Shiba Inu (SHIB) is at the center of discussions as its market capitalization has reached $13.87 billion, with a significant increase in its burn rate by 6,220% recently. This surge has led to the burning of over 410 trillion tokens from the original supply of 999 trillion.
The significant burning of tokens raises the question of whether an additional 99% reduction in SHIB's circulating supply could potentially drive its price to the sought-after $1 mark, which has been a topic of debate among enthusiasts and critics alike.
This notion of reducing the token supply is seen by many as a key strategy to potentially increase the value of SHIB, by making the remaining tokens more scarce and potentially more valuable in the market.
However, achieving and maintaining such a burn rate could present numerous challenges, including market dynamics, economic feasibility, and investor confidence, all of which need thorough consideration before assuming a $1 price target is realistic for Shiba Inu.
