Shiba Inu is one among a list of meme coins that had an impressive rally this year. This coin has set the stage for others to follow as it has gained the attention of mainstream investors who have all taken an interest by purchasing the crypto or mining it.
This is quite impressive, as not so long ago; the coin was seen by many as a shit coin with little to no value at all.
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Key Takeaways
- Shiba Inu plans to set up its own Metaverse called the Oshiverse as it plans to carry out SHIB burning very soon.
- In recent times, the price of SHIB has fallen despite it recording massive gains in the previous months although this seems to be a general effect in the crypto market.
- ShibaSwap is currently making listing plans as new pools would have to burn about $25,000 in SHIB to support the plans.
- Investors who would be using NowPayment now and in the future to purchase SHIB would have to burn an undisclosed sum of SHIB for every transaction. Cold wallet storage is recommended for storing the SHIB,
In recent months, however, Shiba Inu has underperformed as its value has decreased by more than 40% in the last month.
SHIB is presently trading at $0.00003792, down more than 50% from its all-time high set a few weeks ago although its value has surged by 375% in the last three months.
However, according to SHIB’s technical indications, the cryptocurrency is now underperforming. The relative strength index of 38 indicates that SHIB is approaching oversold territory.
Read Also: Kraken Hints At Listing Shiba Inu This Week as Gemini Launches Trading for SHIB Token
Meanwhile, the MACD line is below the neutral zone, and SHIB is trading at $0.0000478, which is below its 50-day moving average.
If the current trend continues, the value of SHIB might drop in the coming hours and if the crypto market fails to pick up, the crypto might drop in value even further in the coming days.
With all that said and done, I will be discussing the Shiba Inu coin burn and what you, as an investor, should expect from it.
You’d be wise to read this article if you’re interested in what happens after the burn, especially if you’re a fan of the coin.
Shiba Inu Plans to Undergo Massive Burn
Shiba Inu, one of the world’s most popular meme currencies, is set to undergo massive burning in the coming weeks.
The burn will lower the total quantity of SHIB coins, as there are now 589,736,561,989,744 SHIB coins in circulation.
Shiba Inu’s founder, Ryoshi, indicated that the burn will pave the way for the project to join the metaverse region.
Why? Well, because the metaverse space has become one of the fastest-growing crypto industries around the globe, all thanks in part to the arrival of the social media platform, Facebook.
Ryoshi said that the Shiba Inu Core Devs (SICD) are working on constructing their own metaverse called the oshiverse.
According to the anonymous creator, plans have been put in place to bring out different parts of the Shiba Inu coin such as the Shibarium, Shi, Shibanet, The Decentralized Shiboshi Game, Incubator, and much more that may not be known now, but will be at some point in the future.
The next thing I would like to lay emphasis on is the SHIB burn rate as well as how much SHIB has been burnt since its inception.
I believe that investors like you would be interested in finding out more pertaining to this information. Hence, here we go:
What Is the Rate at Which SHIB is Burnt?
It is no news that a good amount of Shib has been burnt in the past but there is no evidence to suggest in Shib’s whitepaper (called the WoofPaper) that the tokenomics being used by Shib provides a means to burn Shib frequently.
While a significant amount of SHIB has been burned in the past, there is nothing in the “WoofPaper” to imply that SHIB has tokenomics in place to burn SHIB on a regular basis.
A small portion of a transaction fee, for example, gets burnt with other cryptocurrencies and tokens.
During the audit of ShibaSwap, the decentralized cryptocurrency exchange (DEX), Certik drew a thorough map explaining how the ecosystem operates.
Likewise, neither the audit nor the schematic makes any mention of frequent burning although this does not; however, implies that SHIB is not burning any tokens.
New pairings or pools posted to the DEX will need to burn $25,000 in SHIB and LEASH as part of the ShibaSwap’s modified listing plans. In addition, the ETH-RYO pool created a scheme that burns 1% of every transaction.
On October 7, the cryptocurrency also stated that any transactions done through NowPayments will result in a proportion of SHIB being burnt for every transaction, although the specific amount was not disclosed.
NowPayments is a bitcoin payment service provider that has a Shopify integration. It charges a service fee of up to 0.5%, but the exact amount of SHIB that will be burnt perhaps as charging fee is still not known.
Aside from that, the Shiboshi NFTs, which were just released, contain a burn mechanism. If hodlers wish to name their Shiboshi NFT, they must burn $100 in SHIB. This is limited to $1,000,000, or 0.009% of SHIB’s market capitalization.
How Much SHIB Has Been Burned?
Despite these relatively minor burns, a large amount of SHIB has already been burnt or is in a dead wallet. Much of this is attributed to Vitalik Buterin, the founder of Ethereum.
When SHIB was originally created, its team delivered to Buterin half of the whole supply, which was around 500 trillion SHIB.
Buterin burned 90% of this, or 410 trillion SHIB, claiming that he did not want to be “a focus of power of that type.” The remaining 10% was donated to charity by the Ethereum developer.
Shiba Inu (SHIB) has an existing total circulating supply of 497 trillion coins, according to CoinGecko which means that another 93 trillion SHIB may have been burned or is no longer in circulation.
The circulating quantity, on the other hand, is most certainly greater even though the now-transferred SHIB owned by the India Covid Relief Fund is not in circulation, according to CoinGecko.
While SHIB now has certain standardized burns, many holders have expressed their dissatisfaction with SHIB’s burn announcements, which they believe are too modest.
SHIB has a market capitalization of $11,036,760,821 according to CoinMarketCap, and a $25,000 burn representing 0.00022% of total supply.
A petition calling for the burning of a “substantial portion” of SHIB has received 9051 signatures.
A greater burn would, according to the originator of the petition, “enable Shiba to attract more investors, push up prices via demand, and most importantly, develop Shiba into a stable crypto token and a viable payment internationally.”
Frequently Asked Questions (FAQS)
1. Is the Shiba Inu coin limited in supply?
Shiba Inu, in contrast to Bitcoin, which has a restricted quantity of 21 million, was purposefully built to have a huge supply. It has a total circulating supply of one quadrillion.
2. Does Ledger support Shiba coins?
Shiba Inu wallets support the storage and sending of Shiba Inu as well as many other cryptocurrencies.
3. How much Shiba Inu coin is left?
Shiba Inu began with a supply of one quadrillion. While half of it was sent to Ethereum co-founder Vitalik Buterin, who “burned” the majority of it by putting it in a wallet that no one could access, there were still roughly 500 trillion coins remaining.
Final Thoughts
Shiba Inu tends to undergo burning from time to time due to various reasons. In this article, we have explained in detail that there is an expected Shiba Inu burning set to place soon as the founder claims they plan to set up the oshiverse.
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