Massive Token Burning Event Rumored to Ignite Shiba Inu Price Comeback
Shiba Inu (SHIB) holders are turning optimistic again thanks to swelling rumors that a monumental token burn is imminent. After a dismal start to 2023, whispers of over 9 trillion SHIB getting incinerated this month could reverse momentum and catalyze a major price breakout.
The speculation originated from influential community member Ragnar Shib’s recent bombshell post claiming “9.25 trillion SHIB can be burned this month.” With nearly 549 trillion tokens currently in circulation, a burn of that magnitude would vault SHIB’s value by shrinking its gargantuan supply.
This projection seems ambitious considering only 206 million SHIB got burned in the past week. Yet if ecosystem activity expands enough to approach Ragnar’s lofty targets, analysts say SHIB could discard 2023 lows and ignite a new bull run.
Ongoing Burn Mechanisms Struggle Creating Scarcity
SHIB’s existing burn mechanisms have verifiably destroyed billions of tokens, but not fast enough to dent supply substantially. For example, over 410 trillion SHIB trades hands daily via Binance, Crypto.com and other exchanges.
This volume triggers burns through a percentage of fees getting redirected to dead-end wallets. However, at the current 0.01% rate, exchanges would need to sustain $4.1 billion daily SHIB trade volumes just to torch 1 billion tokens.
Music burning portal Bigger Entertainment likewise suffered from meager adoption. Despite noble aims of making SHIB deflationary, the initiative burned less than 200 million tokens in all of 2022.
Hence the mounting anticipation over any disruptive event consuming SHIB en masse and jolting its valuation.
9 Trillion Token Inferno Could Stoke FOMO
Ragnar Shib theorizes that expansions underway across Shiba Inu’s ecosystem could exponentially multiply token burns. If so, hitting 1 trillion monthly burns could become more feasible.
The burgeoning Shibarium layer-2 network will let users stake SHIB while supporting lower-fee dApps and NFT marketplaces. Another catalyst is consolidated merchant acceptance and fast payment integrations.
As ecosystem activity grows from these drivers, so do burn opportunities from more transactions and staking rewards. Ragnar seems convinced the community will step up efforts as well, propelling usage and tokens destroyed.
If such synergistic forces align,record piles of SHIB vanishing could stoke speculation and FOMO. This especially applies to crypto whales if scarcity hints at mansions built via memes finally materializing.
Timing the Tokennomics Trend Reversal
Like the mythical phoenix, Shiba Inu seems poised to rise anew from the ashes of 2022’s cratered memecoin landscape. But rebounding into a serious contender beyond just hype depends on momentum from impactful burns.
Of course, pragmatists urge tempering expectations. Even at an unprecedented pace, reducing trillions in circulation facing no supply caps takes time.
Yet Shiba Inu’s Icon of Growth may gradually shift to finally outpace new tokens entered. And visions from influencers like Ragnar Shib can become reality with the community’s help.
If the months ahead see SHIB’s symbolic dog chiseled into a shrinking supply, the accompanying price highs may even respect Gravity. So amidst the ashes, seasoned memecoin holders still value sparks that could, with patience, fuel dramatic value growth.
Credit: By Google News