Saturday, December 3, 2022

Shiba Inu Launched New SHIB Burning Portal: Report

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Shiba inu launched new SHIB burning portal and the holders can now destroy their tokens reducing the supply while receiving opportunities for passive income as we can see more today in our latest SHIB news.

The team behind one of the most popular memecoins Shiba Inu launched a burning mechanism that allows holders to burn their tokens and generate passive income. Shiba Inu launched a new SHIB burning portal as functionality that enables users to send their coins to a burn address and this is a wallet from which SHIB will no longer be retrievable which emans that once the tokens are sent there and can never be retrieved again and will be gone forever.

SHIBUSDT 1-day chart. Source CoinGecko

This introduces a mechanism that allows for a reduction of the total circulating supply making the tokens scarcer and this in theory can benefit investors as a scarce asset that tends to be more preferred compared to one with a n unlimited supply or with considerable rates of inflation. All of this is theoretical and there’s nothing guaranteed or fixed or reducing supply doesn’t necessarily translate to the increased value which means that the outcome of the burning portal is yet to be seen.

The team’s reasoning behind the portal was incentivized by the community’s push in that direction. The community or commonly known and named The shib Army was quite vocal and provided ongoing feedback that will relate to creating a systematic method where scarcity can increase while pushing the potential on the comminutes wealth in the investment. To reward users that decide to burn the tokens and the team provides an incentive in the form of the potential passive income source those that will burn SHIB will receive a token called BurntSHIB and the owners of the latter will get rewards in the RYOSHI tokens and about 0.49% of the transactions will be distributed to the owners of the Burnt SHIB tokens.

Memecoins Aim At Revamp, shiba inu,doge, dogecoin

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.

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