Will burning billions of SHIBs in sacrifice prevent Shiba Inu from returning to the doghouse?

A burning brazier – Since its creation in August 2020, the shiba inus (SHIB) came to walk on the flowerbeds of Dogecoin (DOGE) as parody cryptocurrencies. These are grouped under the term memecoinsso much the use of images and other GIFs (the memes) is important in their brand image, which is intended friendly and popular, to attract as many users as possible. To avoid go out of fashionthe project Shiba Inu sees many of his tokens being sacrificedin an attempt to maintain or increase their value.

Trillions of SHIBs gone up in smoke

After one amazing breakthrough within the most valued cryptocurrencies – even briefly reaching the Top 10 at the height of its hype, end of October 2021 – enthusiasm for the project shiba inus dries up a bit. The regular winks from Elon Musk for his competitor Dogecoin not helping either.

It must be said that with, at the start, 1 million billion number of SHIB tokens created, it was difficult to give it much value. But Vitalik Buterinco-founder of Ethereum, had received half of all these tokens, sent to his wallet without his prior authorization, by the developers of Shiba Inu.

Of the 500 trillion SHIBs received, Vitalik offered some as donations, but destroys the majority (410 trillion). He thus involuntarily inaugurated a kind of fashion in the frowning Shiba community (not to be confused with the smiling Shiba community): destroy SHIBs by burn ».

To the point that, as CoinDesk reports in particular, a mechanism of burn was actually developed for facilitate this sacrificial destruction! the SHIB burn portal » was thus launched on April 24, 2022.

Twitter account @Shibtoken

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The bonfire continues for Shiba Inu

Let us recall that through these multiple events of burn (literally “burn”), the tokens are sent to an address from which they cannot (statistically) never be recoveredwhich removes them from circulation – and increase their scarcity.

If these destructions were sometimes carried out without compensation (as in the case of Vitalik), the present portal of destruction developed by Shiba Inu makes it possible to receive “burntSHIB” tokens in recognition of the sacrificed SHIBs. These can then be put into play (staking), to touch 9% annual return in RYOSHI tokens.

These are already so 11 billion SHIB that were burned, within the first 24 hours of this deadly portal’s operation. That is the equivalent of a little more than $250,000 at the current price.

Shiba Inu offers RYOSHI tokens in exchange for the sacrificed SHIBs.
The “SHIB burn portal” destruction mechanism – Source: CoinDesk

Will that be enough to remotivate investors to buy shiba inu on crypto exchange platforms? In any case, between this sacrificial portal and a project of canine metaverse in the pipes, the developers of the SHIB do not seem don’t run out of ideas to add value to their token.

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