An Unknown Wallet Has Burned 1 Billion Shiba Inu ($24,000) In One Transaction

An unknown wallet has burned 1 billion Shiba Inu

On Saturday, Shiba Inu released its long-awaited ‘SHIB Burn portal,’ allowing anybody to ‘burn’ the tokens. Over 10 billion SHIB tokens have been ‘burned’ and withdrawn from circulation in just three days. One mystery individual stands out among the transactions for ‘burning’ a stunning 1 billion SHIB tokens in a single transaction. The cost of removing 1 billion tokens from circulation is estimated to be roughly $23,370.

However, there are rumours floating around that the mysterious user is a SHIB whale. However, the user’s identity has remained a mystery. It has now become the single largest transaction in the ‘burn portal.’

The team aims to merge Shibarium, SHIB the Metaverse, and ShibaSwap 2.0 into the Shiba Inu ‘burn portal,’ so it hasn’t reached its full potential yet. The tokens will experience automated burns once the ‘burning’ system is fully operational, which will assist to reduce their supply. The token’s built-in ‘burning’ mechanism is what allows it to grow up in price over time.

Queenie, a Discord moderator for Shiba Inu, speculated that the portal may ‘burn’ roughly 111 trillion tokens every year. She stated that after all future innovations are integrated into the portal, ‘burns’ can occur by charging a tiny transaction charge.

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.”

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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