SHIB Launches Burn Portal, Offering Rewards

The team behind the iconic meme coin Shiba Inu launched its new token burn mechanism on Sunday.

The mechanism, called the ‘SHIB Burn Portal’, provides rewards to SHIB token holders that contribute to reducing SHIB’s circulating supply by burning their coins.

We are excited to announce the launch of the SHIB burn portal.

Burn $SHIB to generate passive income!https://t.co/jSnPG8B3x7 pic.twitter.com/E2ZYxEyP16

— Shib (@Shibtoken) April 23, 2022

Token burning refers to a process in which tokens are transferred to a dedicated dead wallet, set up by its creators, from which they can not be retrieved, and are considered lost forever. It is a common method used in the cryptocurrency space to reduce the circulating supply of a project’s token, thereby increasing its scarcity.

In the words of the SHIB developers, scarcity can increase the price of the tokens, benefiting investors in the long-run, and contributing to the growth of the Shiba Inu ecosystem:

“Our hope is that with every burn, the wealth of the community grows, but also by rewarding the effort in the long term to make Shiba Inu one of the best digital assets in the history of cryptocurrencies.”

An Offer of Passive Income for Burning SHIB

SHIB token burning is not a new concept for the community, which has already been participating in reducing the SHIB supply for some time. However, this marks the first time that the Shiba Inu devs have offered official rewards to those investors that voluntarily agree to separate from their SHIB holdings forever.

Reportedly, the burn portal will reward SHIB token burners with ‘burnSHIB’ tokens, which will be distributed as 0.49% part of all ‘RYOSHI’ token transactions. RYOSHI is an Ethereum-based DeFi project that aims to support the growth of the Shiba Inu ecosystem. It is also one of the creators of the SHIB Burn Portal.

Billions SHIB Burned in 24 Hours

According to the developers, over 8 billion SHIB tokens were burned within the first 24 hours after the launch of the new burn mechanism.

Woof!
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Source: #Dailycoincom
Source: thecryptocoinreport.com

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