The SHIB Army goal of 100M tokens daily in 2023 has not been successful thus far in 2023. At least 2 days the crypto loyalists have failed to meet this goal. On the bright side however, the daily averages when combined, are past that. If the SHIB burn levels continue at this rate, the number of Trillions burned will change by 1 digit in June.
Currently 410,384,382,996,444 tokens have been moved to ‘dead wallets.’ These inoperable wallets are said to have no owners, so the tokens are put out of circulation forever. In theory, this could increase the price of tokens as less are available to purchase.
To move the total forward to 411-Trillion, another 17 billion tokens must be burned. The SHIB Army goal this year of burning 100-Million tokens daily would reach the 17B target in 170 days.
That 170 days from today, January 6th, sets the milestone for June 25th of 2023.
This could easily happen even earlier however. If the single SHIB burn record of 2023 is broken a few more times between now and June, a few days could easily be shaved off count.
There’s a current total circulating supply of 562.8T $SHIB tokens. To burn 50% of this at a rate of 100M tokens per day would take 2.8-million days or just over 7,700 years.
Crypto.com Has Trillions of $SHIB
However, these totals do not subtract the massive amounts of tokens being held by crypto exchanges like crypto.com. It was made public last year the trading platform had reserves that included 67,125,990,639,807 or 67.1-Trillion Shiba Inu coins.
The value of the coins was US$558,152,612.17 according to audits made public in late 2022. It was the second largest holding of the company and 1:1 with customer purchases and-or interests. Or in layman’s terms, the CeX has customers who love Shib Inu cryptocurrency.
Shibarium vs SHIB Burn
Beyond the influence of crypto-exchanges, it’s also expected Shiba Inu’s layer 2 technology, Shibarium, will hold massive influence over token prices and possibly burning.
Lead developer of ShibaSwap, Shytoshi Kusama, says the layer-2 technology will give the $SHIB token more utility. With more usage, more tokens will be out of circulation. And when usage cases reach Kusama’s expectations, SHIB Burn will be less important than the need for tokens in circulation.
Regardless of all the theories, for now, 100 million tokens being burned daily should help the price go forward slowly. Any gain is better than no gain. If Shiba Inu technology keeps being developed, token circulation will increase price volatility and opportunity for raking profits.
As of now, watch for the next change of Trillions of tokens burned to change in late June 2023.