HOW EXTREME SHIBA INU BURNING CAN PUT AN END TO THE MEMECOIN SOON?
If we keep burning Shiba Inu for long enough the result will be dangerous.
Shiba Inu, one of the leading meme coins in the world is undergoing a massive burn in the coming days. The burn may affect its circulation and the total SHIB coins presently in circulation may take a further hit. At the moment, there are 550 trillion SHIB coins in circulation, as per the global cryptocurrency-tracking platform, CoinGecko. The prominent meme coin witnessed a steady rise for quite a while and entered the prestigious ranks in an October bull run to breach all-time highs. However, the coin observed a reversal of fortunes. For the last couple of days, the rate of its rise has slowed down.
The underperformance disappointed the SHIB Army, and its supporters, especially, on predictions of further fall in prices. According to the coin’s anonymous founder, Ryoshi, Shiba is scheduled for a massive burn in the coming weeks as the ecosystem may dive more into blockchain gaming and the metaverse. Investors of the coin recently started a petition on change.org. The petition urges Shiba Inu coin to develop a policy to burn a significant amount of the Shiba token supply in the coming days. They announced Shiba Inu coin burn may reduce the amount of Shiba Inu coins in circulation. But the concept of burning is nothing new for this meme coin. Token holders frequently send SHIB to its burn address, and sometimes, they even arrange for burn parties for this crypto coin.
According to Coindesk, participants are earning current annualized yields of 9 percent at writing time. However, the new mechanism hasn’t spiked the price of the SHIB token. In the crypto market, SHIB has lost 5.3 percent in the last 24 hours. In other news, Kaal Dhairya, a Shiba Inu developer, has warned in a blog post about how a scam token is trying to associate itself with the viral meme coin. According to the developer, a malicious crypto token posing as ‘Shiba Inu: Deployer’, is using a smart contract on the blockchain, associating itself with Shiba Inu. The transaction that seems to be made through the Shiba Inu token is a manipulation trick on the smart contract. Smart contracts are programs on blockchain that execute when a specific condition is met. Shiba Inu said they are now launching its metaverse, with 100,595 plots of virtual lands. Inspired by a dog meme and posed as ‘Dogecoin killer’, SHIB’s value skyrocketed in 2021 and SHIB developers want to drop the ‘meme coin’ tag with the launch of its metaverse. Creators of Shiba Inu metaverse have termed it ‘SHIB: The Metaverse’. The developers will allow users to buy virtual lands through a series of events. Users will have to visit the official Shiba Inu metaverse website.
For an ersatz meme coin, Shiba Inu has been growing in popularity as a payment method at such big retailers as Newegg, GameStop, Petco, and even Lowe’s or Bed Bath & Beyond, but its current price is still a fraction of the peak, hence the strong ShibArmy community push towards burning sessions. 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 43.76% annualized rate on their $burntSHIB holdings, though they do acknowledge that the APR can vary greatly.
