It would be a cryptographic dream.
Turning a $100 purchase today into a $1,000,000 fortune over the next few years.
This is the math of what could happen if Shiba Inu goes from $0.00001 today to $1 - a 999,900% SHIB price increase.
The news that ShibaSwap has taken over the Burn Portal has many Shiba Inu owners in a bullish mood as they imagine burning SHIB will get them there faster.
But how likely is that in reality?
Burning a Shiba Inu for $1 is over 25 years old
According to the Shiba Burn Tracker, it would take 25 years to burn 90% of the original SHIB stock based on the volume of the September burn.
But even so, a Shiba Inu doesn't have to cost $1.
Burning 90% of the original supply would leave $100 trillion of SHIB tokens in circulation. Shiba Inu only has a market capitalization of $5.7 billion, so the burning will have to continue for several more years until only a few billion tokens remain.
But that's about October. Back in July, the Shiba Inu Tracker said it would take just 10 years to burn 90% of the SHIB stock based on burn volume.
Obviously, incentivizing people to burn SHIBs could bring the price much closer to $1
What does a Shiba Inu do to increase SHIB combustion?
The Shiba Inu has already burned 41% of its original supply. But most of this amount was actually burned by Vitalik Buterin in a single transaction.
Only 0.2% of the stock has been burned since 18 months ago.
In the beginning, Shiba Inu owners burned some of their own chips. Then projects were established that burned SHIB with % of their profit. Recently, the lead development team of ShibaSwap is taking over the Burn Portal to reward everyone who burns SHIB with a stream of passive income.
Each of these projects will help the Shiba Inu catch up with its competitors.
For example, the EverGrow token that burned 3% of the original supply in its first year and created an ecosystem that burns more EverGrow. The new NFT market (LunaSky) raises revenue through mining and trading fees and sends this 100% to redeem and burn EverGrow.
EverGrow is on track to speed up token burning and lose 0s faster than SHIB – from the current price of $0.00000009.
For example, the dollar value of Shiba Inu burns in September was $17,500. When EverGrow launched LunaSky (and added 100% of the proceeds from NFT lottery sales), over $200,000 was raised in the first week of launch.
That's 11x more resources than it took to burn a Shiba Inu in a quarter of the time.
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