In the last 18 months, it is the first time that the least number of SHIBs is burnt. The Shiba Inu fans destroyed only 368 million SHIB which is worth only $3,200. It is a -99% fall when compared to May of this year. In May 2022, fans burnt 31 billion SHIB which would be worth approximately $310,000.
Created in August 2020, by an anonymous group, Shiba Inu is a meme coin based on the breed of a Japanese breed dog. It is an Ethereum-based Altcoin.
Burning tokens will increase the value of SHIB
Supposedly there are 1 million tokens circulating and the market cap is $1 million, the worth of each token would be $1. However, if 999,999 tokens are b burnt down, there will be only 1,000 tokens circulating. Thus, each token will be worth $1 million.
This will only be possible if Shiba Inu brings down its current 590 trillion SHIB to under 1 trillion. Shiba Inu fans have been excited about the same as it will bring down the token to $0.1 or $1. If this happens one can flip $1 for over $1 million.
This happened in May 2021, when Buterin burned 41% of SHIB in supply.