On the contrary, Bitcoin blocks need to be individually mined to release new BTC coins. The theory is, the higher the coin supply, the harder it is for it to grow. However, the value can rise up to $1 but it is highly unlikely to happen in the foreseeable future. Shiba Inu coin is a https://topbitcoinnews.org/how-to-buy-superfarm-nft-platform-where-you-can/ cryptocurrency that emerged in 2020 as an offshoot of the popular meme cryptocurrency Dogecoin. It takes its name from the Shiba Inu dog breed, which gained fame through the Doge meme. Shiba Inu coin quickly gained attention and became one of the most talked-about cryptocurrencies.
The Shiba Inu Discord moderator known as SHIBQueenie recently detailed in a tweet just how great an impact the forthcoming burn portal might have. She especially saw the potential for ShibaSwap 2.0 to be a focal point for burning activity when the new version of the decentralized exchange launches. Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer. The Motley Fool reaches millions of people every month through our premium investing solutions, free guidance and market analysis on Fool.com, top-rated podcasts, and non-profit The Motley Fool Foundation. The rate of coin burns had slowed during the collapse in cryptocurrency prices over the past few months, which has brought the SHIB price down by 60% since the start of April.
Once Shibarium launches, SHIB tokens will be migrated to run on the protocol rather than on Ethereum directly. After reaching record-highs in October 2021, this year the shiba coin has to navigate through bearish price action amid a wider cryptocurrency sell-off. SHIB society is hopeful that the chance of another significant price increase is inevitable. Many investors are hurrying to buy SHIB hoping to find the next Doge.
The Role of Shiba Inu’s Burn Mechanism: How does it affect the coin’s supply?
At the current price, Shiba Inu would need to grow its value by 10 Million per cent to reach $1. To hit $1 by the end of 2022, it will have to grow at a steady rate of more than 769,000% for the next thirteen months. Another scenario is, it will have to grow at a consistent rate of more than 204,000% per month for the next four years to reach $1 by December 2025.
Shiba inu (SHIB) is one of the most popular meme-based cryptocurrency tokens, initially billed by its anonymous developer as the “dogecoin killer”. Currently, Shiba Inu has over 500,000 token holders with a growing market cap of $13 billion. This suggests that Shiba Inu’s price will have to increase almost four times to get to Dogecoin. Shiba Inu’s distribution strategy is primarily based on a community-driven approach that emphasizes decentralization and inclusivity. The project’s creators designed it to be a “meme token” that could capture the same playful and irreverent spirit as Dogecoin, another popular cryptocurrency. This means that the supply of SHIB can continue to grow indefinitely, although its rate of inflation will decrease over time due to a built-in deflationary mechanism.
- It is estimated that this individual holds around 13% of the total supply of Shiba Inu, which is a significant amount considering the project’s market cap and overall popularity.
- Shiba Inu has burned more than 400 trillion tokens since its launch, which has reduced the total supply by a significant amount.
- All of this makes it very difficult for Shiba Inu to regain its traction with meme coin investors.
- If you are wondering how other cryptocurrencies compare, here is another article.
- Token holders are incentivized to burn their SHIB tokens and receive RYOSHI tokens as a reward.
Some cryptocurrency exchanges may not offer this token due to regulatory or other considerations. Therefore, you may need to try multiple platforms to find one https://coinbreakingnews.info/blog/how-is-crypto-taxed-cryptocurrency-tax-calculator/ that supports SHIB. Ethereum’s fifth-largest whale wallet, named Light, has a total portfolio value of $691m, of which 364 million, or 55%, is held in SHIB.
SHIB was originally created to be the “Dogecoin Killer” and is built on the Ethereum blockchain. Based on recent data, the demand for Shiba Inu is declining with fewer individuals holding the cryptocurrency. Lower demand can offset at least in part some of the gains resulting from burning. Shiba Inu is one of the most popular cryptocurrencies in the market. It will be interesting to see how the project develops in the next few years.
Shiba Inu Historical Price Information
Track Shiba Inu’s history in its entirety, ranging from the Shiba Inu starting price to the most recent SHIB price data. Our SHIB price history tool allows you to display the price data in the currency of your choice, and you can also adjust the level of detail by choosing between different frequencies (daily, weekly and monthly). The value of shares and ETFs bought through a share dealing account can fall as well as rise, which could mean getting back less than you originally put in.
Is hype dead for Shiba Inu coin?
The project also introduced other tokens within its ecosystem, such as LEASH and BONE. The total supply of Shiba Inu tokens is 1 quadrillion (1,000,000,000,000,000) SHIB. The large total supply of Shiba Inu is intended to emphasise the humorous and meme-based nature of the cryptocurrency. The most popular centralised exchange for holding shiba inu is Binance, which had a token balance of 42 trillion SHIB valued at $468.3m at the time of writing, according to CoinCarp data. That was followed by OKEx at $7.8trn SHIB worth $86.2m and Crypto.com with 6.3 trillion SHIB worth $69.4m.
SHIB Price Performance
The move effectively reduced SHIB’s total circulating supply to 550 trillion tokens from 1 quadrillion. A higher circulating supply could increase selling pressure and lower the price, while a lower supply could increase demand and price. However, it is worth noting that the price of cryptocurrencies is subject to various other factors, such as market trends, investor sentiment, and regulatory changes, which can also affect its value. Shiba Inu also has a burn mechanism that tends to act in favor of holders. The meme coin team has also established a burn mechanism to reduce the circulating supply of SHIB. Despite the high supply, SHIB currently has a market cap of $5.2 billion.
Can Shiba Inu Reach Dogecoin Market Cap?
Yes, an extended rally for Bitcoin could help to prop up the price of Shiba Inu in 2024. But looking out over the long term, there are much better cryptos to consider as low-cost, high-upside investment targets. All of this makes it very difficult for Shiba Inu to regain its traction with meme coin investors. Arguably, https://currency-trading.org/cryptocurrencies/basic-attention-token-sees-its-largest-daily/ the hottest meme coin of 2023 hasn’t been Shiba Inu at all — it’s been Bonk, which is up a staggering 10,000% this year. The coin is named after the Shiba Inu, a Japanese dog breed popularized by the “doge” meme. “Pre-mining” means that all the tokens have already been unlocked and released into the ecosystem.
Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a total supply of one quadrillion. The SHIB price is unlikely to ever reach $1 with such a large token supply. If the developers substantially reduced the token supply by removing trillions of tokens from circulation, there would be potential for the price to move closer to $0.01. All of the SHIB tokens in circulation were created when the project launched on the Ethereum blockchain. They are not mined in the same way as a blockchain’s native coins.