Shiba Inu, one of the most popular meme coins in the world, will be burned in the coming days. The burn may have an impact on its circulation, and the overall number of SHIB coins in circulation may be reduced further. According to CoinGecko, a global cryptocurrency tracking platform, there are currently 550 trillion SHIB coins in circulation. The popular meme coin has been steadily rising for some time, and in October, it broke all-time highs to enter the distinguished ranks. The coin, on the other hand, experienced a turnaround of fortunes. The rate of increase has decreased during the last couple of days.
The SHIB Army, and especially its fans, were unhappy by the underperformance, which came amid promises of additional price drops. Shiba is set for a major burn in the coming weeks, according to the coin’s secretive founder, Ryoshi, as the ecosystem expands into blockchain gaming and the metaverse. A petition on change.org was recently established by coin investors. The petition asks Shiba Inu Coin to adopt a policy that will see a large portion of the Shiba token supply burned in the coming days. Shiba Inu coin burn may lower the number of Shiba Inu coins in circulation, according to the company. However, this meme coin is no stranger to the concept of burning. Token holders routinely donate SHIB to the crypto coin’s burn address, and they even organize burn parties for it.
At the time of writing, participants are earning yearly rates of 9%, according to Coindesk. The price of the SHIB token has not risen as a result of the new mechanism. SHIB has dropped 5.3 percent in the previous 24 hours on the cryptocurrency market. In other news, Kaal Dhairya, a Shiba Inu developer, has issued a blog warning about a scam token that is attempting to link itself to the viral meme coin. A rogue crypto coin acting as ‘Shiba Inu: Deployer’ is leveraging a smart contract on the blockchain to associate itself with Shiba Inu, according to the developer. The transaction that appears to be made with the Shiba Inu token is a smart contract manipulation tactic. Smart contracts are blockchain programs that run when a certain condition is met. Shiba Inu has announced the debut of its metaverse, which will include 100,595 virtual land plots. SHIB’s value rose in 2021 after it was inspired by a dog meme and dubbed the ‘Dogecoin killer.’ SHIB creators seek to eliminate the’meme coin’ tag with the debut of its metaverse. The Shiba Inu metaverse has been dubbed ‘SHIB: The Metaverse’ by its creators. Users will be able to purchase virtual lands through a series of events organized by the developers. Users must go to the Shiba Inu metaverse’s official website.
Shiba Inu has been rising in popularity as a payment mechanism at major retailers like Newegg, GameStop, Petco, and even Lowe’s or Bed Bath & Beyond for an ersatz meme coin, but its current price is only a fraction of its peak, resulting in a significant ShibArmy community push towards burning sessions. The $SHIB burning rate has reportedly increased more than threefold since the Shibaswap portal launched on Saturday, and the Shiba Inu burning portal creators claim that owners can earn a 43.76 percent annualized rate on their $burntSHIB holdings, though they acknowledge that the APR can vary greatly.
