Saturday, February 24, 2024

SHIB Owners Flock To Burn Portal With 11B Tokens Erased

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SHIB owners flock to the burn portal with about 11 billion tokens being erased in the past 24 hours of operation the data shows so let’s read more today in our latest altcoin news today.

The new branding mechanism launched by the developers of Shiba Inu will reward community members that burn the protocol’s native tokens on the ShibaSwap exchange platform. Burning means a process of permanently removing tokens from circulating by sending them to a wallet form from which they can not be retrieved. The crypto projects could burn tokens to reduce the supply which can lead to an increase in prices in the future of tokens becoming more scarce.

The SHIB owners flock to the burning mechanism and the portal incentivized the process for the users. It allows the users to send SHIB tokens to a dead wallet address and sends BURNTSHIB tokens to the users. These can be staked to generate rewards for users in the form of RYOSHI tokens as a separate token created by the community. Some 11 billion SHIB tokens burned since the portal started on Sunday the data shows the amount to just over $251,000 at current prices and the participants are earning the current yields of 9% at the time of writing.

shib burned
Over 11 billion SHIB have been burned. (Shiba Burn)

The mechanism did little to boost the SHIB price amid the downturn of the broader market and SHIB lost 5.3% in the past day with most losses coming after the slide in the Asian markets during the morning hours on Monday.

As recently reported, Over the past week, 2.41 billion SHIB tokens were burned which means that Shiba Inu’s supply is shrinking and is becoming more scarce. The price of SHIB went up by 20% since the end of last week and the reason behind this rally is the token burn but also there’s another reason for it. The burn was announced on Twitter and the burnings of SHIB tokens can be followed on website which shows huge amounts of Shiba Inu being burned adding up to a total of 2.41 billion SHIB tokens.

The burning of the SHIB tokens which is not unusual was done via a series of portions among which the biggest one amounted to 1,351,643,000 tokens burned between April 8 and 9. Besides this bigger portion, other burns amounted to 442 million and another to 258 million. A total of 324 million was burned in portions of nine transactions in the past day.

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