Shiba Inu developers have launched a portal that will burn more SHIB tokens than ever before and will reward those who do so.
Popular meme coin project Shiba Inu (SHIB) has launched a SHIB Burn Portal to decrease token supply and enable users to earn passive rewards while doing so.
The Shiba Inu team stated on the portal website that it was created explicitly to increase the scarcity of SHIB and make it “one of the best digital assets in the history of cryptocurrencies.”
The portal was created as part of a partnership between Shiba Inu and Ryoshi’s Vision (RYOSHI), which is an Ethereum-based decentralized finance (DeFi) project that aims to support the growth of the SHIB eco-system.
SHIB burners will enjoy two incentives for their efforts. Firstly, they aid in reducing the circulating supply of the meme coin which theoretically makes it more scarce and more valuable. Secondly, they receive burnt SHIB tokens in their Ethereum (ETH) wallet which pays holders in RYOSHI rewards at a variable rate.
The project tweeted today that within the first 24 hours of the portal coming online, “over 8 BILLION $SHIB was burned” on the portal.
The launch hasn’t had much of an impact on the price of SHIB, which has dropped 3.3 percent in the last 24 hours to $0.00002345 at the time of writing, according to CoinGecko.
According to the SHIB token tracker Burn Dashboard, 410 trillion SHIB tokens have been burned to date, accounting for approximately 41% of the total token supply. SHIB can also be destroyed by sending it to inactive or inactive crypto wallets.
Vitalik Buterin received half of the total supply of SHIB at the start of the project. Last May, he famously burned nearly all of it and donated the rest to charity.
Roundup of SHIB
The hype surrounding SHIB appears to be growing, as pollster Benzinga discovered in a recent survey published on April 23 that nearly twice as many people believe SHIB will reach $0.001 before Bitcoin (BTC) reaches $100,000. Sixty-four percent of the 1000 people polled preferred SHIB to rise first.
A SHIB developer has also advised SHIB enthusiasts to be on the lookout for scammers who attempted to spoof the Shiba Inu: deployer 2 wallets. In an April 22 blog post, Kaal Dhairya explained that malicious code was inserted into the wallet, making it unclear who sent or received tokens from the deployer.
People should be aware of the bug, but Dhairya assures them that their funds are safe. He wrote:
“The scammers / clever marketers make use of programming to fool a lot of people of millions, sometimes more malicious code could drain your wallet on approval of the token, we see this every time and it breaks our heart as we can’t do anything about it for them.”
