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Shiba Inu will hit $0.1 Soon?!
The dog-themed cryptocurrency jumped from $0.000000000133 (nine zeros) at the end of 2020 to $0.000033 (four zeros) at the end of 2021, skyrocketing around 26,000,000% as major cryptocurrency exchanges allowed trading in SHIB and meme coins remained popular after the earlier rise of Dogecoin (CRYPTO: DOGE). Shiba Inu trades for such a small fraction of a penny because its supply is so large. There's currently a supply of 549 trillion SHIB tokens in circulation, giving it a market cap of around $11 billion. If those tokens were worth $1 each, SHIB's market cap would be $549 trillion which is more than six times the world's annual GDP. Shiba Inu reaching $1 would likely require a massive reordering of the world economy. That's not going to happen. Shiba Inu can hit $1. Some ways will lead to it, One is that traders simply bid up the price. The other is for the supply to decrease, which should make the remaining coins more valuable. For this to happen, the coins have to be taken out of circulation, or burned, as traders usually call it, by being transferred to dead wallets.
Vitalik Buterin Co-founder of Ethereum who was gifted half of the 1 quadrillion Shiba Inu coin supply by the anonymous Shiba Inu founder has burned the gifted coins. Buterin did so because he felt uncomfortable controlling so much of the supply of the cryptocurrency.
According to Resources, the burning of Shiba tokens counts to 59.2 billion SHIB which value around $1.63 (appx).