Shiburn (literally burning the Shiba Inu coin) is a practice that began last year and is bringing innovation to the crypto world.
The altcoin most beloved by animal lovers has since last year kicked off a campaign to burn Shiba Inu Coin.
In return for additional token-based rewards, for the purpose of increasing SHIB scarcity and consequently value, thousands of Shiba Inu are burned every day.
Shiburn helps the crypto Shiba Inu
The Shiburn has catalyzed the efforts of developers for several months in the meme coin operating group.
The initiative, aimed at turning the digital doggie currency into something scarce has been very well received by the Shibarmy i.e., the community that supports the token.
Shiburn is burning tokens on repeat and was developed with the sole purpose of giving value to the Token on the assumption that the fewer SHIB there are in circulation for the same demand the more the value increases.
The practice of burning SHIB is detected by the rate of burning, which in the first few days of the year saw its highest peak unless it stabilized in the last week.
The practice seems to have benefited the Shibarmy in no small part, who are enjoying the growth in the value of Shiba Inu Coin, which is traveling in double digits.
What Shiburn consists of
Burning SHIB, which means destroying the token, is a practice aimed at increasing the value of Shiba itself.
The increase in value occurs the more SHIB is burned.
In compensation for the burned SHIB, the investor who voluntarily sacrifices part of the altcoin in their possession receives BurntSHIB, or an additional token, in return.
Through BurntSHIB one gains access to further rewards that are bestowed with a third and final Token named after one of the founders of Shiba Inu namely RYOSHI.
With this method, there is first and foremost a progressive appreciation of SHIB, an increase in the value of BurntSHIB and the receiving of RYOSHI with zero investment.
After a period of calm from last December’s peaks, the crypto’s burn rate has skyrocketed to 352% since yesterday.
37.3 million SHIB have gone up in smoke in this short period of time, and two wallet movements stand out above the rest.
One transaction of 10.1 million SHIB and another of 9.6 million SHIB, were the largest numbers moved to give value to the altcoin.
With the imminent arrival of Shibarium, the price of Shiba Inu Coin is expected to rise further in value and give the crypto a new status, that of first altcoin as a store of value.
Currently SHIB stands at $0.00001207 with a slight decline of 1.4% since yesterday.
However, the week just ended was very positive, recording an excellent +13.8%.
The future of SHIB
The Shiba Inu “fanbase,” or as some call it Shibarmy on social networks, is famous for its attachment to the doggie meme cause.
The contribution in terms of growth that the community gives to the crypto is really important, to the point of being decisive in the opinion of most analysts.
As long as interest in the meme coin is high, the value in simple terms is safe.
The ShibaSwap, Shibarium, and Shiburn projects discussed above are all votes to increase the value and obviously the adoption of the coin.
With ShibaSwap, even Shiba Inu is setting foot in the utility world.
Analysts agree that Shiba Inu is maturing and increasingly breaking away from that early meme coin label.
According to the consensus, the token could still reach the $0.000088 resistance in the current year.
As for the three-year period 2023-2025, the situation is more uncertain as a reversal period will find a way to occur, yet in between there will also be positive news.
Analysts are not unanimous this time but one noteworthy piece of news may be the departure of the historic founder known by the pseudonym Ryoshi.
Ryoshi, which is also the name of the BurntSHIB reward token, has left the project.
The fact that someone so important to the creation of the cryptocurrency has left the team seems to have passed quietly or caused no problems for SHIB in the market.
If Ryoshi’s departure is not followed by that of other company executives, things are should not get worse and the value of the meme coin should be safe but it is worth being vigilant.
What is clear to everyone is that the more time passes, the closer we get to the next halving of Bitcoin.
The halving of BTC is basically just the cutting in half of the rewards that are dispensed to miners of the Digital Gold.
Like in the past, the event should lead the way for the appreciation of all cryptocurrencies including Shiba Inu Coin.
Not only might the $0.0000088 support be reached but there is a chance to aim higher at the $0.000091 support.
The near future of the currency is looking increasingly like one reserved for safe-haven assets, and the Shiburn is certainly heading in this direction.
Reducing the amount of SHIB in circulation by offsetting the sacrifice with the issuance of burnt tokens is certainly innovative and marks a previously unknown new path that will certainly be replicated by other coins.