Cryptocurrency Q&A
How many SHIB coins need to be burned to reach $1?
How many SHIB coins need to be burned to reach $1?
Elena
Mon Oct 14 2024
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7 answers
1341
I want to know the number of SHIB coins that need to be removed from circulation through the burning process for its value to increase to one dollar.
7 answers
Pietro
Wed Oct 16 2024
The question of whether enough Shiba Inu tokens can be burned in 2024 to propel the cryptocurrency's value to $1 is a complex one. The task at hand is daunting, requiring an unprecedented level of community participation and token destruction.
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Silvia
Wed Oct 16 2024
To achieve this milestone, the Shiba Inu community would need to burn an astonishing 99.99998% of the total token supply. This translates to the elimination of nearly all the 589.3 trillion tokens currently in circulation.
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Riccardo
Wed Oct 16 2024
Given the sheer magnitude of the task, it's evident that reaching the $1 mark would be an uphill battle. Such a dramatic reduction in the token's supply would significantly impact its market dynamics and potentially alter its value proposition.
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Lucia
Wed Oct 16 2024
However, the potential benefits of achieving this milestone are undeniable. With a reduced supply, each remaining Shiba Inu token would become increasingly scarce and valuable, potentially driving up its price.
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Lucia
Tue Oct 15 2024
It's worth noting that the feasibility of burning such a significant portion of the token supply remains uncertain. The community's willingness and ability to coordinate such a massive effort are significant unknowns.
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