Since the beginning of September according to Shiba-burn-tracker.com, 329.8 million Shiba Inu tokens have been burned, with an aim to cut the supply of the current 1 quadrillion circulating supply.
Shiba Inu tokens are being burned multiple times daily to address the oversupply problem. In the last 30 days, the most significant daily burn totaled 455,699,414 SHIB as of the 31st.
Currently, the initial supply of Shiba Inu is less than 1 quadrillion tokens, which restricts the ability of capital flows thus negatively affecting the token price
The Shiba Inu community is focused on a token price of $0.01. But to achieve this based on the current token supply, SHIB’s market capitalization would need to be less than $5.5 trillion, which is 5.5 times the current total market capitalization of the token.
“The real problem with Shiba Token is huge. It has a lot of token flow in the market, having 999,992,188,828,143.538054853285409628 tokens exactly.
Thus by burning the token supply, the project aims to decrease the token supply over time and, thus going with this theory, SHIB should increase in price.
The shibburn.com website describes the impact of token burns to date. The graphic below shows the project approaching the halfway mark of the initial delivery. However, given the vastness of the quadrillion, burning millions every day will take some time to reach that level.
While recently back since July 12, the token has experienced a huge downfall against its support price. Although this is the same case for most of the bear markets, considering all this, SHIB is 86% down from its all-time high of $0.00008616 which was registered back on the 28th of October 2021.
As of now the latest blog post from the Shiba Inu community has released their plans of developing a metaverse dubbed WAGMI, in a collaboration with The Third Floor art studio.
The word WAGMI is an abbreviation for “We’re All Gonna Make It” while referring to the current optimistic state of the coming future. The community has always been the core foundation of SHIB.
Currently, most of the projects are in the Nascent development stage, with lots and lots of new ideas, artwork, and brainstorming. While further stating that it’s a usual practice in film and video game development to present the public with a set of vision and inspiration as they prove to have a good and deep connection with the atmosphere.
The diagram mentioned below shows the WAGMI temple which is further surrounded by landscape, the temple is further inspired by zen-inspired architecture, to promote the concept of a calmed and chilled environment.