A Reddit user with the username u/galangga recently made a post on the r/SHIBArmy community to reveal his plan to take SHIB to $1.
According to the Reddit post, he plans to gather a 100k Shiba army to help burn 500T Shiba coins. Galangga claims that each member of the Shib army needs to buy 5.89 billion Shiba coins, currently worth $61,485, and preserve 890 million Shiba coins.
The remaining 5 billion Shiba coins would be burned together; if Shiba coins reached $1, each army would get $890 million. While this seemed like a fantastic proposal, many community members believe it is not feasible.
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SHIB Community Reactions
The post was viewed as absurd by many members of the r/SHIBArmy Community. This is because burning $60,000 worth of SHIB is a significant expense not everyone can afford.
One of the members, with the username u/mikeoxwell2, commented: “Tell me you don’t understand market cap without telling me you don’t understand market cap.”
Another member with the username u/mvandemar also reacted: “The $SHIB market cap is $6,039,498,755, and there are 589,544,710,493,775 in circulation. This makes $SHIB worth $0.00001024 right now.
At that market cap, in order to get $SHIB to $0.01, you would need to reduce the amount in circulation down to only 603,949,875,500 tokens, which means you would need to burn 588,940,760,618,275 (that’s 588.9 trillion) tokens. That’s just to get it to 1 cent. Math is hard, yo.”
Shiba Inu Price
Shiba Inu (SHIB) prices have recently fallen as the cryptocurrency market has turned red. Also, the SHIB burn rate was down by 100%, as reported yesterday.
Today’s live Shiba Inu price is $0.000010, with a 24-hour trading volume of $97,522,213. Shiba Inu is down 0.38% in the last 24 hours. One reason for the recent price dip is that the community is becoming distressed by the constant delay of the Shibarium launch.
Shiba Inu is down 0.38% in 24 hours. Source: @Coinmarketcap
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