Truth Be Told The Shiba Inu Token Does Have Some Things In Common.
In late 2020, dogecoin started to get traction in the crypto industry because of tesla ceo elon musk’s support. Elon musk posted his shiba dog, which led to an increase in the price of cryptocurrencies. The burning rate surges 714% compared to the previous day.
A $25.000 Burn Represents 0,00022% Of The Total Supply.
At that time, elon also tweeted about shiba inu dog and made shiba token famous globally. A reason why the burns have become so popular is that burning through the portal qualifies users for ryoshi awards based on their burn pool percentage. The shiba inu burn portal has to date burned 19 billion shib tokens, at a cost of $430,000 according to the current shiba inu price of $0.00002256.
Originally, The Shiba Inu Token Was Launched In August 2020 With The Initiative As A Rival Of Dogecoin.
A breakdown of this burning process indicates that the shiba inu burn portal has been used by roughly 1203 users, with an average transaction burning around 14 million units of the meme coin. Since the shibaswap portal introduction on saturday, the $shib burning rate has reportedly increased more than three times and the shiba inu burning portal creators say owners can hit 43.76%. The shiba inu developer team announced a burn portal launch that was planned to.
But Unfortunately, Supply Today Is So Vast That Even Coin Burns Aren't Enough To Fully Eliminate The Problem.
Despite the rising token burn rate, shiba inu has been experiencing a downtrend since february 9th, when it reached the highest price point of the year at $0.00003477. 0:00 shiba inu 1:04 shib technical analysis 3:42 shib burn. A more cursory look would reveal that of the top 10 burn contributions, nine of them happened within the first 48 hours of the launch.
Here's What The Math Says.
However, the launch has not done much to push shiba inu’s price because at the time of writing shiba inu is trading at $0.00002355 with a plunge of 2.18% over the last 24hrs. However, the developers did not give further details of the upcoming initiative, leaving enthusiasts to make wild suggestions. Given the massive move higher recently, followed by a just as impressive crash days later, it’s no wonder people might be wondering about the shiba inu coin.