The Shiba Inu ($SHIB) community seemingly supports token burns over its Metaverse as part of the project’s long-term strategy, presumably believing a reduction in the currency’s circulating supply is more beneficial than its Metaverse.
According to polls conducted by Shiba Inu team member Archangel, first spotted by Gfinity Esports, SHIB community members believe that the launch of the burn portal was bigger news than the launch of the SHIB Metaverse, with 60% of over 4,700 respondents supporting the portal.
As reported, over $500,000 worth of the meme-inspired cryptocurrency have been burned by its community ever since its decentralized exchange ShibaSwap launched a burn portal that rewards holders for removing SHIB from circulation.
The burn portal was launched on April 23 and so far over 23.9 billion SHIB have been burned. Burning tokens, it’s worth noting, permanently removes them from circulation by sending them to a wallet from which they can never be retrieved.
Projects often burn tokens to reduce circulating supply, which if met with similar or increasing demand could lead to a rise in the token’s price. The SHIB community has long been favoring token burns, effectively removing from circulation 263 billion tokens from October 2021 to March 2022, according to available data.
The burn portal, however, sends users who burn tokens “burntSHIB” tokens, which can be staked to generate rewards in the form of RYOSHI tokens, a separate token in the SHIB ecosystem.
As CryptoGlobe reported Welly, the world’s first restaurant using the meme-inspired cryptocurrency as a theme, has recently pledged to use a share of its profits, along with specific percentages of revenue from franchise fees, to burn SHIB.
In a second poll, Archangel asked the SHIBArmy about the way token burns help a project. Out of over 15,000 respondents, 46.6% said burns support long-term prices, while 25.1% pointed to short-term prices.
A further 25.4% of respondents said token burns help the marketing of a project, while 3% said they do not help the project at all.
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