The results are almost in: Shiba Inu looks set for its lowest burn rate in 18 months.
Just 352 million Shiba Inu worth $3,000 has entered the burn addresses this December, with little over a week to go. It’s a -99% drop from May earlier this year when 31 billion SHIB worth $260,000 was burned.
Where does Shiba Inu go from here?
There’s a lot in store for 2023. But Shiba Inu faces tough competition from new altcoins like EverGrow which has already seen price pumps as high as 50% thanks to token burning in November.
EverGrow burn rate up 349% – next breakout crypto?
EverGrow burned more than $250,000 of its own supply in November. It’s a lot considering the EverGrow market is just $40 million – compared to Shiba Inu’s $4.5 billion market cap.
But the small market cap makes EverGrow prime for breakout.
Prices already rose 43% in November, decoupling from its liquidity pair BNB on PancakeSwap, after dramatically reducing its supply.
How does EverGrow do it?
EverGrow burns tokens using three main mechanisms:
- 2% of every transaction is kept back to burn EverGrow
- 100% of revenue from the LunaSky NFT marketplace is used to burn EverGrow
- 100% of revenue from EverGrow NFTs are used to burn EverGrow
EverGrow is the first token in the industry to use up 100% of application revenue to burn tokens. For context, the Shiba Eternity mobile game puts just 5% of revenue towards burning SHIB.
In 2023, EverGrow will drop a crypto-integrated content subscription app, as well as an intuitive wallet with swap features. All of these are intended to increase the burn rate even further. EverGrow is burning about 10% of supply each year, while Shiba Inu is burning 0.01% annually at best.
You can buy EverGrow using BNB or BUSD here: https://evergrowegc.com/
2 ways for Shiba Inu to up the burn rate in 2023
In May this year, investors celebrated the launch of the burn portal on ShibaSwap. It was a mechanism that paid users passive income as a reward for burning Shiba Inu.
SHIB fans burned 31 billion SHIB (worth over $260,000 at today’s prices) and it looked like the burn rate was about to explode.
But the burn portal failed to deliver.
SHIB’s lead development team headed by Shytoshi Kusama took over the burn portal in October. A blog explained the burn portal needed work – if it launches again 2023 it could be an indicator that burning Shiba Inu is back on track.
#2 – Shibarium
In store for 2023 is the layer-2 blockchain solution for SHIB: the Shibarium. Shytoshi Kusama confirmed that a % of revenue collected from transaction fees will be used to burn Shiba Inu.
Shibarium is one of the key developments for Shiba Inu in 2023 and positive news about burning could lead to both reductions in supply and significant price pumps.