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Shiba Inu burn: Removal of millions of SHIB coins drives meme hype

13:10, 22 September 2022

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In this photo illustration, the Shiba Inu (SHIB) logo seen displayed on a smartphone screen, next to two cryptocurrencies and headphones
Former US Congressional Republican candidate David Gokhshtein said that “SHIB started this entire ‘burn’ craze” – Photo: Getty Images

Shiba Inu (SHIB) lead developer Skytoshi Kusama has revealed “there will be burns” for the meme crypto coin.    

The SHIB lead developer also revealed that the burns are coming “from the game period” referring to SHIB Eternity, the SHIB strategy card game.

Kusama also added via Twitter: “Upcoming details will explain why SHIB Eternity is powerful, challenging and great for SHIB holders once the blockchain version is released.”

SHIB to USD

Kusama sees the game as a potential enabler of SHIB burning. On 20 September, more than eight million SHIB tokens were burnt. The idea behind crypto burns is to increase the value of the token as its circulation supply declines. The tokens are then sent to a wallet address that cannot be used for transactions other than receiving the coins.

According to CoinMarketCap, SHIB was trading up 3.46% at $0.0000109 earlier on 22 September 2022, though the coin has spent the past month on a downwards trend.

The game SHIB Eternity has been successfully tested in Vietnam and is also available in Australia’s Google Play Store and Apple’s App store.

‘SHIB started this entire ‘burn’ craze’

Former US Congressional Republican candidate David Gokhshtein said in a Twitter post that “SHIB started this entire ‘burn’ craze”.

SHIB was launched in August 2020 and portrayed as the “DOGECOIN KILLER”. Still, Dogecoin (DOGE) is ranked higher than SHIB on CoinMarketCap as DOGE is in the top 10 cryptos and SHIB is not. DOGE is also priced higher at $0.05895.

BTS/BTC

0.00 Price
0.000% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 0.00000002

ETH/USD

1,321.83 Price
-2.260% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 5.00

DOGE/USD

0.06 Price
-0.740% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 0.0009025

BTC/USD

19,354.50 Price
-1.130% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 60.00

SHIB is also moving into the metaverse with SHIB the Metaverse, which is designed to be somewhere “the ShibArmy crypto community to truly call home”.   

SHIB the Metaverse has partnered with virtual-reality company The Third Floor (TTF) to create this part of the metaverse. SHIB the Metaverse has also been telling TTF what the SHIB community wants in their metaverse “by listening to its community”.

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Terra Classic rises 160% after new supply burn feature

On 9 September 2022, the introduction of a new token-burning system saw Terra Classic (LUNC) surge in price to $0.00058, a rise of more than 160% since the start of the month.

The rise was attributed to a proposal by a Terra Classic community member, Edward Kim. The proposal stated that a 1.2% token burn should be implemented on all transactions with the aim of making LUNC a deflationary crypto. The 1.2% token burn has now been implemented.  

On 10 August, LUNC was priced at 0.00009464, while almost a month later on 8 September it had risen to 0.0005722 according to CoinMarketCap. As of 22 September the crypto has dropped 2.5% to $0.000276.

There had been an existing burning mechanism for LUNC called the LUNC Burner that had already removed more than 3.7 billion tokens from circulation.

LUNC was created after the collapse and depegging of the stablecoin TerraUSD (UST), which then affected its sister coin Terra (LUNA) earlier this year (2022). The collapse led to the creation of the original and the new LUNA token.

Further reading

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