As previously reported by KoinFinans shiba inu Queenie, a Discord moderator, said in a Twitter post earlier this month that they are working on a burning portal that will allow approximately 111 trillion units of SHIB to be burned each year from the total supply of the dog-themed cryptocurrency, “if everything goes as planned.”
After these explanations, the highly anticipated portal by the community was finally launched. According to the statements made by the platform, investors will be able to earn passive income as a result of removing SHIB tokens from circulation.
SHIB incineration portal launched
The developers of Shiba Inu, the second largest meme cryptocurrency; created a portal where investors can burn their SHIB holdings to reduce the amount of tokens in circulation. In this way, Shiba Inu holders will now be able to earn passive income by burning their SHIB tokens with the help of the newly launched burning portal.
Investors can spend their SHIB tokens inferno (they are wallets without keys and their contents are irretrievable, so anything sent to them is lost and uncirculated) to permanently remove them from the circulating supply.
Developers of projects with high supply often use a burn mechanism to reduce the amount of tokens in circulation, creating a level of scarcity that helps raise the price of the asset. In this way, it is possible to make the token a little more scarce and potentially increase the price of the cryptocurrency.
🔥 the $SHIB burn portal is LIVE.
Visit: https://t.co/0xsdGCfnpN
burn $SHIBreduce its circulating supply, and generate passive income while doing so!
— MILKSHAKE (@shibainuart) April 23, 2022
The network portal allowing the systematic burning of SHIB tokens was created in partnership with the creators of the RYOSHIS VISION token. The development team of the token believes that the new functionality will enable the Shiba Inu to become “one of the best digital assets in history”.
These burning mechanisms to make the tokens deflationary and at the same time ensure their scarcity in the market Ethereum (ETH) and Binance (BNB) platforms made popular by popular digital assets such as
Interestingly, the Shib team noted that “any project can use the Shiba Burn Smart Contract to create a BURN Pool and offer rewards in exchange for SHIB token burning.”
Shiba Inu burning will bring awards to its holders
To encourage burning, SHIB burners will be able to earn passive income in the form of RHYOSHI rewards. Also, according to SHIB’s burning site, 0.49 percent of all RHYOSHI transactions will be distributed to investors who burn SHIB tokens. The website describes the details of the burning as follows:
“This portal was created to reward people who burn SHIB with a passive income confirmation in the form of RYOSHI Awards.”
Again, according to data from the Burn website, approximately 410 trillion Shiba Inu units have been burned since the token’s ICO.
Combustion portal or Robinhood listing, the bigger catalyst?
Shiba Inu price There is an easy answer to the question of which will be the greater catalyst for Undoubtedly, the launch of a burning portal will have a stronger long-term impact on the price of the digital token.
Robinhood’s listing of the Shiba Inu provided only temporary support for the meme coin. He has already given up most of his gains after news spread that the popular trading platform had added the meme cryptocurrency.
However, a burning portal will likely facilitate the coin burning event that will continue for years to come, and will cease to be a community-only event. For each token removed from circulation, the value of the remaining tokens is expected to increase gradually. So the bottom line is that Shiba Inu’s Robinhood listing jump may seem trivial compared to what will happen when ShibaSwap 2.0 launches.
However, besides these; It’s worth noting that the burn focuses only on the supply side of the Shiba Inu valuation equation. A greater opportunity may lie on the demand side. It can be argued that the development of the Shiba Inu metaverse, which is probably the most important potential driver of the demand for the cryptocurrency, also creates this opportunity.
Burning of 287 million
As noted by KoinFinans, the second largest meme cryptocurrency shiba inuAnother great burning took place yesterday by the community of . As a result of intense burns, the burn rate of the popular meme coin also skyrocketed to incredible levels.
In a post he made today, Shibburn stated that a total of 287,321,056 meme tokens have been sent to “inferno” wallets in the last 24 hours from their website.
According to the SHIB burn page on the website, the community sent this quarter-billion-dollar SHIB to dead addresses in 12 transactions. According to data on the Shibburn website, the burn rate of the second most popular meme cryptocurrency had increased by an incredible 8309 percent yesterday. However, for today, the burning rate has been fixed at 20 percent.
According to CoinMarketCap data, the price of the Shiba Inu (SHIB) token is currently at $0.00002397. The supply of the meme cryptocurrency stands at 549 trillion tokens, down 45 percent from this initial supply of one quadrillion tokens.
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.