No, it’s not accurate.
The total supply of SHIB (Shiba Inu) coins is 1 quadrillion, with 500 trillion initially given to the founder of Ethereum (ETH). The founder burned 90% of these and distributed the remaining 10%, leaving about 500 trillion SHIB coins still in circulation. Achieving a value of $0.01 per coin with such a large supply is considered unlikely.
Additionally, the developers do not hold the majority of the remaining coins, preventing them from burning a significant percentage. Burning 1% daily is not feasible without acquiring the coins first. While developers have burned a small amount (a few million), it’s negligible compared to the total supply.
Reducing the total supply to enhance value may involve strategies like burning coins earned through staking or other activities over time. However, reaching the desired value per coin could take years and requires community participation.
The challenge lies in reducing the total coins to 50 trillion or lower. Suggestions like burning a percentage of coins, burning staking profits, and implementing transaction-based burning may be considered, but careful planning and community consensus are essential.
In conclusion, the notion of daily 1% burning is debunked, and any strategy for reducing the total supply needs a thoughtful approach and collaboration within the community.