Shiba Inu (SHIB), a popular memecoin project, has introduced a SHIB Burn Portal to reduce token supply while also allowing users to receive passive benefits.
According to the Shiba Inu team, the portal was designed specifically to boost SHIB scarcity and make it “one of the best digital assets in the history of cryptocurrencies.”
The portal was built as part of a collaboration between Shiba Inu and Ryoshi’s Vision (RYOSHI), an Ethereum-based decentralized finance (DeFi) initiative that intends to help the shiba ecosystem develop.
SHIB burners will be rewarded with two bonuses for their achievements. To begin with, they help to reduce the memecoin’s circulating quantity, theoretically making it more scarce and valuable. Second, they receive burntSHIB tokens in their Ethereum (ETH) wallet, which provide RYOSHI rewards at a variable pace to holders.
The organization announced today that “almost 8 BILLION $SHIB was burned” on the gateway in the first 24 hours of its launch.
The introduction, however, hasn’t had much of an impact on the price of SHIB, which has dropped 3.3 percent in the last 24 hours to $0.00002345 at the time of writing, according to CoinGecko.
According to the SHIB token tracker Burn Dashboard, 410 trillion shiba tokens have been destroyed to far, accounting for around 41% of the total token supply. Sending SHIB to dead or abandoned crypto wallets can also be used to burn it.
Vitalik Buterin received half of the total supply of shiba at the start of the project. Last May, he famously torched nearly all of it and donated the rest to charity.
Roundup of SHIB
SHIB’s popularity looks to be growing, as pollster Benzinga discovered in a recent study published on April 23 that nearly twice as many respondents expect SHIB will hit $0.001 before Bitcoin (BTC) reaches $100,000. shiba was favored by 64.3 percent of the 1000 persons polled to rise first.
A SHIB developer has also warned shiba fans to be on the watch for criminals who have attempted to mimic the Shiba Inu: deployer 2 wallet. In an April 22 blog post, Kaal Dhairya said that malicious code was added into the wallet to make it unclear who gave or received tokens from the deployer.
People should be aware of the problem, but rest assured that their cash are safe, according to Dhairya.
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