Shiba Inu’s burn rate surged a shocking 941% over the past week, causing 322.98 million SHIB tokens to be permanently taken off the market. This rise in token burns helps lower the general SHIB supply, affecting its price. With the token burn rate on a high, could it give Shiba Inu the boost it needs? Is Shiba Inu likely to hit $1 shortly, given the Shibburn rate is sharply rising?
Shiba Inu Weekly Burn Rates Spikes
Shiba Inu’s burn rate has increased by 941%, and its daily burn rate has also increased by 222.61%, burning 5.1 million SHIBs daily. This underlines the community’s continuous dedication to raising the token’s value. The layer 2 blockchain of Shiba Inu, Shibarium, hasn’t been left out. Its daily transactions increased recently from 28,110 to 324,590, 1,054%. The recent increase in Shibarium’s daily transactions and the burn rate fuel enthusiasm around the token, as some investors hope it will hit a $1 price target. Is SHIB at $1 a possibility?
Can Shiba Inu (SHIB) reach One Dollar?
Shiba Inu has had several price rallies. Its most popular one is its remarkable surge of 45,000% in 2021, which attracted several investors. SHIB later dropped noticeably before rising once again by another 1500% to reach an all-time high of $0.00008945 in October of that same year. SHIB has shown an amazing capacity for parabolic rises; however, attaining the $1 threshold is difficult. Shiba Inu (SHIB) has a significant obstacle: its circulating supply. With supply now at 589 trillion tokens, SHIB’s market capitalization would have to be higher than $589 trillion to reach $1. This is almost implausible because the figure exceeds the market cap of all cryptocurrencies taken together. Though the burn rate has increased, it still does not match. To have a chance at $1, Shiba Inu has to shed nearly 90% of its present token count, which is over 500 trillion tokens. At the rate it operates, burning around 5.1 million tokens daily, it will burn roughly 1.9 billion tokens annually. Burning 500 trillion tokens will thus practically take 300 years. Although the rate is predicted to rise shortly, SHIB still won’t show the intended effect for years. Shiba Inu likewise lacks any practical value that would allow it to increase significantly. If SHIB has to get to $1, it will have to increase by over 500,000% from its current price of $0.000018. While getting such tremendous gain is difficult, should it occur, the rise would be only for a short while, similar to that of 2021. Consequently, the likelihood of SHIB reaching $1 soon is almost zero. However, SHIB can get $1 in the future under suitable conditions.
Rexas Finance (RXS)
Meanwhile, Rexas Finance (RXS) has emerged from the crowd as a real-value cryptocurrency. It has real value and has established a niche for itself, which explains the significant attention it has received thus far. Rexas Finance tokenizes real-world assets (RWAs) using blockchain technology, allowing investors to get fractional ownership. Through tokenization, the high cost of tangible assets, including real estate, commodities, and the arts, can now be accessible to even small investors. With such an enormous contribution to decentralized finance, Rexas Finance is set to grow exponentially. Rexas presents a clear use case with its set of tools. This includes Rexas Token Builder, Rexas QuickMint Bot, Rexas AI Shield, Rexas Gen AI, Rexas DeFi, Rexas Launchpad, and Rexas Estate, amongst others, offering key asset tokenization and decentralized finance values.
Currently, Rexas Finance has attracted crypto investors and enthusiasts with its presales, which offer an early opportunity for them to join the train. It’s currently at stage 4, selling at $0.60. The next stage will sell at $0.70. So far, the presale has been a success, selling almost one million tokens and raising $4.3 million. However, beyond its presale, Rexas Finance has been listed on a major website, enabling users to access information quickly. It also offers 20 lucky participants the opportunity to win $50,000 worth of RXS tokens in its million-dollar giveaway. With this giveaway as a source of attraction, Rexas Finance can draw in more support for its project. With the presale close to an end, Rexas will launch at $0.20. The launch of RXS has been predicted to catapult it to higher highs, providing greater gains for investors.
Concussion
Shiba Inu (SHIB) is not yet ripe for $1 as it will have to reduce its supply and provide real utility to realize surge parabolic increase. Nevertheless, the market presents an opportunity for better gains through Rexas Finance (RXS), a real-value cryptocurrency. As interest in real-world assets (RWAs) grows, Rexas Finance is poised for further growth, making it a lucrative opportunity for investors in 2024.
About Rexas Finance:
Website: https://rexas.com
Disclaimer: The views and opinions presented in this article do not necessarily reflect the views of CoinCheckup. The content of this article should not be considered as investment advice. Always do your own research before deciding to buy, sell or transfer any crypto assets. Past returns do not always guarantee future profits.
