- Shiba Inu developers have launched a burn portal to destroy more SHIB than ever before, reducing the meme coin’s circulating supply.
- Within the first 24 hours since its launch, 8 million SHIB tokens were burned.
- Analysts have predicted a retest of $0.00005 as Shiba Inu’s price consolidation fractal comes into play.
Proponents have identified Shiba Inu token burn as one of the key drivers of long term gain in value. The launch of the SHIB burn portal is therefore an important milestone for Shiba Inu holders.
11 billion SHIB were pulled out of circulation
Developers behind Shiba Inu have launched a burn portal, rewarding users for burning SHIB. There have been community organized burn events and parties, asking users to burn more tokens to increase the Shiba Inu’s market value.
The burn portal was created through a partnership between Shiba Inu and Ethereum-based DeFi project Ryoshi’s vision (RYOSHI), the anonymous creator of SHIB. Based on the reward mechanism and the partnership, 0.49% of all RYOSHI transactions will be distributed to traders who have burnt SHIB tokens in their Ethereum wallet.
The portal also offers users an opportunity to generate passive income by burning their Shiba Inu tokens. Burning Shiba Inu tokens will provide a dual benefit to investors, both from contributing to higher value in the long-term and earning incentives from holding burnt SHIB in their Ethereum wallet.
Burnt SHIB tokens will be added to the Ethereum wallet of investors using the burn portal, paying them RYOSHI rewards. This reward mechanism was newly introduced by the Shiba Inu burn portal and was missing in previous burn party events organized by SHIB investors or the merchant community.
“Shib Army” or Shiba Inu’s community previously participated in events organized by Shiba Inu merchants or payment processors like NOWPayments that burned a fixed amount of SHIB per transaction. The burn portal takes the experience up a notch, increasing the value derived by the investor, two fold.
The launch of a portal by developers of the project has offered a way for the community of users to increase their wealth and contribute to the reduction of Shiba Inu supply.
Woof!
In the first 24 hours over 8 BILLION $SHIB was burned through the SHIB Burn Portal!
Burn $SHIB and earn passive income at https://t.co/jSnPG8SEoF!
IMPORTANT: Read disclaimer at https://t.co/D91bVoMUtz pic.twitter.com/GmhxNdZAvi
— Shib (@Shibtoken) April 25, 2022
