The results are almost in: The Shiba Inu appears to have the lowest burnout rate in 18 months.
Just 352 million Shiba Inus valued at $3,000 entered the incinerator addresses this December, with just over a week to go. That’s a -99% drop from May earlier this year when 31 billion SHIB worth $260,000 were burned.
Where does the Shiba Inu go from here?
There’s a lot to look forward to in 2023. But the Shiba Inu faces stiff competition from new altcoins such as EverGrove, which has already seen its price increase by up to 50% thanks to its token burn in November.
EverGrow Burn Rate Up 349% – The Next Cryptocurrency Breakthrough?
EverGrove used up more than $250,000 of its own inventory in November. It’s a lot considering EverGrow’s market cap is only $40 million – compared to Shiba Inu’s market cap of $4.5 billion.
But the small market cap makes EverGrow the best for a breakout.
Prices have already risen 43% in November, breaking away from their BNB liquidity pair on PancakeSwap, following a dramatic supply cut.
How does EverGrove do it?
EverGrove burns tokens using three main mechanisms:
- 2% of each transaction is retained to burn EverGrow
- 100% of LunaSki NFT market proceeds are used to burn EverGrove
- 100% of EverGrove NFT proceeds are used to burn EverGrove
EverGrow is the first token in the industry to use 100% of the app’s revenue to burn tokens. For context, the mobile game Shiba Eternity only puts 5% of its revenue into burning SHIB.
In 2023, EverGrove will release a crypto-integrated content subscription app as well as an intuitive wallet with exchange features. All of this is meant to increase the burn rate even more. The EverGrove burns about 10% of its supply each year, while the Shiba Inu burns 0.01% per year at best.
You can buy EverGrove using BNB or BUSD here: https://evergrovegc.com/
2 Ways to Increase Your Shiba Inu’s Burn Rate in 2023
In May of this year, investors celebrated the launch of the Burning portal on ShibaSwap. It was a mechanism that paid out passive income to users as a reward for burning a Shiba Inu.
SHIB fans burned 31 billion SHIB (worth over $260,000 at today’s prices) and it looked like the burn rate was going to explode.
But the burn portal failed to deliver.
SHIB’s lead development team led by Shitoshi Kusama took over the burn portal in October. The blog explained that the incineration portal needs work – if it restarts in 2023, it could be an indication that the Shiba Inu incineration is back on track.
#2 – Shibarium
For 2023 is the Layer 2 blockchain solution for SHIB: Shibarium. Shitoshi Kusama has confirmed that a percentage of the revenue collected from transaction fees will be used to cremate the Shiba Inu.
The Shibarium is one of the key events for the Shiba Inu in 2023 and positive news on the ignition could lead to reduced supply and significant pump prices.