Shiba Coin Burning is the Surest Way of Getting to $0.001 Price

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The argument that Shiba Coin Burning is the surest way of growing the coin’s price remains relevant. Since hitting an all-time high, the coin has been on a bearish trend. This downfall has made it lose 60% of its peak price since October.

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Although the Shiba is not unique in this fall, the amount of Shiba Coins supply could be a key factor hindering its price growth.

Currently, Shiba has a circulating supply of 549 Trillion coins. Although over 40% of the initial supply of 1 quadrillion is out of the market, the current levels remain high.

Challenges of Huge Coin Supply

As a direct element of pricing, supply is critical when considering a coin’s growth. Hence the reason why there is a petition for the reduction of supply through coin burning.

Shytoshi Kusama, a renowned Shiba developer has also confirmed that the only way to grow the price currently is through coin burning.

At the current supply levels, it remains a hard task of getting Shiba to higher prices. This is because a small increase in price causes a huge market gain. Getting to $0.001 at the current supply levels would give Shiba a market valuation of at least 500 Billion dollars.

This is the current cap level of Ethereum despite being in the market since 2014.

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Shiba Coin Burning

To make the coin deflationary, Shiba has a coin-burning strategy that aims to reduce the number of tokens in circulation in the long term.

Although this has been ongoing, investors argue the number of coins burnt is not adequate to cause a significant price change. Hence, there is a call for the network to accelerate the rate and amount of burning.

By doing the math, the current supply burning rate will take at least 150 years to burn 1% of supply.

Despite the ongoing supply, Shiba’s price remains on a selling momentum making some investors question the effectiveness of this strategy.

Coin burning is becoming a key strategy for cryptocurrencies to maintain their value. This is already happening with Ethereum. As the leader in burning, Ethereum is accelerating this process with the recent London Hard Fork Update.

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Effect of Coin Burning on the Shiba Price

The burning so far hasn’t had any real effect on the Shiba’s price. There is a general sentiment in the market that for this approach to make a real impact, it needs acceleration.

This is the only sure way to get Shiba to the $0.001 price level faster.