The self-proclaimed dogecoin killer Shiba Inu (SHIB) is known for his unusual actions. Now a “Burning Portal” has been opened, in which SHIBs are voluntarily destroyed and there is a reward in return.
Dogecoin (DOGE) has just hit the headlines again with the takeover of Twitter by “Dogefather” Elon Musk and was temporarily able to post a price increase of 25%. An unconventional action by Shiba Inu (SHIB) threatened to go unnoticed. Because Shiba Inu, who considers himself a Dogecoin killer, has by Twitter announced the launch of a “Burning Portal”. In the crypto industry, “burning” refers to the intentional destruction of tokens, and such a mechanism is also expected to cause deflationary trends in Binance Token (BNB), for example.
“Burning Portal” at Shiba Inu – what’s behind it?
Unlike Binance Token’s automated burning method, Shiba Inu relies on volunteers. The short description of the “Burning Portal” for SHIB states: The so-called “SHIB army”, i.e. the active Shiba Inu community, suggested finding a system that would reduce the total number of all SHIB . This is tied to the hope that the value of the Shiba Inu will increase.
In order to make the “Burning Portal” attractive in addition to warm words, they came up with an idea. Anyone who deposits SHIB there and has it destroyed will receive burntSHIB tokens. On the other hand, 0.49% of Ryoshis Vision (RYOSHI) sales are distributed to burntSHIB stocks. The “Burning Portal” statement refers to “passive income”. Ryoshi’s Vision is named after the anonymous founder of Shiba Nun and, like SHIB, is designed as an ERC-20 token. CoinMarketCap lists RYOSHI at around 3,000th place among the most capitalized cryptocurrencies, so Ryoshi’s view is currently exotic.
Despite the bold construction of the “Burning Portal”, the project seems to find participants. Already 12 billion SHIB have been received there. However, 1 quadrillion Shiba Inu were originally generated. In a PR stunt, half of that sum went to Vitalik Buterin, the inventor of Ethereum (ETH), as a gift that would not be terminated. Buterin then decided to destroy 90% of his SHIB and donate 10% to charity.
Conclusion: SHIB vs. DOGE – which meme piece has better future prospects?
The duel between Dogecoin and Shiba Inu is also derided by many as a meme coin duel. Meme coins are cryptocurrencies that have nothing to offer except a good name and a nice logo. Shiba Inu has tried, among other things, to develop its own ecosystem with its own decentralized crypto exchange called Shiba Swap. But ShibaSwap was immediately blamed for security issues and only has about US$75 million left in cash, making this DEX virtually meaningless.
Dogecoin, on the other hand, has managed to gain acceptance as a means of payment by some places – mostly North American – with Tesla boss Elon Musk and other prominent supporters. The “DOGE ARMY” is currently hoping that their favorite coin will soon become the currency on Twitter. If you take market capitalization as the most important benchmark, Dogecoin is currently well ahead of Shiba Inu with nearly US$13 billion to nearly US$19 billion. But this dog race is likely to see a next turn, just like you know the creativity of Shiba Inu and Dogecoin.
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