The amount of Shiba Inu (SHIB) tokens burned during the previous seven days was reported by Shibburn. 1.13 billion SHIBs were burned throughout the course of the previous week, according to the statistics presented.
Despite Shib Army’s best efforts, the amount represents just 0.0002 percent of the projected 550 trillion coin supply of tokens that are in circulation. Additionally, 1.13 billion SHIB only translates to $13,500.
Current Shiba Inu burns are worrisome
It would be an understatement to suggest that the figures are bleak. Given that burning is portrayed as the token’s primary deflationary mechanism, we may estimate that at this rate, the whole SHIB offering will take seven million years to burn.
There is little doubt that the SHIB owners who see “flying their tokens to the moon” lack the necessary time. Shibburn is just one of several burn gateways on Shiba Inu, but if the most well-known one is in this predicament, the broader picture is apparent.
Holders of SHIB will undoubtedly have to curb their desire for profit if the burning mechanism continues to run slowly. Shiba Inu now has a capitalization of around $6.5 billion.
It’s unclear how much additional money the project can raise or if it will be feasible in the future crypto market.
Numerous businesses are actively using SHIB as a form of payment, and the creators of Shiba Inu have committed to launching the Shibarium solution in the third quarter of 2022. But none of this will significantly alter the token’s price, which now has five zeros before the first digit.
Burning may provide the SHIB price with a much-needed lift and potentially narrow the market capitalization ranking gap between Shiba Inu and Dogecoin. However, it would seem best not to rely on the mechanism and to reevaluate your calculations if it is operating at such a slow rate.