Shiba Inu Token Burns 99% Supply: $1 Target in Reach?

Shiba Inu (SHIB) began as a meme coin, but it’s quickly proving it has the potential to be much more. With a market cap of $15 billion and an impressive surge in its burn rate, SHIB is on the rise. But now, there’s talk of burning 99% of its total supply—could this bold move drive the price to $1?

Here’s what Shytoshi Kusama, the lead developer, says.

SHIB Token Burn Rate Soars

Shiba Inu has been burning tokens at an impressive rate recently. In just a few days, the burn rate skyrocketed by 6,220%, reducing the circulating supply significantly. Out of the original 999 trillion tokens, over 410 trillion have already been burned, leaving just 541 trillion.

This huge burn has created a lot of excitement. However, one X user asked Shytoshi Kusama: Could burning 99% of SHIB’s tokens help it reach $1?

Kusama Responds

Kusama replied, acknowledging that burning 99% of SHIB’s tokens is technically possible. However, he pointed out that burning tokens alone isn’t enough to drive SHIB’s price up.

He explained that burning is just one factor, and Shiba Inu’s broader ecosystem, including decentralized finance (DeFi) projects, also plays a key role in boosting SHIB’s price.

Risk of Burning Too Much, Too Fast

While burning tokens is important, Kusama warned that burning too many tokens too quickly could harm the Shiba Inu ecosystem. If SHIB’s price rises too much, it could become too expensive for people to buy, slowing down the burn rate and preventing growth.

Kusama stressed that burning tokens needs to be balanced with other efforts to help SHIB reach its full potential.

Shibarium’s 8 Million Milestone

One of the most promising developments for Shiba Inu is Shibarium, the project’s layer-2 solution. Recently, Shibarium reached a significant milestone, processing over 8 million blocks and surpassing 400 million transactions. 

Shibarium helps by lowering transaction fees, speeding up transactions, and improving scalability. These changes could significantly boost SHIB’s long-term success by offering more ways to use the token and encouraging wider adoption.

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Shiba Inu’s Price Analysis

While Shiba Inu’s price has been climbing, some experts believe it could rise even more. Technical analysis suggests that SHIB could reach $0.000045 if it manages to break certain resistance levels. 

However, for SHIB to reach higher levels or even $1, the community will need to strike a balance between burning tokens and continuing to improve the Shiba Inu ecosystem, especially with Shibarium’s development.

The Shiba Inu story is just beginning, and with Shibarium leading the charge, the future could be much brighter than anyone expected.

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