- Shiba Inu valuation has dropped below $6 billion, making it difficult for it to defy the general bearish trend.
Dropped by 5.8%
Shiba Inu (SHIB) market value has decreased by 5.8% over the last day. The value of the second-most popular cryptocurrency is just under $6 billion. From its all-time peak of $0.000086 set in last October, SHIB is currently down 88.20%.
In October 2021, the market capitalization of Shib reached a record high of $40 billion. 1 SHIB was valued at $0.00008 at the time. Shib price would be $0.0018 if it were to reach a market valuation of $1 trillion, something not even Bitcoin has managed to do.
Shiba Inu will take years to reach $1
No time soon will Shib token reach $1 on a good trading volume. SHIB burning is a typical response by Shiba commenters on Reddit in this situation. Millions of SHIB coins are being burned each month, bringing the total supply down to $1.
However, according to recent statistics from Shiba Burn Tracker, despite having a $1 trillion market cap, the burn rate will indeed take years to boost Shiba Inu to $1.
In October 2022, just 882 million Shib tokens have been burnt. You would need to wait for a little over 55,000 years for all 589 trillion Shib tokens to be destroyed before the token circulation reaches exactly 1 trillion SHIB.