Almost half of Shiba Inu’s initial circulating token supply has been burned

According to the company, 329.8 million Shiba Inu tokens have been burned since the beginning of September.

Shiba Inu tokens are burned multiple times daily to address the oversupply problem. His most significant daily burn in the last 30 days totaled 455,699,414 SHIB on August 31st.

Why do you burn a Shiba Inu?

The initial supply of Shiba Inu was slightly in short supply 1000 trillion This hinders the ability of capital inflows to positively impact token prices.

The Shiba Inu community has its sights set on a token price of $0.01. However, to achieve this based on the current supply of tokens in circulation, SHIB’s market cap would need to be just below his $5.5 trillion, which is his $5.5 trillion of the total existing market cap. equivalent to more than double.

“The real problem with Shiva Tokens is a big one. 999,992,188,828,143.538054853285409628 To be exact. ”

By burning tokens, the number of circulating supplies will decrease over time, which should, in theory, increase the price of SHIB.

website Shows the impact of token burn so far. The chart below shows the project approaching half of its initial supply. But given the vastness of 1,000,000,000, burning millions every day will take some time to reach that point.

Shiba Inu burn progress

On the other hand, Shiba Inu has been hitting slightly higher lows since July 12, gradually increasing its support price. However, like all altcoins in this bear market, SHIB has fallen 86% from its all-time high of $.Achieved 0.00008616 on October 28, 2021.

Shiba Inu daily chart

SHIB metaverse in progress

up to date blog post Shiba Inu has revealed plans to develop a metaverse called WAGMI in collaboration with art studio The Third Floor.

“WAGMI stands for ‘We’re All Gonna Make It’. It refers to a state of greater certainty and optimism about the future. The foundation of SHB has always been community. ”

The project is currently in the early stages of development, with ideas floating through concept artwork. The post said that it is common in film and video game development to “present a set vision” and inspire a “deep connection with the atmosphere.”

The sketch below shows the WAGMI Temple and its surrounding landscape, described as a “Zen-inspired architecture” that captures the concept of a calm and serene environment.

WAGMI Metaverse concept art

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