Shiba Inu’s (SHIB) layer 2 network Shibarium is one of the most anticipated releases in the crypto industry in 2023. However, the launch didn't go as smoothly as planned. Too much traffic causes the network to pause. However, Shibarium is now back online and users are now waiting for more projects to be launched on the dog-themed network, including a new destruction mechanic.
One of Shibarium's most talked about projects is the new combustion mechanism for Shiba Inu (SHIB). Although SHIB has introduced a destruction mechanism in 2022, the team is reportedly working on a more efficient mechanism. Many believe that the new burning mechanism could destroy trillions of tokens every month. SHIB influencer Queenie posits that the new burning mechanism could burn 111 trillion tokens per year.
How long does it take for a Shiba Inu to reach $0.01?
If SHIB is able to burn 100 trillion tokens, it could have a positive impact on asset prices. However, it should be noted that destruction alone will not cause a price spike. The Shiba Inu (SHIB) also needs to see a huge increase in demand. Having said that, if 100 trillion tokens are burned, it is still difficult to say how long it will take for the project to reach a price of $0.01. If the project could burn 100 trillion coins per year, it would take 5 years to reduce the supply to 80 trillion coins. It will take about six to seven years to reduce the supply to billions. The price of the token could then actually reach $0.01 without the market cap becoming unrealistically large.
However, it’s unclear whether the coin will actually reach $0.01 after the supply drops. Shibarium could pave the way for more practical use cases for SHIB, which may increase its demand. This could also cause asset prices to rise.
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However, the official has not disclosed the specific functions of the new mechanism. Additionally, we don’t have an exact release date for the new Burn. As of press time, the Shiba Inu (SHIB) burn rate has dropped by 65.71%. #BTC #ETH #荣耀时刻
