A crypto news reporter recommended unfriending anyone who says SHIB will see $1. However, the crypto community responded to the reporter’s tweet with mixed opinions. A crypto YouTuber has revealed how many years it may take for Shiba Inu to reduce the altcoin supply to 100 billion coins.
“Leave friendships with those who say that this altcoin will be 1 dollar!”
Crypto and financial news reporting site Whalechart has advised the crypto community to cut ties with their friends who keep saying SHIB will see $1! He also advised the community to find new friends if the previous statement about his friends was true.
While it’s unclear whether the news platform made the announcement with an optimistic view that SHIB will exceed $1, the crypto community has differing opinions. “It goes to zero before $1,” tweeted a crypto enthusiast doing research at Whalechart. In contrast, an optimistic crypto believer said, “You’re right, $1 is unrealistic. SHIB will hit the next bull run at $10,” he replied.
How long will it take for SHIB to reach 100 billion tokens?
Crypto YouTuber Jeff explains on Twitter how many years it might take for the Shiba Inu to drop its supply by 100 billion tokens. The crypto analyst first states that Shiba Inu has one quadrillion tokens. The analyst says that if the altcoin project were to burn 1 million tokens per day, it would take approximately 1,157,174 years to reduce its entire supply by 100 billion coins.
Meanwhile, XRP lawyer Jeremy Hogan commented on Jeff’s tweet as “so you’re saying it’s possible”. In other words, his interpretation seems to imply that it would be impossible and unrealistic for the cryptocurrency to separate those years for its tokens to reach around 100 billion tokens.
Altcoin burning requires constant effort
cryptocoin.comAs you follow, Shiba Inu, the second most valuable meme coin by market capitalization after Dogecoin, entered the market in 2020 with one quadrillion tokens. Over the past two years, it has gradually burned more than 410 trillion tokens to reduce its supply as part of efforts to increase the value of cryptocurrencies. However, there is still a long way to go before the token price reaches $1 or even $0.01.
Initially, Shiba Inu developers did not include token burning in the crypto whitepaper. This means that it is not planned to burn at the start of the altcoin project. The first major Shiba Inu burn occurred in June 2021 when Ethereum co-founder Vitalik Buterin burned 90% of the SHIB tokens sent to him (thus 41% of the Shiba Inu supply) to reduce the number of coins in use. This is how the Shiba Inu community started burning SHIB tokens.
According to data released in October last year, it would take more than 25,000 years to increase the value of the Shiba Inu to $0.05. Shiba Burn Tracker made such a calculation based on the Shiba Inu burn rate that took place in September, when crypto destroyed about 1.75 billion SHIB in circulation.
On the other hand, Shib Burn Tracker also predicted that it would take 25 years for the Shiba Inu to reach $1 to burn 90% of the original SHIB supply, based on its September burn volume. But burning 90% of the original circulation will leave 100 trillion SHIB remaining in supply. Since SHIB has a market capitalization of only $5.7 billion, its developers will need to burn more and more continuously for several more years to keep the few billion tokens in circulation.
SHIB price analysis
Meanwhile, considering the seven-day chart below, SHIB is struggling in the red zone. Crypto analyst Chryzano Ariston, SH, These 8 Altcoins Might Surprise Anyone In The Coming Days! Takes a look at the IB’s whitepaper. SHIB was changing hands at $0.0000121 when the market opened. On the first day of the week, SHIB fluctuated close to the opening market price when their crest touched the green zone. However, most of the time it was stretched out in the red zone.
On the second day of the week, the Shiba Inu suffered a huge drop. It dropped from $0.0000119 to $0.0000110, hitting the lowest price of the week. After this drop, the bulls came to the rescue of SHIB. Therefore, SHIB has started making higher-lows in the red zone. However, the bulls were only able to bring the Shiba Inu to the surface of the red zone. While at times the bulls helped the SHIB surge above the opening market price, the bears were too strong and SHIB backed off.
Looking at the chart below, SHIB was climbing exponentially on a parabolic curve from early January to mid-January. However, in the second half of January, SHIB could not sustain its exponential rise and took the form of a linear curve.
When examining the rise in the parabolic curve and the linear curve, SHIB was making many high-lows. However, he wasn’t able to peak that high. This was because the buying pressure was canceled out by the selling pressure, as shown in the chart below. Even the few highs he made were due to overcoming buying pressure.
Currently, SHIB is rising in a linear curve forming high-lows. However, its price is moving within a tight range and has made less highs than in the past. Therefore, the scenario does not look good for day traders as there seems to be much less vertical movement in one day. Therefore, day traders may need to look at volume when entering and exiting to compensate for this insufficient profit. Long positioners may have to wait a little longer for SHIB to rise if they fail to reach higher levels.
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