Shiba Inu's Token Burn Rate Surges 401.25%

Cryptocurrency analyst Davinci Jeremie, known for his 2011 advice to purchase Bitcoin at $1, has shared his perspective on whether Shiba Inu (SHIB) can reach a price of $1. In a recent video, Jeremie explored the mathematical implications of such a price target and its impact on SHIB’s market capitalization.

Jeremie explained that if Shiba Inu were to reach $1, its market capitalization would need to be $600 trillion. He emphasized that this figure is far greater than any financial asset value in human history, making it mathematically impossible. Despite this, Jeremie acknowledged that Shiba Inu still has potential for growth, though not to the extent of reaching $1.

Shiba Inu’s token burning process has seen a significant increase. The rate of burning rose by 401.25% in the last 24 hours, with 12,237,063 SHIB tokens permanently removed from circulation. This deflationary process aims to reduce the total supply of tokens, potentially increasing the token price if demand remains stable or increases. The burn rate graph shows a consistent upward trend, with over 12 million total tokens burned during the reporting period.

Despite market fluctuations and skepticism about extreme price targets, Shiba Inu’s development team continues to focus on expanding and improving the ecosystem’s technical capabilities. SHIB developer Kaal Dhairya encouraged the community to concentrate on building rather than market sentiment. He highlighted ongoing development work, including layer-2 scaling solutions like rollups and advanced privacy capabilities such as Fully Homomorphic Encryption (FHE).

Dhairya’s statement underscores the team’s commitment to technical advancements, aiming to increase transaction throughput and lower network fees while enhancing privacy. This focus on development suggests that the Shiba Inu ecosystem is poised for growth, even amidst market volatility and skepticism about extreme price targets.