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HOW MANY SHIBA TOKEN YOU NEED TO BE A MILLIONAIRE? (EXPLAINED) - YouTube
Channel: Crypto Science
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sheba e new coin one of the newest
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community cryptos has soared a whopping
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2 million percent this year which is a
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meme coin also known as the sheba token
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or sheep and in today's video we're
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going to explore the potential of
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whether the shiba inu coin is a good buy
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or a bad buy
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we will also answer the almighty
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question of how many sheba e new tokens
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do you need to be a millionaire
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this questions will be answered today so
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stick around for that because today's
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video will be full of major updates
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also we're giving away 200 at the end of
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the month to one random subscriber to
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start them on their crypto journey
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to enter all you need to do is like this
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video subscribe and comment your
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favorite crypto coin in the comment
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section down below
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so without further ado let's dive into
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the topic the shiba inu token was
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created back in august 2020 but recently
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surged to extreme highs after riding a
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lot of the attention of dogecoin with
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elon musk campaigning the wave for
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dogecoin
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a lot of investors have been looking
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again for the next big coin and with a
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lot of altcoins and meme coins riding
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the coattails of the bigger cryptos it
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spawned off a lot of copycat style coins
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some of them genuinely have interesting
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technology though so far sheba has a
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known community of around 165 000 people
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and it's growing every single day
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with all that being said sheba and
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coin's mission is to be the dogecoin
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killer in over 2 million percent this
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year who knows it might end up growing
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quite substantially it already has a
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market cap of 3.6 billion dollars which
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is more than what dogecoin was trading
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it for ages until a recent surge last
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month to about 60 billion us dollars but
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now has crashed to 42 billion dollars
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for sheba and new coin there is a lot of
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catch up to do but remember dogecoin
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went from 8 to 60 billion dollars in
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just a few days
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so it's a force that shouldn't be
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underestimated they say that the coin is
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a deflationary coin which means they
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start with a max circulation of one
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quadrillion tokens which is one thousand
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trillions and they then burn it down
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they gave half of it to ethereum founder
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vitalik buterin in which they have
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called a burn
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the other half was handed over to units
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swapped with the keys thrown away
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meaning that no devs hold any tokens so
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why did shiba inu increase so
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significantly well the shiba inu coin
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lived in relative obscurity from august
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until earlier this year when a surge in
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interest for dogecoin drove traders to
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find the next big thing
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sheba's rise has been due to dogecoin's
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success which is a mixture of elon musk
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twitter reddit youtube and numerous news
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articles
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a lot of youtube channels have been
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consistently increasing the awareness of
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sheba a new coin
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dogecoin's meteoric rise can be traced
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in part to the fallout of the gamestop
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saga in march which is when all the
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individual retail traders who fueled the
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gamestop's massive short squeeze then
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turned to joke cryptocurrencies to find
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the next big thing and started focusing
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on dogecoin
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ever since then the price continued to
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increase from an average market cap of
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about 7 billion all the way up to around
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70 billion with lots of movements from
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elon musk and tesla
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rumors are saying as well as elon musk
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tweeting the question whether tesla
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should start accepting dogecoin as
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payment for tesla cars
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well if that happens then we'll likely
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see lots of growth ahead
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so with the shiba inu coin and dogecoin
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somewhat tied together in popularity one
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could help the other but also on the
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other hand if dogecoin does flop a
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little bit it might create the opposite
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effect for sheba as investors look for a
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new coin
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well the sheba token has had a huge
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surge from pretty much 37 satoshi units
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which does not sound like much but in
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one month that is 30 000 percent gains
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which is huge so with anything that
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rises that quickly and by that much with
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seven to eight billion dollars being
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pumped into it in a really short amount
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of time naturally some of that hype will
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calm down to find a new normal or a new
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baseline
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so this is where we start to see what is
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known as the correction which is exactly
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what's happening at the moment which
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happens in any stock crypto or
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investment that is traded in a public
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market
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the next factor we think is the
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controversy that hit the news where we
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saw the ethereum co-founder buterin who
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was given half of sheba's circulation to
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hold on to transferred over a billion
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dollars worth of coins
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this caused a huge market panic and a
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large sell-off of shiba inu that it was
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later announced that because of this
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money was supposedly given to him
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without his consent
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he wanted to put some of it to good use
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and transferred it to the india virus
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relief fund for the current crisis that
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they're going through
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it's a really nice move on his part but
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also we can't ignore that with the value
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being over one billion dollars which is
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about one third of the current market
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cap that's one of the world's largest
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donations
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since this payment took place the price
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that hasn't recovered as much yet but
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the relief fund who received the payment
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promised on twitter that they would
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treat the money with care and sell it
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off carefully so as to not cause damage
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to sheep and its value
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however if it goes up in value and goes
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to another surge we can imagine there'd
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be lots more news articles and youtube
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videos which will fuel some of the
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growth further and put it onto the map
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likewise if it crashes although a great
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time to buy might end up putting shiba
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inu in the shadows for quite a long time
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so what could sheba inucoin be worth
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while the sheep coin has some really
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interesting plans in its white paper and
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on the surface
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the fact that sheba was created with
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more purpose than dogecoin technically
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and under the surface it's probably a
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better coin but the real test is whether
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over time it can hold its value and
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media attention to keep climbing over
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time its values rise just like dogecoin
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even without having super clever
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technology like smart contracts or sleek
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payment technology
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at the moment one of the big challenges
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for the shiba inu token is the current
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circulations we've mentioned that the
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coin is a deflationary coin so they
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start with a quadrillion tokens and
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they're slowly being burned down
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however a big risk that we think will
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hinder a lot of this coin is the fact
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that they gave 50 percent of circulation
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to budarin and that means 50 of the
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coins are controlled by one person and
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that massively goes against what
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cryptocurrency is meant to be
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it's meant to be decentralized not
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controlled by one particular government
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person or entity
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it'll always create a risk and we can
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only assume that they gifted him the
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fifty percent of the circulation hiking
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that bhutan will never do anything with
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it but unless we missed something they
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should have just burned the tokens
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because it goes against the value of a
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cryptocurrency
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over time if the circulation does drop a
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few more hundred trillion then it'll
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help the price somewhat and if she had
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the same market cap as dogecoin at the
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moment which is about 42 billion dollars
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then for the value of shiba inu coin to
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hit one dollar we need the circulation
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to go down to about 4.2 trillion coins
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and to hit one dollar we needed to go
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down to just 42 billion in circulation
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however just 42 billion is still huge
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compared to bitcoin's 21 million but it
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would mean to go from today's 400
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trillion down to 4.2 trillion
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well that's a 98 reduction of coins in
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supply greater than what's not as clear
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at the moment is how fast a sheep will
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be burned over time because only then
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we'll be able to work out and truly
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understand how long it's going to take
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to burn down that supply
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what we suspect is that a lot of this
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will require a lot of people using the
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sheep exchange to bury those tokens and
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burn them over time how many shiba inu
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tokens do you need to be a millionaire
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well let's go back to our original
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theory of shiva inu burning 98 of their
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supply from today's 400 trillion tokens
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down to 4.2 trillion
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if you're still holding shiba inu tokens
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by then it means you'll need to have 100
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million tokens to be a millionaire
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however sheba has to be at one cent and
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at a market cap of 42 billion dollars
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becoming a millionaire is very appealing
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though at the end of the day just make
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sure whatever you invest your money into
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you're not putting in more than what
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you're willing to lose
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[Music]
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so
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so
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you
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