Key Points:
Shiba Inu 'burn portal' was introduced to help address the lowering demand for the coin. The idea was to burn as many coins as possible to reduce the supply of the coins, which would, in return, increase the demand for the Shiba coin. That's one of the strategies that Shiba Inu has in place to grow the price of $SHIB.
The burn portal was adopted quickly by Shiba Inu holders, where billions of SHIB have been burned by this wallet so far. But the supply of the SHIB is still large, and this is why the impact of the burn, despite the large volumes burned, has not reflected much on the Shiba Inu price growth.
The burn pace plummeted when Shiba Inu founder, Ryoshi, disappeared but resumed with a bang. The last few days have seen the burn rate skyrocketing by about 190% in just 24 hours. However, crypto experts say that it will take time before Shiba burn can start making a significant impact on the price.
This is because of the Shiba Inu token huge supply and the growing selling pressure. That's why Shiba Inu is still struggling to catch up with Bitgert price performance. Bitgert has been doing well in the market this year, to even posting a new ATH this year. The Bitgert coin performance is driven by the huge number of new Bitgert investors and the fact that Bitgert has managed to keep the selling pressure down.
The Bitgert team is also outperforming Shiba Inu in developing the ecosystem. The Bitgert ecosystem has grown faster than the Shiba ecosystem, and this is something making Bitgert do well in the market. The Bitgert has its own blockchain, the BRC20 chain, while Shiba Inu is still one of the projects on the Ethereum chain.
These are just some of the reasons why despite the growing burn, Shiba Inu is still railing against Bitgert in price performance. This might remain the case for the next few months as Bitgert launches more products from the Bitgert roadmap V2 and the Bitgert Startup Studio projects.
Therefore, Shiba Inu will need to do better to catch up with Bitgert growth and development to deliver the same price growth.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.