SHIB burners are using the Shiba Inu price drop as a period to burn more SHIB at a lower price, potentially benefitting the ecosystem more in the long run.
With SHIB adding a zero earlier in June amid another crypto crash, burners have taken this period to increase the burn rate and decrease the circulation.
Even in this uncertain period, the Shiba Inu burn rate has soared as burners use the dip to destroy tokens.
Shiba Inu Burns 300 Million In One Day
While the general crypto winter may have dampened cryptocurrency’s overall spirit, SHIB burners have continued to push on with their plans to burn more SHIB.
On June 13, some 324 million SHIB was sent to the dead wallet addresses. This is an increase of over 300% from the previous day. Among these was an individual burn for 149,999,999 SHIB.
Prolific Shiba Inu burner SHIB Superstore noted the potential that the dip provides for the burning efforts. “SHIB keeps dropping, this is a HUGE opportunity to burn,” he said. “We will be thanking ourselves later.”
The SHIB Superstore project, which burns through a variety of methods including Amazon, games, music, and food products, contributed 46 million SHIB to the burn on June 14. It brought the project's total up to 2.18 billion SHIB destroyed.
By burning SHIB now, while prices are lower, SHIB burners hope they can decrease the circulation at a faster rate than when SHIB prices rise. With SHIB already starting to recover slightly, burners may need to set up their next burn pretty quickly to take advantage.
Meanwhile, a total of 54.6 billion SHIB has now been sent to the Shiba Inu Burn Portal. Since its release, the burn portal has seen the SHIB burn rate increase dramatically.
However, the Ryoshis Vision rewards have suffered immense delays, leaving frustrated burners waiting for yield. This could also lead to some other issues.
“Failure to deliver on [burn reward] promises will seriously undermine the community's burn motivation,” posted one SHIB holder.
Regardless, the SHIB burning community remains vigilant, while also looking ahead to future potential burns. These could come from many different angles, such as the Shiba Inu metaverse.