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The Shiba Inu ($SHIB) community has been rallying to burn more tokens amid the recent cryptocurrency market downturn, as it’s seen as a “huge opportunity” to reduce the meme-inspired cryptocurrency’s circulating supply.
Shiba Inu price drop is 90% from its all-time high seen late last year, with the cryptocurrency currently trading at around $0.00000803 after plunging with the rest of the cryptocurrency market in a sell-off that saw Ethereum fall below its 2018 cycle high of $1,400 and BTC drop to an 18-month low, while the total market capitalization of the crypto space fell below $1 trillion.
For months, the Shiba Inu community has been burning tokens to lower the cryptocurrency’s circulating supply, in the hopes of boosting its price if demand rises because there will be less supply available to match that need.
According to Shiba Inu burn tracker Shibburn, approximately 320 million SHIB were burned in a single day as the community rallied. The total was bolstered by a single transaction that burned about 150 million tokens, representing a 300 percent increase over the previous day.
The 90 percent shiba inu price drop is a “great opportunity” for the community, according to the SHIB Superstore, a well-known project that supports Shiba Inu burn efforts through a variety of techniques, including affiliate sales.
According to Gfinity Esports, SHIB Superstore has contributed to the loss of over 2 billion SHIB tokens by including Amazon affiliate links in the tactics used to burn the meme-inspired cryptocurrency.
54.6 billion tokens have been burned on ShibaSwap’s official burn portal, which was introduced in April in order to promote SHIB burns and offer rewards to individuals who burn tokens. Shiba Inu’s burn rate exploded thanks to the portal.
SHIB investors get $burntSHIB for burning tokens through it, which can subsequently be utilised to get $RYOSHI. The benefits in the currency were initially issued to every holder of xSHIB, a token awarded to users who staked SHIB on ShibaSwap, according to Ryoshis Vision.
RYOSHI has been distributed to those who burn SHIB, as well as those who stake RYOSHI on ShibaSwap and the project itself, for the past 20 weeks. However, burn portal prizes have been postponed, which some believe will “significantly damage the community’s burn motivation.”
SHIB-inspired coin “1Cent,” which aspires to bring the meme-inspired cryptocurrency’s price to $0.01, and many other community projects are among the major Shiba Inu burn donors.
According to CryptoGlobe, most SHIB members believe the burn portal is more significant than the project’s metaverse, according to polls performed by Shiba Inu team member Archangel. Some people advocated for token burning as a marketing strategy.
Source: Cryptoglobe
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