Shiba Inu could be taking a leaf out of the EverGrow Coin book, thanks to the idea of coin burns
Shiba Inu and EverGrow Coin are attracting huge attention from crypto investors after whipping up a coin burning frenzy
Shiba Inu recently announced a new mechanism to boost the Shiba Inu burn rate – it’s called ShibaBurn and rewards investors who burn their $SHIB tokens. As of April 26 the ShibaBurn platform has burned 16 billion SHIB, worth $392,000 at current prices.
ShibaBurn rewards anyone who burns their Shiba Inu with a special token called burntSHIB. By holding this in your Ethereum-based digital wallet investors can earn passive income in the form of $RYOSHI tokens. The estimated APR is currently 5.78%.
BurntSHIB token holders will also receive 0.49% of all $RYOSHI transactions.
EverGrow Coin to burn even more tokens than Shiba Inu
Shiba Inu could be taking a leaf out of the EverGrow Coin book, thanks to its core utilities and roadmap founded on the idea of coin burns.
EverGrow Coin launched in September last year as a hyper-deflationary token. A 14% tax on all $EGC transactions is divided up so 2% is set aside for strategic monthly coin burns. Coin burning means buying up a native token (which creates green candles in crypto price charts) before removing them permanently from the circulating supply.
Coin burns are an increasingly popular way to artificially inflate a token’s price, even during an overall market downturn.
The roadmap for EverGrow Coin includes utilising profits from the new NFT marketplace LunaSky to burn even more EGC tokens. Later in the year, EverGrow Coin will use the mechanism for its Crator content subscription platform The Abstract metaverse.
EverGrow Coin is currently trading at $0.0000005362 and has grown 4% in the past 24 hours.
Shiba Inu price
The Shiba Inu price is up 7% in the last 24 hours, reaching a price of $0.00002432 according to CoinMarketCap.
Despite a recent price rally linked to Elon Musk’s Twitter takeover bid, Shiba Inu is down 2% in the last seven days. Year-to-date figures show the Shiba Inu price is also down 29%.
Burning Shiba Inu is believed to be a key mechanism to boost the Shiba Inu price long-term. The new Shiba Inu burn portal at ShibaBurn is expected to increase demand for $SHIB as it remains 72% below its all-time high of $0.00008845.
Disclaimer: The information posted in the article is for educational purposes only. By using this, you agree that the information does not constitute any investment or financial advice. Do conduct your own research and reach out to financial advisors before making any investment decisions.
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