Cryptocurrency Q&A
Can shiba reach $1 cent with burns?
Can shiba reach $1 cent with burns?
emma_anderson_scientist
Tue Sep 10 2024
|
7 answers
1982
Can Shiba Inu truly reach the milestone of $0.01 per coin with the implementation of token burns? Given the current market conditions and the overall volatility of the cryptocurrency space, is this a realistic goal for the meme-inspired token? How would a series of burns impact the token's supply and ultimately its price? What factors, other than burns, would need to align for Shiba Inu to achieve this milestone? Are there any potential risks or drawbacks associated with this strategy?
7 answers
EthereumElite
Thu Sep 12 2024
As the supply decreases, the demand-supply ratio shifts, leading to an increase in the price of the remaining tokens. However, this increase is merely a reflection of the reduced availability.
Was this helpful?
248
24
MountFujiVista
Thu Sep 12 2024
The concept of burning tokens in the cryptocurrency world, particularly with Shiba Inu, often leads to misconceptions regarding value enhancement.
Was this helpful?
335
47
MysticGalaxy
Thu Sep 12 2024
In reality, burning tokens does not inherently increase the value of the cryptocurrency. It is a mechanism that reduces the overall supply in circulation.
Was this helpful?
317
92
Michele
Wed Sep 11 2024
However, the net value of an investor's holdings, measured in dollars, would remain unchanged. This is because the increase in the price of each token would be offset by the drastic reduction in the number of tokens held.
Was this helpful?
386
49
EnchantedMoon
Wed Sep 11 2024
For instance, if a significant portion of Shiba Inu tokens were burned, the remaining tokens would become scarcer, and their price would rise correspondingly.
Was this helpful?
302
87
Load 5 more related questions
