Bittime - Shiba Inu (SHIB) is one of the tokens that is frequently volatile, which has an impact on investor interest and behavior.
In the past week, Shiba Inu experienced a decline of 8.05% with the price hovering around $0.00002299 and a market cap of $13.55 billion, reflecting a decline of 7.5%.
The Shiba Inu community has a "1 Cent Dream" where the price of SHIB is expected to break through 1 cent or Rp160 per token. The goal of reaching a price of one cent per token goes beyond financial gain and has become a cultural attraction among Shiba Inu fans, helping to popularize this token.
Dubbed the "DOGE killer," Shiba Inu aspires to be more than just a meme coin. It is a community-driven token with a large number of followers around the world, who want to build an ecosystem that challenges Ethereum, Cardano, and Solana. Despite its great popularity, the price of SHIB is still far from the target of $0.01.
Can Burning Shiba Inu (SHIB) Token Increase SHIB Price?
The Shiba Inu community faces a huge challenge to reach the Rp160 target. The huge circulating supply, more than 589 trillion tokens, does not help the case. This means that most SHIB tokens need to be burned.
Although some believe in significant burns, leading crypto analysts do not expect the price of SHIB to reach Rp160 based on this burn alone. The most optimistic projection is that SHIB will reach $0.0001 by 2030, which shows how difficult the community's task of breaking a penny is.
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The number of tokens burned is still small
According to a report from Crypto News Flash, the SHIB community has witnessed a significant spike in Shiba Inu burn rates, although the token price remains stagnant. On June 5, the network burned over 4.8 million tokens in just seven transactions, which represents a 3,894% increase in burn rates.
However, what is disappointing is that the burned share represents only a very small number compared to SHIB's total circulating supply of 589 trillion tokens, which is worth $14.78 billion at the time of writing.
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Shiba Inu Price Today
At the time of writing, the price of SHIB is trading at the level of 0.00002205 per token in the trading pair SHIB/USDT. Based on data from Bittime on 12/06/2024, SHIB's price movement decreased slightly by 0.45% in the last 24 hours.
Source: Bittime
Conclusion
With the current burn rate, it will take a very long time to cut off most of SHIB's supply. Burning is not the only solution, but it can be part of the puzzle.
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How to Buy Shiba Inu (SHIB) on Bittime
You can buy and sell Shiba Inu (SHIB) easily and securely through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the SHIB/USDT market pair. To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have a sufficient balance by depositing a certain amount of funds into the wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can only buy crypto assets on the application.
Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime.
Monitor the price chart movements of Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational and does not constitute an offer or solicitation to sell or buy any crypto assets. Crypto asset trading is a high-risk activity. The price of crypto assets is volatile, where prices can change significantly over time and Bittime is not responsible for changes in fluctuations in the exchange rate of crypto assets.
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