The developers of Shiba Inu have built a platform that will burn more SHIB tokens than ever before and will compensate burners for their efforts.
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’s website, the portal was designed specifically to raise the scarcity of SHIB and to make it more expensive “one of the best digital assets in the cryptocurrency’s history.”
The portal was developed as part of a collaboration between Shiba Inu and Ryoshi’s Vision (RYOSHI), a decentralised finance (DeFi) initiative based on Ethereum that intends to foster the establishment of the SHIB eco-system.
SHIB burners will receive two benefits as a result of their work. To begin, they contribute to decrease the memecoin’s circulating quantity, theoretically increasing its scarcity and value. Second, they receive burntSHIB tokens in their Ethereum (ETH) wallet, which rewards holders with RYOSHI at a variable pace.
Today, the initiative announced that during the first 24 hours of the portal’s launch, “nearly $8 BILLION $SHIB was burned” on the platform.
In the first 24 hours over 8 BILLION $SHIB was burned through the SHIB Burn Portal!
— Shib (@Shibtoken) April 25, 2022
The debut has had no effect on the price of SHIB, which has fallen 3.3 percent in the last 24 hours to $0.00002345 at the time of writing, according to CoinGecko.
According to SHIB token tracker Burn Dashboard, 410 trillion SHIB tokens have been destroyed to far, representing approximately 41% of the total token supply. Additionally, SHIB can be burned by sending it to dormant or unused cryptocurrency wallets.
Initially, the initiative distributed half of the whole supply of SHIB to Vitalik Buterin. Last May, he famously torched nearly all of it and donated the remainder to charity.
Roundup of SHIBs
The euphoria surrounding SHIB looks to be growing, as pollster Benzinga discovered in an April 23 study that nearly twice as many respondents predict SHIB will hit $0.001 before Bitcoin (BTC) reaches $100,000. Sixty-four percent of 1,000 respondents preferred that SHIB rise first.
Additionally, a SHIB developer has encouraged SHIB enthusiasts to be on the lookout for criminals attempting to mimic the Shiba Inu: deployer 2 wallet. In an April 22 blog post, Kaal Dhairya explained that malicious code was added into the wallet to obscure who gave or received tokens from the deployer.
Dhairya stated that while individuals should be aware of the flaw, they may rest confident that their assets are secure. He stated:
“Scammers / smart marketers utilise programming to deceive millions of users, and occasionally additional harmful code will drain your wallet upon token approval; we see this all the time and it tears our hearts because we can’t do anything to help them.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.