Despite exciting developments in its ecosystem, Shiba Inu’s much-awaited price surge after the launch of Shibarium is still nowhere to be seen.
In fact, the price of $SHIB has seen a steep decline in value since the launch of the layer-2 blockchain on August 16. In total, the asset averages 20% monthly losses, a period where most holders expected to see a significant growth in value.
Furthermore, the community and the developers also expected to see a significant increase in the token-burning rate of SHIB. However, what ensued was also disappointing. Over the past 24 hours, the project saw an increase of nearly 250% in its burning rate, but when translated to the 86 million SHIB burned in that period, the value in the U.S. Dollars barely breaks the $600.00 mark.
Back in 2021, Shiba Inu made headlines when Ethereum co-founder Vitalik Buterin burned a substantial amount of SHIB tokens donated to him.
This move was aimed at reducing the token supply and preventing inflation but also helped the currency become one of the most famous memecoins in the market
However, as time has passed, it’s become clear that subsequent token burns have had a minimal impact on the overall supply. In fact, all burns combined since early 2021 constitute less than 0.01% of the total supply, which stands at a staggering 589 trillion tokens.
Furthermore, the burning mechanism relies on convincing individual token holders to voluntarily destroy their own investments. This approach has proven challenging, as people generally want to profit from their investments rather than diminish them.
As the memecoin moves towards ambitious projects, the question arises: Is this a sustainable way to enhance the value of a cryptocurrency, or does it expose an underlying problem with the token-burning model?
Meanwhile, Golden Inu is looking to revolutionize the way crypto projects introduce deflation in its ecosystems.
Launched in early 2023, Golden Inu’s $GOLDEN token has quickly become a standout asset in the cryptocurrency market. During its bullish trends, the currency has gained over 1000% in value multiple times.
Now, approaching a pivotal moment in its history, the launch of one of its most significant decentralized applications (dApps) on September 21st, a play-to-earn game named “Golden Inuverse”, Golden Inu is also positioning itself in the market in order to provide its holders with incredible profits due to its new token-burning mechanism.
The Golden Inuverse is a web3 play-to-earn game that offers players an immersive RPG experience while providing the opportunity to earn rewards in $GOLDEN, one of the most promising cryptocurrencies of the year.
While completely free-to-play, players must have $10.00 worth of $GOLDEN in their wallets when signing up ($GOLDEN transactions require 7% slippage).
Alongside the launch of the game, Golden Inu will also kick-start its new smart contract aimed at steadily and seamlessly burning tokens at a rate that accompanies the growth in popularity of the project.
The building anticipation for this development is already reaping rewards for Golden Inu holders, Over the past week, the $GOLDEN [BEP-20] token gained a whopping 122% in value, making it one of the most profitable currencies of the month.
Differently from Shiba Inu, the Golden Treasury does not rely on individuals choosing to burn their tokens—instead, it utilizes a smart contract to allocate half of the total dApp profit generated within Golden Inu’s ecosystem to buy $GOLDEN tokens in circulation and automatically burn them. This innovative feature not only creates scarcity but also exerts substantial deflationary pressure, poised to significantly enhance the value of $GOLDEN.
In addition to enhancing the token’s value, the Golden Treasury incentivizes traders and holders to support the ecosystem’s decentralized applications. By participating in the Golden Inuverse and other projects within the ecosystem, users contribute to the deflationary mechanism, ultimately benefiting all token holders.
As Golden Inu’s Golden Treasury prepares to revolutionize the token-burning landscape, it raises intriguing questions about the future of cryptocurrency. While Shiba Inu’s token-burning mechanism depends on individual choices, Golden Inu’s approach harnesses the power of automated, profit-driven burning to enhance the value of its $GOLDEN token.
The success of Golden Inu and its Golden Treasury could pave the way for more innovative approaches in the crypto world. It highlights the need for flexibility and creativity when addressing the challenges of token supply and value enhancement.
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