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SHIB Launches Burn Portal, Offering Rewards -Breaking

by Mike Robinson

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SHIB launches Burn Portal and offers Rewards

The new token burning mechanism was launched by the creators of the famous meme coin 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.

Token burning is a method in which tokens are sent to a designated dead wallet that has been set up by their creators. They cannot be recovered and they are lost for good. It is a common method used in the cryptocurrency space to reduce the circulating supply of a project’s token, thereby increasing its scarcity.

The SHIB developers stated that scarcity may increase the price for tokens. Investors in the long-term will be benefited and the ecosystem of Shiba Inu growth will continue to grow.

“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.”

Offering Passive Income to Burning SHIB

SHIB token-burning isn’t a novel concept in the Shiba Inu community. They have been involved for some time with reducing SHIB supplies. This is the first time the Shiba Inu developers have provided official incentives to investors who voluntarily agreed to seperate from their SHIB holdings for good.

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 (Ethernet-based DeFi) is a project to help the Shiba Inu eco system grow. It’s also the founder of the SHIB Burn Portal.

Millions of dollars SHIB burnt in 24 Hours

Developers claim that over 8 Billion SHIB tokens have been burned within 24 hours of launch.

Today, more than 10,000,000 SHIB tokens have been reported by token burners as being locked for ever. The massive wave of contributions towards reducing SHIB’s supply was also noted on Shibburn.com, a burn tracking website which went down on Sunday due to heavy traffic, and is, at the time of publishing, still unavailable. The current circulating Shiba Inu Supply (SHIB), amounts to 549.146.987.315,505 tokens.

The crypto market has responded positively to the Burn Portal news. On Monday, SHIB’s price soared by over 5%, jumping from $0.00002252 up to $0.00002370 in a matter hours.

SHIB’s price had been on a downtrend since April 12th, when it suddenly peaked by over 27% to $0.00002817 in a single day after news came out about Shiba Inu’s plans to launch its metaverse land sales, and the reveal that it was being added to payment app ‘Robinhood’.

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