Meme coin Shiba Inu has created a SHIB Burn Portal to shrink the token’s supply and give users passive rewards.
The SHIB development team announced that 8 billion tokens were diminished in 24 hours following the rollout, which could influence an oddly bull market.
SHIB Portal was built under an agreement between Shiba Inu and Ryoshis Vision (RYOSHI), an ERC20 token that works to expand the Shiba ecosystem. The portal, as per its official website, was made generally to bolster SHIB’s shortage and make it “one of the best digital assets in the history of cryptocurrencies.”
With the help of SHIB burners, meme coins can become rarer and more valuable. They will also receive a passive income in the form of RYOSHI rewards for doing so, meaning that 0.49% of all RYOSHI transactions will be sent to SHIB burners.
One user even burned a lump sum of 1 billion SHIB tokens during the 24 hours. Currently, 16.5 million SHIB tokens have been burned after the portal launch. As a result, users are gaining 9% annualized yields.
The project’s creators distributed one quadrillion SHIB at its opening, with half going to Ethereum co-creator Vitalik Buterin, who also burned 90%. Buterin donated the rest to charity.
The burning of 41% or 410 trillion SHIB tokens has been assessed as a bullish catalyst for projects because it decreases the amount in circulation, leading to increased scarcity and potential long-term results.
Although the Dogecoin adversary remains trading 41431609.5% higher after reaching its lowest levels in November 2020, it has dropped 72.9% from its record high in October 2021. SHIB has dipped 6.97% to $0.000023 over the past 24 hours.
Even so, Shiba Inu has been listed in Robinhood. A few investors are looking forward to the new SHIB Burn Portal and other catalysts to revive the bulls and stop the price rout.