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The results are in: Shiba Inu burned just 661 million tokens in November.
It’s one of the worst months on record. Burning Shiba Inu is one of the ShibArmy’s most popular methods to raise the price of SHIB long term.
But it’s looking like Shiba Inu hodlers will have to find a different drum to beat.
Meanwhile, hyper-deflationary token EverGrow is fast making a name for its automated token burning innovations.
EverGrow and Shiba Inu both have a total supply of 1 quadrillion (1,000,000,000,000,000).
So it’s quick to compare:
But the effect of EverGrow’s burn is even greater, because it has fewer tokens in circulation. So here’s a comparison of burning in November as a percentage of circulating supply:
Since September this year EverGrow has burned 1% of its circulating supply. Shiba Inu in its lifetime – excluding Vitalik Buterin’s historic burn – has only burned 0.02% of its circulating supply.
The Shiba Inu craze started with some Elon Musk Tweets in May 2021 (one of them being a Shib on the moon).
But it was always in May 2021 that Vitalik Buterin burned 410.2 trillion SHIB tokens. In a single transaction. That was 41.02% of the total Shiba Inu supply.
When there are fewer tokens around, traders pay more for them – a lot more.
From May 1st to May 12th the price of Shiba Inu shot up 50,000%. Had you invested just $100 at the beginning of the month, you’d have had $50,000 within two weeks. The Shiba Inu legend was cemented as much by meme-like popularity as by a token burn.
EverGrow launched a year ago with a plan to take Shiba Inu’s incredible burn track record and automate it.
You can read about and buy EverGrow here.
EverGrow charges a transaction tax of 14%, which is split as follows:
The tax might seem a lot, but EverGrow incentivises investment by passing stablecoin passive income. It’s also set up an innovative way to keep on burning tokens.
EverGrow launched an NFT marketplace in September called LunaSky. It’s the first marketplace in crypto to send 100% revenue towards buying and burning a native token – in this case, EverGrow.
In November, EverGrow started burning tokens with LunaSky revenue: around $12,500 per day has been buying and burning EverGrow. The EverGrow price has risen 43%.
For context: just around $6,400 worth of Shiba Inu was burned in November.
Shiba Inu has no automated burn mechanism. Investors burn their own tokens. The lead dev. team announced the Shiba Eternity game would send 5% of revenue to burning SHIB, but an uptick in the burn rate has not been seen.
If you’d like a stake in the future of DeFi, buy EverGrow today.
Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.
Analytics Insight is an influential platform dedicated to insights, trends, and opinions from the world of data-driven technologies. It monitors developments, recognition, and achievements made by Artificial Intelligence, Big Data and Analytics companies across the globe.
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Analytics Insight® is an influential platform dedicated to insights, trends, and opinion from the world of data-driven technologies. It monitors developments, recognition, and achievements made by Artificial Intelligence, Big Data and Analytics companies across the globe.
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