That's at current circulating supply but that supply gets lower and lower every day. Let's say I have 100 apples and I have to give you all of them but gotta get rid of 1% before I do. So I throw away one apple and give you 99. Now you then have to give someone else those apples but have to get rid of some also. Now my math is obviously going to be wrong here but this for educational purposes only. You get rid of one and give them 98. Then the next transaction they get 97, and 96, and so on until there's one apple left and you start cutting that one into pieces.
Now I don't know until what point coins could be burned but wouldn't be surprised if it's till the very end. And yeah the supply is extremely high right now but keeps getting lower and with a cheap price still, that can continue. Doge and shib don't burn coins like saitama does. Shib has a burn wallet but it's tokenomics weren't set for burning at the beginning. There could come a time where there's less saitama than shib if the volume continues like it has.
The main goal is to burn as many coins as possible. It doesn't need to have a high market cap to reach a decent price from what it currently is.