If we keep burning Shiba Inu for long enough, the result will be dangerous. Shiba Inu, one of the leading meme coins globally, is undergoing a massive burn in the coming days. Coin Burn will hurt SHIB’s circulation and the total number of coins.
Currently, there are around 550 trillion SHIB coins in circulation, according to CoinGecko. The meme coin’s price went up for quite a while, finally reaching its maximum level in an October 2021 bull run. However, the coin’s value is declining, and it’s going down fast.
Recent Performance of SHIB is Forcing the Burn
Many people have been unhappy with the recent performance of SHIB, and its supporters are mostly disappointed. To their dismay, recent predictions of price appreciation have not come true.
Before walking out, the coin’s anonymous founder, Ryoshi, had claimed Shiba is set to have a large burn in the near future as it moves more into gaming and blockchain. Even the investors have recently started a petition on change.org.
The petition suggests Shiba Inu Token establish a policy that would burn a significant percentage of both their tokens. Generally, the burn is organized to reduce supply for price appreciation. However, the primary reason for the burn this time is to make it inaccessible to traders, especially institutional investors who influence the price based on their available capital.
Shiba Inu Burning Process is Not New
The burning process has existed for a long time and is not a new concept for this meme coin. Token holders store SHIB in a wallet and sometimes decide that they want to “burn” their tokens by sending them to the project’s burn address. At times, even burn parties are organized to complete this process.
As per Coindesk, the SHIBites are earning as much as 9% of yearly yields at this moment in time. Despite the implementation of the burn mechanism, there hasn’t been any appreciation of the SHIB token. According to CoinMarketCap, SHIB has been down 5.3% over the last 24 hours.
Shiba Inu Scam Token Causing Problems
In other news, a Shiba Inu developer named Kaal Dhairya, has warned in a blog post about how a scam token is trying to associate itself with the viral meme coin. The developer of the malicious crypto-token, posing as ‘Shiba Inu: Deployer’, has created a smart contract on the blockchain, associating it with Shiba Inu. It’s likely that someone is using a common technique to manipulate the private smart contract. For the uninitiated, smart contracts are pieces of code on a blockchain that execute when an external agent triggers an actual event.
SHIB: The Metaverse – A Move Away from Meme Coin Tag
Sources at Shiba Inu said they are now launching their new ‘metaverse’ that features virtual land. There are over 10K plots of virtual land.
If you don’t know already, Shiba Inu shot to prominence as a Dogecoin meme. Since then, SHIB’s price has been skyrocketing ever since, achieving the highest highs in 2021. Therefore, the developers are trying to shake off the ‘meme coin’ tag. The creators of the Shiba Inu metaverse call its virtual world, SHIB: The Metaverse’. It is planned that the developers will let users buy virtual lands during organized events.
For an ‘imitation’ meme coin, Shiba Inu has been growing in popularity as a payment method at such big retailers as GameStop, Newegg, and Petco, but its current price is still a fraction of the peak. Hence the solid ShibArmy community is pushing towards burning sessions.
Rapid Rise in Shiba Inu Burning Rate
Since the Shibaswap portal introduction on Saturday, the $SHIB burning rate has reportedly increased more than three times, and the Shiba Inu burning portal creators say owners can hit a 43.76% annualized rate on their $burntSHIB holdings, though they do acknowledge that the APR can vary greatly.
Conclusion
The burn rate of SHIB is a ploy to raise the value of the coin and counter the stranglehold maintained by major retail investors who are driving its price up and down. Unlike loyal Shiba Inu supporters who have pledged their allegiance to the meme, the conventional traders only care about the money and not the coin. So, what does the future hold for Shiba Inu depends on the burn and its outcome.
Must read:
Understanding the Basics of SHIB and its Potential as Dogecoin Killer
Shiba Inu Price Forecast 2022-2030