Experts have speculated that Shiba Inu will be equal to 1 cent in the future, and the community is ensuring the token remains a massive success. Currently, SHIB has overseen over 263 billion burn rates since October. This figure is worth over $6.3 million, thereby influencing the growth rate of the token’s value.
Steven Cooper, the CEO of Bigger Entertainment, confirmed this information via Twitter when he stated that the unity of SHIBArmy is responsible for the rise in token burn rates.
Shiba Inu had one quadrillion tokens in circulation during its initial launch. However, 50% of the SHIB tokens were locked in a smart contract for liquidity purposes on Uniswap, while the remaining 50% was transferred to Vitalik Buterin, the Ethereum co-founder. Hence, according to available data, 410,30 trillion SHIB tokens have been transferred to dead wallets since its launch.
Furthermore, Buterin also burned almost 90% of SHIB tokens sent to him, and these transactions alone removed over 410 trillion SHIB from circulation. It is important to note that the Shiba Inu community noticed the impact of the burn from the Ethereum co-founded and decided to make SHIB burning a custom. As a result, partnerships with Bigger Entertainment and other firms began conducting burn parties and using part of their profits to burn tokens.
Burn Rate Set to Grow With New Feature
Good news to all Shiba Inu holders as the burn rate is expected to rise with the introduction of new features by NOWPayments. The crypto payment platform launched new mechanisms that allow traders to burn either SHIB or LEASH with a part of their profits.
Furthermore, the Shiba Inu team is also developing the SHIB burn portal, which will launch soon. The burn portal will help increase the SHIB burning rate, thereby affecting the token’s value.