Following the highly publicized launch of the SHIB burn portal, the project announced via a tweet that “over 8 BILLION $SHIB was burned” in the past 24 hours via the portal.
It is important to note that the launch did little to influence the SHIB market price as the price was reduced by 3.3% in the past 24 hours to standing at $0.00002345, according to CoinGecko.
Currently, 41% of the total token supply worth 410 trillion SHIB has been burned, according to SHIB token tracker Burn Dashboard.
SHIB holders can burn tokens for passive income
The Shiba Inu team announced the launch of the long-awaited SHIB burn portal that would allow the Shib community to reduce the token available for supply and enable them to earn passive income in the process. The Shiba Inu developers announced this launch in a recent Twitter post.
“We are excited to announce the launch of the SHIB burn portal. Burn SHIB to generate passive income!”
The team also added that the portal aims to increase the scarcity of SHIB and make it “one of the best digital assets in the history of cryptocurrencies.”
The collaboration between Shiba Inu and Ryoshis Vision (RYOSHI), a DeFi project on the Ethereum network, oversaw the creation of the portal to support the growth of SHIB in the crypto market.
As a result, SHIB burners will gain in two ways. Firstly, SHIB will become more valuable as its supply reduces. Secondly, they receive burnt SHIB tokens in their Ethereum wallet, which pays holders in RYOSHI rewards at an advantageous rate.
Driving Force Behind Burn Portal
After a massive call from the community, the team decided on the project to build a “systematic method in which scarcity can increase while pushing the potential to grow the community’s wealth in their investment.”
The team also noted that it had decided to launch a burn initiative to reduce the token’s total supply, thus increasing value soon.
The burn portal, developed in collaboration with “the creators of the RYOSHI vision,” is hosted on a recently-launched domain.
Users can burn any amount of SHIB, and the token will be immediately sent to a dead wallet, which cannot be accessed or retrieved, the Shiba Inu team noted.
