Is SHIB worth getting after burn rate jumps 800%?

By: Milko Trajcevski
Milko Trajcevski
Milko is a Financial Analyst covering the cryptocurrency markets. He started his career trading fiat currencies before immersing himself… read more.
on May 19, 2022
  • The rate at which SHIB tokens are being burned has jumped 800%.
  • We now have a new record of 12.8 billion tokens.
  • This occurred after the cryptocurrency’s burn portal distributed RYOSHI rewards to those that burn tokens.

Shiba Inu SHIB/USD is a cryptocurrency categorized as a meme coin that was launched by an anonymous founder known as Ryoshi.

It was inspired by another popular meme coin known as Dogecoin DOGE/USD, which also featured a Shiba Inu dog as its mascot based on an actual internet meme.

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Shiba Inu is described as a community-based cryptocurrency project. The followers of this project are dubbed the “ShibArmy.”

Since its release, SHIB as a project has evolved and now has its own ShibaSwap, BONE BONE/USD, and LEASH LEASH/USD token and is working towards its own metaverse.

The token burn as a catalyst for growth

On April 13, 2022, we covered how SHIB made double-digit gains due to its Robinhood listing. We might see something similar with the token burn.

A mysterious wallet burned over 10 billion Shiba Inu (SHIB) throughout a single transaction on May 18, 2022, which accounted for $123,000 USD.

Furthermore, the rate at which Shiba Inu (SHIB) tokens are being burned has jumped 800%, which marked a record of 12.8 billion tokens.

This occurred after the cryptocurrency’s burn portal started with the distribution of Ryoshi Token RYOSHI/USD rewards for those that burn tokens.

In other words, the team behind the project originally launched a burn portal on April 23, and from that point on, until the rewards started getting distributed, 29.5 billion SHIB tokens were initially burned.

However, after the rewards started getting distributed throughout this week, this figure jumped to 42.47 billion. This was tracked by Shibburn.

With this token burn, SHIB can grow in value.

Should you buy Shiba Inu (SHIB)?

On May 19, 2022, Shiba Inu (SHIB) had a value of $0.00001139.

In order for us to see what kind of value point this is for the Shiba Inu (SHIB) cryptocurrency, we’ll go over its ATH point of value alongside its performance throughout the previous month.

The all-time high of Shiba Inu (SHIB)  was on October 28, 2021, when the token reached a value of $0.00008616.

When we go over April’s performance, Shiba Inu (SHIB) had its highest point of value on April 12 at $0.00002817. Its lowest point was on April 30 at $0.00002157.

Here, we can see a decrease in value of $0.0000066 or by 23%. 

However, at  $0.00001139, SHIB is a solid buy as the token burn could lead to an increase in popularity and value of SHIB to $0.00003 by the end of May 2022.

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