- The popular meme cryptocurrency has reached a new and important milestone. Since the launch of the SHIB incineration portal, quite satisfactory quantities have been incinerated.
The dream of burning 50 Billion SHIB has finally come true. According to data released by the community, since the launch of SHIB Burn Portal on April 23, 2022, in less than a month, 50 billion Shiba Inu (SHIB) was burned.
Investors are quite happy with the ShibaBurn rewards, given that the Shiba Inu Community has forever removed 50 Billion SHIB from circulation, worth $579,500 (at a nominal price), through thousands of separate transactions in the last 4 weeks.
ShibaBurn reward distribution increases SHIB burn rate
After the launch of the SHIB Burn Portal incineration portal, the Shiba Inu team encouraged its community to burn their tokens and promised that burners will be rewarded with Ryoshi Vision, the token of Shiba Inu’s official ecosystem partner.
As reported by KoinFinans, the first ShibaBurn reward distribution promise was officially fulfilled on May 17. Ryoshi Vision has officially announced via tweet that the Shiba Inu Burn Portal rewards have been released on ShibaSwap, meaning that Ryoshi Vision has been distributed among SHIB Burners, and every week from now on, SHIB Burners will be rewarded in the same way.
The announcement of the first awards cheered the Shiba Inu Community and strengthened their confidence in the burning project.
🚨 Rewards Announcement 🚨
The first distribution of ShibaBurn Rewards are out now.
For those who burned $SHIB trough the burn portal and are holding $burntSHIB your rewards are available now.
Check your balance https://t.co/trkX7sBEWu#RyoshisVision #ShibaSwap #together pic.twitter.com/ocldV4dBKZ
— Ryoshis Vision (@Ryoshis_Vision) May 17, 2022
As a result of the start of distribution of ShibaBurn rewards, the SHIB burn rate has increased dramatically over the past 72 hours, with a total of 18,348,470,507 (18.34B) Shiba Inu tokens burned in 286 different transactions.
Largest SHIB burn since launch of SHIB Burn Portal
As reported by KoinFinans, there was a peak in SHIB burns on Wednesday, May 18. A mysterious crypto wallet has set a new record by burning 10 billion SHIB worth $124,300 in a single transaction.
This was not only the largest community-led burn ever, but also the largest in a single operation, as well as the largest since the launch of the Burn Portal.
This major burn also helped SHIB Burn Portal reach its first major milestone in burning 50 billion tokens in less than 30 days.
The statistics mentioned above clearly show that the developers behind Shiba Inu’s ecosystem have launched a game-changing move for SHIB using the SHIB Burn Portal.
SHIB x RYOSHI Vision
SHIB Burn Portal is a project developed in collaboration with Ryoshi Vision and was officially launched on April 23, 2022 (one month ago). Following this, the team behind Shiba Inu strategically implemented the “Reward Mechanism” for SHIB holders to promote SHIB Burn. The ShibaBurn Reward Mechanism occurs when the person who burns the SHIB using the SHIB Burn Portal receives a Ryoshi Vision token in exchange for burning (as a reward).
Shiba Inu Discord moderator in the past months QueenieIn a post on Twitter, he said that “if everything goes as planned”, approximately 111 trillion units of SHIB could be burned from the total supply of the dog-themed cryptocurrency every year thanks to the burning portal.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.