The Shiba Inu ($SHIB) community has been rallying to burn more tokens amid the recent cryptocurrency market downturn, as it’s seen as a “huge opportunity” to reduce the meme-inspired cryptocurrency’s circulating supply.
Shiba Inu’s price has dropped 90% from its all-time high seen late last year, with the cryptocurrency currently trading at around $0.00000803 after plunging along with the rest of the cryptocurrency market in a sell-off that saw Ethereum drop below its 2018 cycle high of $1,400 and BTC dip to an 18-month while the total market capitalization of the crypto space went under $1 trillion.
The Shiba Inu community has for months been using token burns to reduce the cryptocurrency’s circulating supply, in a bid to help its price rise if demand rises, as there would be less supply available to meet that demand.
As the community rallied, over 320 million SHIB were burned in a single day according to Shiba Inu burn tracker Shibburn. The figure represents a 300% increase when compared to the day before, and was boosted by a single transaction burning around 150 million tokens.
The SHIB Superstore, a well-known project supporting Shiba Inu burn efforts through a number of methods that include affiliate promotions, said that the 90% plunge is a “huge opportunity” the community can take advantage of, writing:
SHIB Superstore, as reported by Gfinity Esports, includes Amazon affiliate links in the methods used to burn the meme-inspired cryptocurrency, and has contributed to the destruction of over 2 billion SHIB tokens.
ShibaSwap’s official burn portal, which was launched in April in a bid to further SHIB burns and distributes rewards for those who burn tokens, has seen 54.6 billion tokens get destroyed. The portal helped Shiba Inu’s burn rate explode.
For burning tokens through it, SHIB investors are being awarded $burntSHIB, which can then be used to get $RYOSHI. According to Ryoshis Vision, rewards in the token were initially distributed to every holder of xSHIB, a token awarded to users who staked SHIB on ShibaSwap.
For a 20-week period now, RYOSHI is being distributed to those who burn SHIB, as well as those who stake RYOSHI on ShibaSwap and to the project itself. Burn portal rewards have, however, been delayed, which to some could “seriously undermine the community’s burn motivation.”
Major Shiba Inu burn contributors include SHIB-inspired token “1Cent,” which aims to bring the meme-inspired cryptocurrency’s price to $0.01, and various other community projects.
As CryptoGlobe reported, polls conducted by Shiba Inu team member Archangel have shown most SHIB members believe that the burn portal was more important than the project’s metaverse. Some supported burning tokens as a marketing effort.
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