Shiba Inu Burns is Flaming Hot; but Why isn’t its Price?

Paigambar Mohan Raj

Shiba Inu’s popularity never ceases to impress. It is undoubtedly one of the most popular crypto projects out there, with one of the most loyal and supportive fan bases, popularly called the Shib Army.

The community is familiar with the SHIB’s anti-deflationary burn mechanism. The simplest way to knock a few zeroes off SHIB’s worth and get it closer to $1 is to raise demand through innovation while simultaneously reducing supply.

Shiba Inu launched their very own burn portal, ShibBurn, on the 23rd of April, 2022. The site has been very momentous in SHIB’s goals of reducing its circulating supply. So far, over 410 trillion SHIB tokens have been burnt from the initial supply.

Within the last seven days, 2.17 billion SHIB have been burned, including 449.98 million in the last 24 hours. Travis Johnson’s SHIB Burn Games and the SHIB-inspired token ‘1Cent’ are among this week’s top SHIB Burners.

However, SHIB’s burn initiatives have been somewhat lackluster in regards to Shiba Inu prices. At press time, SHIB was trading at $0.00001220, down 2.2% on the daily charts, and down by a whopping 33.8% on the weekly chart. SHIB is also 85.9% down from its all-time high of $0.00008616, which it attained on the 28th of October, 2021, nearly 7 months ago.

Is Shiba Inu still a fan favorite?

Nevertheless, SHIB’s price doesn’t seem to affect the Shiba Army, which is growing at a phenomenal pace, given the token’s poor performance in the last few weeks.

Even when the token was falling, SHIB managed to amass new wallet holders and expand its adoption. It has recently been revealed that the Cardinale Automotive Group, based in California, now accepts Shiba Inu (SHIB) as payment via BitPay. The dealership has 22 outlets across California, Arizona, and Nevada.

When the crypto markets were tumbling, SHIB managed to garner almost 15,000 new wallet holders.

Many are eagerly awaiting Shiba Inu’s L-2, Shibarium, which is said to be launching either at the end of this month or in June 2022. The launch is sure to rile up excitement, and may just bring in a positive movement for SHIB’s falling price.