Shiba Inu News
- Shiba Inu has recently launched a SHIB Burn Portal.
- The Shiba Inu team revealed on the portal’s website that the project was started in order to increase the scarcity of SHIB.
- SHIB burners are offered two incentives for their labor.
The well-known meme coin project Shiba Inu (SHIB) has recently launched a SHIB Burn Portal. This was done to decrease token supply and to allow users to earn passive rewards while doing so.
The Shiba Inu team revealed on the portal’s website that the project was started in order to increase the scarcity of SHIB. According to the team this will make SHIB “one of the best digital assets in the history of cryptocurrencies.”
The portal was created as a result of a partnership between Shiba Inu and Ryoshis Vision (RYOSHI). RYOSHI is an Ethereum-based decentralized finance (DeFi) project created to support the SHIB ecosystem.
SHIB burners are offered two incentives for their labor. Firstly, burners help with reducing the SHIB supply which in turn will make it more scarce and valuable. Secondly, SHIB burners will receive burnt SHIB tokens in their Ethereum (ETH) wallet which pays holders in RYOSHI.
These incentives seem to have the desired effect as the SHIB Twitter page announced that “over 8 billion SHIB was burned” during the first 24 hours after the project was launched.
Unfortunately, the project has not done the price of SHIB any good as the price has dropped by 5.9% in the last 24 hours. According to CoinMarketCap, the price of SHIB currently stands at $0.00002273.
According to Burn Dashboard, it is estimated that, up until now, around 410 trillion tokens have been burned. This represents 41% of the total SHIB supply.
SHIB users have also been urged to be on the lookout for scammers who tried to spoof the Shiba Inu: deployer 2 wallet.