Shiba Inu burning fiasko crash meme coin

Shiba Inu Coin crashing after Vitalik Buterin continue with burning gimmicks. While a massive portion of SHIB has been burned in the past, there is nothing in the ‘WoofPaper’ to suggest SHIB has tokenomics setup to burn SHIB regularly. With other coins and tokens, a small amount of a transaction fee is burned, for example. The decentralised cryptocurrency exchange (DEX), Certik created a detailed diagram illustrating how the ecosystem works. Similarly, neither the audit nor the diagram reference any regular burning.

However, this doesn’t mean SHIB isn’t burning any tokens.

As part of the ShibaSwap’s updated listing plans, new pairs or pools added to the DEX will need to burn $25,000 in SHIB and LEASH. The ETH-RYO pool also implemented a system that burns 1% of every transaction.

shiba inu burn farce
shiba inu coin

The cryptocurrency also announced on October 7 that any transactions made through NowPayments will see a percentage of SHIB burned per transaction. It did not, however, disclose the percentage. NowPayments is a cryptocurrency payment service provider integrated with Shopify. It has a service fee of up to 0.5%, but we don’t know how much SHIB will burn. Despite these relatively low-level burns, a significant amount of SHIB is already burned, or in a dead wallet. Much of this comes from Vitalik Buterin, the creator of Ethereum.

According to CoinGecko, SHIB has a circulating supply of 497 trillion. This suggests a further 93 trillion SHIB may have been burned or is not in circulation. However, the circulating amount is likely higher. CoinGecko attributes the now-transferred SHIB held by the India Covid Relief Fund as not in circulation.

shiba inu burning

While SHIB now has some standardised burns, many holders expressed their frustration at SHIB’s burn announcements, deeming them too small. SHIB has a market cap of $9,984,698,252 at the time of writing, according to CoinMarketCap. A $25,000 burn makes up 0.00021% of the total supply.

A petition to burn a “significant amount” of SHIB has gained 8,511 signatures. According to the petition creator, a larger burn would “allow Shiba to attract more investors, drive up prices through demand, and most significantly, turn Shiba into a stable crypto token and a viable payment globally.”

shiba inu petition

“This petition is designed to kindly request of Shiba Inu coin to develop a policy to burn significant amount of the Shiba token supply in the long run .

We all know that 600T out of 1Q SHIB Token is now available in the market. Most the questions when we want to invest is “How long will it take to make a  profit!

The Shiba Inu pricing is aiming for the $1, but when it will reach that threshold exactly is anybody’s guess

Developing a policy that could  burn some Shib’s circulating supply will let Shiba Reduce for example this ten year period to five years. 

This policy allow Shiba to attract more investors, drive up prices through demand, and most significantly, turn Shiba a stable crypto tokens and viable payment globally. This is the future we all desire. 

With a huge change in the supply, Shib coin will be listed on more known Exchanges such as Coin Base . It is a win-win result that it could happen through decreasing the amount of Token.”

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