Shiba Inu has a price goal of $0.001, and some key players have championed burns as a major driving factor; but how efficient are burns in this journey? Shiba Inu (SHIB) has displayed tremendous momentum over the past week. However, the $0.001 objective remains an ambitious target. Key players have noted token burns as one […] The post How Can Burns Help Shiba Inu Hit $0.001? first appeared on The Crypto Basic.

How Can Burns Help Shiba Inu Hit $0.001?

Shiba Inu has a price goal of $0.001, and some key players have championed burns as a major driving factor; but how efficient are burns in this journey?

Shiba Inu (SHIB) has displayed tremendous momentum over the past week. However, the $0.001 objective remains an ambitious target. Key players have noted token burns as one of the significant factors that could support Shiba Inu, but how effective is this phenomenon for the $0.001 price?

The Shiba Inu Supply Problem

Shiba Inu ‘s current circulating supply is a major hindrance to the $0.001 price objective. With a current circulating supply of 579 trillion tokens, SHIB’s market cap would skyrocket to $579 billion if the asset should hit a price of $0.001.

For context,  Bitcoin , the world’s largest crypto asset by valuation, has a market cap of $596 billion. Similarly, Ethereum (ETH), which retains a position as the second largest cryptocurrency, currently has a market capitalization of $226 billion.

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