply would significantly impact its market dynamics and potentially alter its value proposition.
Was this helpful?
175
46
Lucia
Wed Oct 16 2024
However, the potential benefits of achieving this milestone are undeniable. With a reduced supply, each remaining Shiba Inu token would become increasingly scarce and valuable, potentially driving up its price.
Was this helpful?
230
86
Lucia
Tue Oct 15 2024
It's worth noting that the feasibility of burning such a significant portion of the token supply remains uncertain. The community's willingness and ability to coordinate such a massive effort are significant unknowns.
Was this helpful?
84
49
Load 5 more related questions
