The results are almost in: Shiba Inu seems set for the lowest burn rate in 18 months.
Just 352 million Shiba Inu, worth $3,000, entered the fire addresses this December, just over a week from the end. It’s a -99% drop from May earlier this year when 31 billion SHIB worth $260,000 were burned.
Where does Shiba Inu go from here?
There’s a lot in store for 2023. But Shiba Inu is facing stiff competition from new altcoins like EverGrow, which have already seen price pumps of up to 50% thanks to November’s token burn.
EverGrow Burn Rate Up 349% – Next Breakout Crypto?
EverGrow burned more than $250,000 of its own stash in November. That’s a lot considering EverGrow’s market is only $40 million — compared to Shiba Inu’s $4.5 billion market cap.
But the small market cap makes EverGrow a prime breakthrough.
Prices are already up 43% in November, decoupling from its BNB liquidity pair on PancakeSwap after supply was drastically reduced.
How does EverGrow do it?
EverGrow burns tokens using three main mechanisms:
- 2% of each transaction is held back to burn EverGrow
- 100% of the revenue from the LunaSky NFT marketplace will be used to burn EverGrow
- 100% of the income from EverGrow NFTs is used to burn EverGrow
EverGrow is the first token in the industry to use 100% of application revenue for token burning. For comparison, the mobile game Shiba Eternity only invests 5% of its earnings into burning SHIB.
In 2023, EverGrow will release a crypto-integrated content subscription app as well as an intuitive wallet with exchange capabilities. All this should increase the burn rate even further. EverGrow burns about 10% of its supply each year, while Shiba Inu burns at best 0.01% annually.
You can buy EverGrow with BNB or BUSD here: https://evergrowegc.com/
2 Ways For Shiba Inu To Increase 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 could not deliver.
SHIB’s senior development team, led by Shytoshi Kusama, took over the Burn portal in October. One blog explained that the branding portal needs an overhaul — if it starts up again in 2023, it could be an indicator that Shiba Inu branding is back on track.
#2 – Shibarium
The layer 2 blockchain solution for SHIB is planned for 2023: the Shibarium. Shytoshi Kusama confirmed that a percentage of transaction fee revenue is used to burn Shiba Inu.
Shibarium is one of the key developments for Shiba Inu in 2023, and positive news about burning could result in both a supply reduction and significant price pumps.