Shiba Inu Burn Portal Goes Live Everything You Need to Know

Shiba Inu’s creators have built a portal where investors can burn their $SHIB holdings in order to reduce the amount of the token in circulation.

This change is intended to boost the token’s value by increasing scarcity. Typically, developers use a burning mechanism to reduce the number of tokens in circulation in order to create a level of scarcity that helps to drive the asset’s price higher.

Popular digital assets like Ethereum and Binance’s BNB have popularized this burn mechanism to make the tokens deflationary and also ensure their scarcity in the market.

For context, to burn a token means removing them from circulation. To do this, such tokens are sent to a burn address, otherwise known as a dead wallet. These are wallets with no obtainable keys, whose contents are irretrievable; hence anything sent to it is gone forever, and out of circulation. 

By adopting this mechanism, Shiba Inu developers hope that this burning will help put the token on the list of best digital assets. 

Interestingly, the Shib team stated that “any project can use the Shiba Burn Smart Contract in order to create a “BURN Pool” and to offer rewards for burning $SHIBtokens.“

Burning Shiba Inu would earn holders rewards

To encourage the burning, $SHIB burners can earn passive income in the form of RHYOSHI rewards. According to the site, investors who burn their $SHIB tokens would share 0.49% of all RHYOSHI transactions. 

A statement from the website reads 

This portal has been built to reward $SHIB burners, with a passive income acknowledgement, in the form of $RYOSHI Rewards.

Data from the burn website disclosed that about 410 trillion units of Shiba Inu have been burnt since the token’s ICO. As of press time, the growth rate of the burn mechanism is pegged at 13.51% in 24 hours.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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