SHIB burning portal launches, how will its future value be shaped?

Shiba Inu SHIB/USD is an altcoin that features the Shiba Inu hunting dog as the main mascot. 

While it was originally launched as a meme-coin, it eventually grew into its own ecosystem with the introduction of ShibaSwap, the BONE, and LEASH tokens, and even with the announcement of its own metaverse.

The SHIB Burn Portal as a catalyst for growth

From March 23, 2022, whales started accumulating Shiba Inu again.

Shiba Inu (SHIB) has launched a SHIB Burn Portal as a means of decreasing the token supply and enabling users to earn passive rewards whilst doing so.

The Shib team stated that this was specifically created as a means of increasing the scarcity of SHIB. 

The portal was created as part of a broader partnership between Shiba Inu and Ryoshis Vision (RYOSHI), an Ethereum-based DeFi project that wants to support the overall growth of the SHIB ecosystem.

SHIB burners will gain two incentives for their efforts.

They can help reduce the circulating supply of the meme-coin and make it scarce and, theoretically, more valuable as a result. 

They can receive burntSHIB tokens in their Ethereum Wallet, which pays holders in RYOSHI rewards at a variable rate.

In fact, the official Shib Twitter page posted how, in the first 24 hours alone, over 8 billion SHIB tokens were burned.

Should you buy Shiba Inu (SHIB)?

On April 25, 2022, Shiba Inu (SHIB) had a value of $0.00002280.

To truly see what this value point indicates for the SHIB token, we will be going over its all-time high value, alongside its performance throughout the previous month.

Going over the all-time high value of Shiba Inu (SHIB), we can see that SHIB reached its all-time high value on October 28, 2021, when it reached a value of $0.00008616. Here, we can see that the token was $0.00006336 higher in value or by 278%.

However, when we take a look at how the token performed throughout the previous month, we can see that Shiba Inu (SHIB) had its lowest point of value on March 15, with a value of $0.0000214.

Its highest point of value was on March 28, when the token reached a value of $0.00002904.

This marked an increase in value of $0.00000764 or 35%. With this in mind, we can expect SHIB to reach a value of $0.00004 by the end of April, making it a solid buy.

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