The cryptocurrency market has yet again opened the market on a bearish note where Bitcoin has plunged below $40,000 and Ethereum below $3,000 dragging almost every cryptocurrency to the bottom.
But the one currency that proponents have recognized as one of the key drivers of long-term gain in value is the Shiba Inu token and this popular meme coin has now launched a SHIB burn portal.
SHIB Burning Portal Launched!
In order to decrease the token supply and enable users to make massive profits with the rewards, the developers behind Shiba Inu have launched a SHIB Burn Portal.
On the portal’s website, the meme coin’s team has stated that it was created mainly to increase the SHIB scarcity and make it one of the best digital assets in the history of cryptocurrencies.
This portal creation was mainly due to a partnership between Shiba Inu and Ryoshis Vision (RYOSHI), an Ethereum-based decentralized finance (DeFi) project which was created to support the growth of the SHIB ecosystem.
Every SHIB burner will receive two incentives for their efforts. For this first, they need to help in reducing the circulating supply of the meme coin and in turn making it more scarce and vulnerable. Next they will receive burntSHIB tokens in their Ethereum wallet, the one that is paid to RYOSHI holders as rewards at a variable rate.
Today, there was a tweet from the project that said within 24hrs of the portal’s launch, over 8 Billion $SHIB was burned on the portal.
However, the launch has not done much to push Shiba Inu’s price because at the time of writing Shiba Inu is trading at $0.00002355 with a plunge of 2.18% over the last 24hrs.
According to SHIB token tracker Burn Dashboard, to date 410 trillion SHIB have been burned which represents 41% of the total Shiba Inu token supply. Also, SHIB can be burned by transferring it to dead or unused crypto wallets.
Also, Vitalik Buterin received half of the total supply of SHIB and he burnt nearly all of it in the month of May 2021 and sent the remaining to charity.