Recently Decentralized Exchange (Defi) ShibaSwap launched its Shiba in token burn portal. Since the burn portal launch, around $500k worth of Shiba Inu tokens have been burned so far.
This rapid burn in the Shiba Inu token through this burn portal is taking place because of the rewards program. Burn portal gives rewards to those Shiba Inu holders, who will burn their Shiba token holdings. Persons, who will burn the Shiba Inu token, gets the reward in another new token “RYOSHI VISION”, which is another meme coin.
Since 23 April, a total of 23 billion SHIB token has been burned so far, which is a big number.
The total worth of these burned tokens is nearly more than $480,000 at the current price.
Shiba Inu community burned around 263 billion Shiba inu tokens from the total supply, from October 2021 to March of this year.
Shiba project team doing something wrong?
If we precisely figure out the activities of the Shiba Inu project team then we will find that there are many mistakes they are making, maybe because of bad leadership.
In reality, the project team is working on a separate blockchain network, Shibarium. But they are not going to adopt the Shiba Inu token as a native token on the new blockchain Network, instead, they will give space for another meme coin $Bone.
Right now RYOSHI token, Bone token, and LEASH token are the three main coins under the ecosystem of the Shiba Inu project team, which makes at least a sense that the project team doesn’t have faith in shiba inu token and they are trying to make money with multiple crypto assets.
Shiba Inu token origin
Originally, the Shiba Inu token was launched in August 2020 with the initiative as a rival of Dogecoin.
In late 2020, Dogecoin started to get traction in the crypto industry because of Tesla CEO Elon Musk’s support.
At that time, Elon also tweeted about Shiba inu dog and made Shiba token famous globally.
Many people jumped into Shiba Inu token investment and that further resulted in a very high surge in the price of Shiba Inu token.