Shiba Inu Burning Efforts Found Ineffective in Driving Up Price

The Shiba Inu community has long hoped that burning enough tokens would lift its price. However, according to recent data from CoinGecko, SHIB stands at $0.00000549, which is 93.6 percent below its October 2021 peak and 57.7 percent lower than a year ago.

Over the past 30 days, around 476.96 million SHIB were taken out of circulation, worth roughly $2,619 at current prices. At today's pace, it would take centuries for any meaningful share to be gone.

The calculation shows that burning tokens is not an effective way to drive up the price. In fact, at the current rate, one percent of the supply would be gone after 1,015 years, and ten percent would take around 10,000 years.