Introduction: A Crypto Enthusiast’s Fantasy
In the fast-paced world of cryptocurrencies, the dream of turning a modest $100 investment into a staggering $1,000,000 fortune has captured the imagination of many. At the center of this feverish speculation lies Shiba Inu, a meme coin that started at a humble $0.00001. With the potential for a 999,900% price increase to reach $1, Shiba Inu has gained considerable attention. The recent news of ShibaSwap taking control of the Burn Portal has ignited the hopes of Shiba Inu holders, who believe that burning SHIB tokens could accelerate their journey to the elusive $1 mark. But, how feasible is this dream in reality?
Burning Shiba Inu: A Long and Winding Road
According to the Shiba Burn Tracker, burning 90% of the original SHIB supply, based on the burn volume in September, would take a staggering 25 years. Even after two and a half decades of relentless burning, there is no guarantee that Shiba Inu will reach the coveted $1 price point.
Burning 90% of the original supply would still leave an astronomical $100 trillion SHIB tokens in circulation. To put this into perspective, Shiba Inu‘s current market cap stands at a mere $5.7 billion. To bridge this colossal gap, burning would need to persist for several more years until only a few billion tokens remain. However, this calculation is based on October data. Back in July, the Shiba Inu Tracker suggested that it would take just a decade to burn 90% of the SHIB supply, considering the volume of burns.
The Power of Incentives: Bringing $1 Closer
While the journey to $1 may seem arduous, there is hope. Incentivizing people to burn SHIB tokens could significantly expedite the process. By offering rewards and incentives, the Shiba Inu community can work together to bring the elusive $1 price much closer.
Shiba Inu’s Strategies to Boost SHIB Burning
Shiba Inu has already burned through 41% of its original supply, but it’s essential to note that a significant portion of this burn was executed by none other than Vitalik Buterin in a single transaction. Since then, only 0.3% of the supply has been burned in the past two years.
Initially, Shiba Inu holders took it upon themselves to burn a portion of their tokens. Subsequently, various projects were launched to burn SHIB tokens, with a percentage of their profits allocated to this cause. Most recently, the ShibaSwap lead development team has assumed control of the Burn Portal, offering rewards to individuals who participate in SHIB burning activities, thereby creating a stream of passive income.
These initiatives, while diverse, all share a common goal: to help Shiba Inu catch up with its competitors in the race to burn tokens. For instance, the EverGrow token managed to burn through 3% of its original supply within its first year of existence. Furthermore, it established an ecosystem designed to accelerate token burning. Additionally, EverGrow launched LunaSky, a new NFT marketplace that generates revenue through minting and trading fees, directing 100% of these earnings towards buying back and burning EverGrow tokens.
As a result, EverGrow is on track to burn tokens at a significantly faster rate than SHIB, despite starting at a price of $0.00000009. For context, the dollar value of Shiba Inu burns in July amounted to $17,500. Conversely, when EverGrow introduced LunaSky and contributed 100% of the proceeds from an NFT lottery sale, it accumulated over $200,000 in the first week of the launch – a staggering 11 times more than what was used to burn Shiba Inu tokens in a quarter of the time.
Conclusion: The Long Road to $1
In the world of cryptocurrencies, the path to $1 million from a mere $100 investment is undoubtedly alluring. Shiba Inu’s journey to reach the coveted $1 price point is rife with challenges and uncertainties, but it’s not impossible. With concerted efforts, incentives, and innovative strategies, the Shiba Inu community strives to make this dream a reality.
As we continue to monitor the progress of SHIB burning and the evolving crypto landscape, one thing remains clear: the crypto dream is alive and well, fueled by the passion and determination of those who believe in the power of digital assets.
Remember, cryptocurrencies are highly volatile, and investing in them carries inherent risks. It’s essential to conduct thorough research and consult with financial experts before making any investment decisions.