Burning Shiba Inu could be the catalyst for huge returns in 2023.
The first Shiba Inu burn happened in May 2021, when Vitalik Buterin burned almost half of the entire supply (410 trillion SHIB) in a single transaction. Within two weeks, the Shiba Inu price pumped 50,000%.
That kind of return can make $200 become $100,000 before you get your next paycheck!
But read this.
Shiba Inu burns suffered in 2022 due to the collapse of the ShibaSwap burn portal. In the meantime, new innovative tokens like EverGrow have risen to take its place.
According to Shiba Burn Tracker, 83 billion Shiba Inu tokens have been burned throughout 2022.
The Shiba Inu burn rate has fallen from a high of 31 billion in the month of May 2022, to just 661 million in November 2022. It's a 99% decline. December looks to be an even worse month for Shiba Inu with just 300 million SHIB burned and little over a week to go.
The 83 billion Shiba Inu burned has a value today of $715,000.
While a large sum of money, it represents just 0.015% of the Shiba Inu market cap today. At this rate, it would take more than 3,300 years to burn through half the Shiba Inu supply and create another 50,000% price pump.
EverGrow is a hyper-deflationary token designed to do better at burning than Shiba Inu.
In November, the EverGrow burn rate pumped 349% to burn 2.6 trillion EGC tokens at a value over $250,000. It represents almost 1% of the EverGrow market cap. So at this rate, EverGrow is on track to half its supply (and potentially create a 50,000% price pump) in the next five years.
The key difference between Shiba Inu and EverGrow is that EverGrow charges a transaction tax, with 2% set aside to burn tokens. EverGrow also has launched a series of applications (e.g. a multi-chain NFT marketplace) where 100% of revenue is used to burn tokens.
You can read more about EverGrow here: https://evergrowegc.com/
Shiba Inu had its best month of burning ever in May this year. It coincided with the launch of the ShibaSwap burn portal – a mechanism which paid users passive income to burn their Shiba Inu tokens.
With no burn tax and the 5% cut of Shiba Eternity revenue used for burning not making an impact yet, the burn portal could be the answer to raise the Shiba Inu burn rate in 2023.
A ShibaSwap blog already explained how the burn portal failed (the original development team disappeared) and so it was taken over by the lead development team headed up by anonymous Shytoshi Kusama.
The blog explained the burn portal would go live soon, with functions for passive income and extra Shiba Inu burning in 2023.
Read the blog here: https://blog.shibaswap.com/shibaswap-takesover-theburnportal/
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