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A lot of Shiba Inu meme coin holder companies are collectively decided shiba inu burn to limit the supply for the sake of price hike
Meme coin Shiba Inu was launched in August, 2020 created on Ethereum Blockchain. It was launched against contemporary meme coin Dogecoin, even promoting itself as ‘Dogecoin Killer’. Due to its high volume marketing and heavy campaigning it made a very good presence and crypto users took it hand in hand. Putting its name at every premium place possible, air drops and even sending tokens to famous and influential individuals such as Ethereum Co founder Vitalik Buterin.
Other than that, Shiba Inu has a lot of features as well which can be seen as plus, being on Ethereum Blockchain. It was having Shiba smart contracts available on its platform. Based on the Shiba smart contract it has developed a decentralized exchange Shibaswap. After its launch Shiba Inu got popular again and resulted in a price hike. Time to time it has seen these types of hikes, like its addition on decentralized exchange Uniswap and also on Coinbase, after which its price got high approx 40% of its value at the time.
Besides the many positives and influences of Shiba Inu, it has many shortcomings too. One of them is Shiba Inu’s quantity. At its launch there were 1 quadrillion Shiba Inu tokens. Compare it with the limited supply of 21 million Bitcoins, and compare it in its value as well as in its market cap too.
Solution for minimizing the huge number of tokens is to burn them. To resolve this many companies which invested in Shiba Inu had come up with the decision of Shiba Inu to burn collectively from their profits. This way the supply could be cut down to as low as possible. There had been already 41% of Shiba Inu had burnt time to time but still the left 59% of Shiba Inu consists of 589,735,030,408,323 tokens in supply. But the Shiba Inu Burn will continue till the ultimate goal of minimising its supply which will eventually lead to its price hike. Although its a community driven token and ultimately Community takes decision regarding actions on Platform. Past and present Shiba Inu Burn has also been decided collectively, further Shiba inu burn will also be decided collectively.