Ever since it was unveiled in 2020, Shiba Inu has grown to become one of the notable meme coins in the crypto space. Founded by an anonymous Ryoshi, Shiba Inu started with an objective to become an Ethereum-based alternative to Dogecoin (DOGE). Today, the crypto project now have its own ecosystem supported by a flourishing community. Notably, Shiba Inu does not support smart contracts and lacks the backing of any assets. Nevertheless, just like other meme coins, the token can be traded, sent and received. Currently, the crypto project runs an ecosystem, identified as ShibaSwap. This ecosystem possesses two tokens, LEASH and BONE. While BONE runs as a governance token, allowing members of the community to vote on proposals, LEASH serves as a token, offering numerous rewards on ShibaSwap. Notably, the project, just like others, allows its holders to burn or engage in the burning of its Shiba Inu coin.
Occasioned by the anonymity of Ryoshi, the project’s lead developer, Shytoshi Kusama has been at the forefront of Shiba Inu burning development, availing ShibArmy, a community of Shiba Inu supporters notable updates about the trends and other innovations emerging in the ecosystem. He usually advocates Shiba Inu burn as the true community efforts, adding that the team works daily to encourage the process. Without further ado, this article seeks to assess the scope, benefits, processes and potential of the Shiba Inu Coin burn or burning.
Shiba Inu coin burn
Shiba Inu coin burn, according to findings, is the process of destroying SHIB coins by sending them to ‘dead’ wallets, to sustain themselves long-term. Primarily, this trend is targeted at declining the 1 quadrillion SHIB tokens in circulation, thereby facilitating its scarcity. By virtue of scarcity, the value or price of the token begins to appreciate over time.
In recent times, the project has remarkably indulged in numerous innovative efforts to aid the burning of Shiba Inu coin. Meanwhile, it possesses a native burn portal which has, over time, destroyed billions of SHIB. The burning portal for Shiba Inu coin burn runs as a platform, allowing holders to send send their SHIB tokens to an already specified address. Notably, the portal came into limelight through the inspiration of the burning of Ethereum founder’s $6.7 billion SHIB last year. More so, the development of the portal became inevitable after the community after a consistent demand by the community. It possesses three addresses for burning, with two as dead wallets, and one as a ‘black hole’ address.
Beyond the burn portal, the Shiba Inu community also usually contribute hugely to the burning of the coin. According to findings, efforts from members of the community have, so far, led to over 70 billion Shiba Inu burn. In a bid to further encourage Shiba Inu coin burn by the community, its developing team improvised a potential medium to reward them.
How to Burn Shiba Inu coin
The Shiba Inu team incentivized its burning system. The system is aimed at encouraging users to burn their Shiba Inu coin and earn passively from the process. Users get their burning rewards on Shiba Inu in form of burntSHIB tokens. BurntSHIB is a separate coin created by the Shiba Inu team. Holders of the coin can stake them to earn passively in the form of Ryoshi tokens.
In collaboration with the Ryoshi Vision (RYOSHI), the Shiba Inu team designed ShibaSwap as a burning portal for the process. ShibaSwap is an Ethereum-based DeFi initiative that’s established to aid the growth of the SHIB ecosystem. The portal facilitates the destruction of Shiba Inu coin by allowing holders to intentionally send their SHIB into a wallet that cannot be used for transactions. This implies that the tokens are non-retrievable once they get into the wallet. Therefore removing them totally out of circulation.
Meanwhile, users can burn their Shiba Inu without using ShibaSwap. Only that they won’t get any reward for destroying their token. Another way of destroying Shiba Inu coin is sending the token to a non-retrievable wallet. As an ERC-20 token, sending Shiba Inu to a wallet not based on Ethereum implies burning.
Various burning methods employed by community
Bigger Entertainment remains one of the large-scale Shiba Inu coin burn by the community. Occasioned by its SHIB Burner playlist and burn parties, it reportedly destroyed more than a billion SHIB token. Last December, Bigger Entertainment in its ‘A Very Merry Shiba Christmas Party’ stream burnt 239 million SHIB. This, as reported, amounts to about $9,211.
Worth noting that Shiba Inu community burn has, in recent times been aided by play-to-burn games. With just these games, over 2.5 SHIB tokens have been burnt.Some of these games, including Bricks Burner explores the incurred ad revenue to transfer SHIB to the dead wallet. Its developer, Travis Johnson extended the revenue stream of his Superstore by integrating food and drink, with even more games, to burn tokens.
Shiba Eternity as another facilitator of Shiba Inu coin burn
Recently, Skytoshi Kusama announced the launching of the project’s most-anticipated game, Shiba Eternity. Notably, Kusama described the game as powerful, challenging, and great for Shib and Shiboshi holders. According to him, Shiba Eternity, especially its blockchain version will boost Shiba Inu coin burn. Recently, the game came out successful in its Vietnam testnet and now undergoing another test in Australia. Notably, the community hopes the Shiba Eternity, when fully launched helps to increase the rate of Shiba Inu coin burn.
Expected and Current Impact
Prominent Shina Inu developer Shytoshi Kusama, disclosed that it requires a true community dedication to carry out the destruction. The expectation on the burning process aims at removing a substantial part of Shiba Inu coin from circulation. The process will help Shiba Inu become more scarce and attract investors to acquire the token. Notably, investors prefer scarce tokens compared to the ones with unlimited supply or high inflation rates.
Most times, people often hope that burning often warrants a price increment for a token. Nevertheless, this hasn’t been the case most time. The expectation is present on the destruction process of Shiba Inu. Though, Kusama has admitted that the result might not come instead. The developer opined that the process might take time to bring the desired result.
Amidst the prevailing harsh market condition, the Shiba Inu community has stepped up the burning effort. They have the intention of burning more Shiba Inu coins in other help the token put on a bit of resistance to the harsh market condition. This intention has triggered a massive burning wave of Shiba Inu by community members. Since the launching of the Shiba Inu coin portal, the price of SHIB hasn’t soar high. Shiba Inu coin like other cryptocurrency, is currently feeling the heat of the market condition.
Progress
Since the creation of the portal in April, the Shib community has burned more than 78 billion SHIB. In addition to this, individual destruction outside the portal is currently around $11 billion SHIB. At the end of the first half of the year, the portal witnessed the destruction of approximately 70 billion SHIB. In August, about 3.7 billion SHIB became burned.
The burning process spreads like wildfire because holders became encouraged to burn their SHIB with specific incentives. The incentives have worked effectively to compensate holders, thus encouraging them to burn more. Aside from relying on the hope of seeing the value of SHIB soar higher, the reward that comes with the destruction is enough to compel holders to burn more. In that regard, the burning system of Shiba coin is currently the most famous in the cryptocurrency space.
Without a doubt, it has attracted more investors to commit their funds to the project. The burning system of Shiba coin is giving investors a conviction about the project. Also, it has helped assure current holders about a bright future for the project. As Kusama has called for patience and commitment, either sooner or later, there are indicators that Shiba Inu could live up to the expectation of being a DogeCoin-killer.
Conclusions
Fingers remains crossed on the impact of the trend on the Shiba Inu coin. As stated earlier, much hasn’t changed regarding the value of the token. Nonetheless, the continuous effort of the Shiba Inu community tends to possibly go a long way to influence the desired result. Over time, the community played a huge role in ensuring an increased Shiba Inudestruction. Meanwhile, it’s imperative to note that the destruction of the Shiba Inu coin will not be the only factor to any future price rally for the coin. However, the Shiba Inu team aims to put in place numerous projects to facilitate Utility for the coin. These projects possesses the tendencies to determine the future growth in the value of the token.
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