Once again there is significant Shiba Inu news and thus news from the category of so-called meme tokens. Because according to an avid Twitter user who is fully dedicated to the Shiba Inu Coin, there are currently more than 37 trillion SHIB staked on the in-house decentralized exchange ShibaSwap.
ShibaSwap is based on the SHIB trio, which of course includes the Shiba Inu Coin (SHIB) and the two other ERC-20-based tokens BONE and LEASH. Of the latter two, 66,224,009 and 35,533 tokens are currently being staked.
But that wasn’t the only Shiba Inu news. Because not only staking is currently reducing the circulating supply of the Shiba Inu Coin. The same still applies to the burn mechanism, which has now also been reinforced by the burn portal.
The team behind the popular Shiba Inu meme token has introduced a new burning mechanism, in the form of the portal. This can be visited on the Burn.ShibaSwap.com website and has the purpose of further reducing the tokens in circulation. In other words, holders of the Shiba Inu Coin have the opportunity to burn their tokens here.
At this point, one or the other attentive reader is supposedly wondering why anyone should voluntarily burn their tokens? After all, they are then lost forever and ever.
The answer comes in the form of a reward such daring Firestarters receive. Because in exchange they get burntSHIB, a high-yield token whose holders receive 0.49% of all RYOSHI transactions. According to the website, this currently results in an annual return of 16.05%.
What is RYOSHI again, you ask yourself? Well, another meme token, of course, which, however, is up to mischief on the Binance Chain to escape the high transaction fees on Ethereum.
The idea seems to be paying off. According to reports, more than 22 billion SHIB tokens were already burned in the first week of the portal’s launch.
The whole thing may sound suspiciously like a Ponzi scheme, but 2021 has shown that the crypto community is extremely receptive to such schemes in the form of meme tokens. It’s the dream of a quick buck fueled by the first meme token of its kind: Dogecoin.
But anyone who now labels all meme tokens directly as clumsy Ponzis has, in my opinion, simply not understood a large category in the field of cryptocurrencies. That there is more behind this movement, I once wrote in the article “Is DOGE money? What actually drives the Dogecoin course” explained in more detail.
In this context, it is interesting that the burger restaurant Welly announced that the Shiba Inu community will own 15% of the company. Part of the income from the activities will benefit the holders of the Shiba Inu Coin. The community should have the option of either burning or reusing these tokens.
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Shiba Inu whales are also interested in this altcoin
According to data from the website WhaleStats, after Ethereum (ETH), the Shiba Inu coin is currently the largest token position of the Top100 Ethereum whales. These addresses hold an average of $9.8 million worth of SHIB Coins. So quite a lot.
But not only the meme token is currently enjoying great popularity among large investors. Two of the said addresses bought ApeCoin with a combined value of $9 million. They are probably hoping to buy up a possible dip after the ApeCoin price had to lose a lot of feathers as a result of Yuga Labs virtual land sale.
Nonetheless, the sale was a huge success for the company. You can read more details about the big event that raked in over $285 million in sales, brought in $80 million in earnings to Ethereum miners and burned 10,000 ETH.