As a seasoned financial analyst with over a decade of experience in the tech industry and a deep understanding of blockchain technology, I have closely monitored the recent developments within the Shiba Inu (SHIB) and Terra Classic (LUNC) ecosystems and their token burn mechanisms. Based on my analysis and research, I believe that only Terra Classic is more likely to reach its desired goal of $0.01 due to several factors.
The Shiba Inu (SHIB) and Terra Classic (LUNC) communities have gained recognition for frequently destroying tokens through burns. A computer engineer has weighed in on this token burning method, expressing his viewpoint regarding which of the two digital currencies is more likely to reach its target price of $0.01 as a result.
Will Shiba Inu And LUNC Reach $0.01?
Computer engineer Charu Bey expressed in a recent X (previously Twitter) post that it’s plausible for LUNC to hit its target price of $0.01 through its burn mechanism based on current observations. Charu emphasized that this goal is not an unattainable dream for LUNC, implying a higher likelihood of realization, though a financial advisory disclaimer was included in the message.
Instead of “On the other hand,” you could use “However” or “In contrast.” Regarding Shiba Inu, he conveyed his sympathy while pointing out that the coin’s burn mechanism hasn’t significantly evolved, given its circulating supply of 589 trillion tokens. Moreover, he noted that the SHIB community seems less vocal about this issue compared to LUNC supporters, who remain displeased despite daily burning of millions of LUNCs, currently leaving a circulating supply of approximately 5.44 trillion tokens.
Shiba Inu and LUNA have implemented comparable methods for token destruction, utilizing a portion of transaction fees for burning the tokens. Notably, LUNA has received additional assistance: The largest cryptocurrency exchange globally, Binance, has pledged to destroy trading fees generated from the token on a monthly basis. According to LUNA Metrics, approximately 62 billion LUNA tokens (nearly half of the total tokens burned thus far) have been destroyed through Binance’s burning initiative.
Over the past year, Shiba Inu has primarily depended on the secondary layer Shibarium for executing token burns. Yet, there have been instances of reduced activity on this network, resulting in a decline in the frequency of Shiba Inu burns.
How Token Burns Can Cause Shiba Inu To Reach $0.01
Based on Shiba Inu’s burn data, the meme coin’s maximum circulating supply should decrease to approximately 126 trillion for its price to hit $0.01. This implies that around 78.52% of Shiba Inu’s current circulating supply must be destroyed to achieve this price point. Crypto YouTuber Jeff expressed skepticism about reaching this target price, stating that it would take roughly 1.1 million years for only 100 billion tokens to get burned.
Expert response:
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2024-07-20 02:10