If we keep burning the shiba inu coin burn for too long, the consequences will be dangerous.
One of the world’s top meme currencies, the Shiba Inu, is set to undergo massive burns in the coming days. Burning could affect its circulation and further affect the total number of SHIB coins currently in circulation. According to the global cryptocurrency tracking platform CoinGecko, there are 550 billion SHIB coins in circulation right now. The leading meme coin saw a steady rise for some time and entered the coveted ranks in October’s bull run and broke all-time highs. However, the currency saw a change in fortunes. Its growth has slowed down for the last few days.
The poor performance disappointed the SHIB Army and its supporters, especially given the prediction of a further drop in prices. According to the unnamed founder of Coinage, Ryoshi, Shiba will see a massive burn in the coming weeks as the ecosystem can dive deeper into blockchain gaming and the metaverse. Coin investors recently started a petition on change.org. The petition urges Shiba Inu Coin to develop a policy to burn off a significant amount of Shiba token supply in the coming days. He declared that burning Shiba Inu coins could reduce the number of Shiba Inu coins in circulation. But the concept of Kindle for this meme coin is nothing new. Token holders often send SHIB to their Bern address and sometimes host Bern parties for this cryptocurrency.
According to Coindesk, participants get an annualized return of 9 percent at the time of writing. However, the new mechanism did not increase the price of the SHIB token. In the crypto market, SHIB has lost 5.3 percent in the last 24 hours. In other news, Shiba Inu developer, Kal Patience, 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 known as ‘Shiba Inu: Deployer’ is using a smart contract on the blockchain, in partnership with Shiba Inu. The transaction which appears to have been done through the Shiba Inu token is a smart contract manipulation ploy. Smart contracts are programs on the blockchain that are executed when a specific condition is met. Shiba Inu said they are now launching their Metaverse, which has 100,595 parcels of virtual land. Inspired by the Doge meme and as the “Dogecoin killer”, the value of SHIB has skyrocketed in 2021 and the developers of SHIB are looking to remove the “Meme Coin” tag with the launch of their metaverse. The creators of the Shiba Inu Metaverse have named it ‘Shiba: The Metaverse’.
For an ersatz meme coin, the shiba inu is gaining popularity as a payment method at big-box retailers such as Newegg, GameStop, Petco, and even Lowe’s or Bed Bath & Beyond, but its current price is still There is a fraction of the peak, thus pushing the strong Shibarami community towards recording sessions. Since the launch of the Shibaswap portal on Saturday, the $SHIB burn rate has increased more than three times and the creators of the Shiba Inu burn portal say that owners can receive a 43.76% annualized rate on their $SHIB holdings. $SHIB got burned, although they recognize that the APR may vary. very.
Disclaimer: The information contained in this article is the opinion of the author only and not investment advice; It is provided for educational purposes only.