Can Burns Send The Shiba Inu And LUNC Price To $0.01? Expert Chimes In
20 Luglio 2024 - 1:00AM
NEWSBTC
The Shiba Inu (SHIB) and Terra Classic (LUNC) ecosystems have
become known for their regular token burns, which aim to increase
the value of these coins. A computer engineer has given his opinion
on this burn mechanism, revealing between Shiba Inu and LUNC, which
will likely reach their desired goal of $0.01. Will Shiba Inu
And LUNC Reach $0.01? Computer engineer Charu Bey suggested in an X
(formerly Twitter) post that only LUNC will likely reach its
desired goal of $0.01 through its burn mechanism. He stated that
the $0.01 price target is “not a dream for LUNC,” meaning it is
more likely to become a reality at some point, although the
engineer warned that it wasn’t financial advice. Related
Reading: MOVR Bulls Assemble: Crypto Analyst Says A 2,000% Surge To
$234 Is Imminent On the other hand, he expressed his sadness for
Shiba Inu while suggesting that the meme coin’s burn mechanism
hasn’t changed much, considering that the token still has a
circulating supply of 589 trillion. He further remarked that the
SHIB community is “very quiet” about this development, unlike the
LUNC community, which is still dissatisfied despite burning
millions of LUNCs daily, with the token currently having a
circulating supply of “only” 5.44 trillion. Shiba Inu and
LUNC have adopted similar burn mechanisms, with some transaction
fees earned deployed for token burns. LUNC has, however, had extra
help considering that the world’s largest crypto exchange by market
cap, Binance, has also committed to burning trading fees earned
from the token monthly. Data from LUNC Metrics shows that Binance
has burnt almost 62 billion LUNC tokens (48.9% of total tokens
burnt so far). Meanwhile, Shiba Inu has had to rely on the
layer-2 network Shibarium for most of its token burns this past
year. However, network activity on Shibarium has continued to slow
at times, leading to a decrease in the rate at which Shiba Inu
burns are carried out. How Token Burns Can Cause Shiba Inu To
Reach $0.01 According to Shiba Inu’s burn tracker, Shiba Inu’s
maximum circulating supply will need to drop to around 126 trillion
for its price to reach $0.01. That means about 78.52% of the meme
coin’s circulating supply must still be burnt to achieve this goal.
Crypto YouTuber Jeff once suggested that it was almost unlikely for
Shiba Inu to reach this price target, claiming that it would take
about 1.1 million years just for 100 billion tokens to be
burned. Related Reading: Crypto Analyst Says Bitcoin Is Not
Ready For $65,000 Retest, But Can It Reach $71,500? Crypto analyst
Oscar Ramos previously suggested that Shiba Inu could reach $0.01
but added that he doesn’t see the meme coin going above this level
because of its circulating supply. He made this statement in
reaction to a prediction by the price prediction website Telegaon,
which showed that Shiba Inu could reach $0.5 in 2040. Featured
image created with Dall.E, chart from Tradingview.com
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