Popular meme token of Shiba Inu Its developers set up a SHIB burning platform so that investors can reduce the amount of coins in circulation.
Shiba Inu Developers Introduce SHIB Incineration Portal
Along with Shiba Inu token burns altcoin It is aimed to increase the value by reducing the number of
This transaction became popular as Ethereum and Binance Coin previously resorted to burning mechanisms to gain deflation and increase their rarity in the market.
To put it briefly, burning a coin altcoin It means reducing the amount of coins in circulation for
In order to do this, the coins in question are sent to a burning address, also called a dead wallet.
The private keys of these dead wallets are destroyed and the coins inside cannot be recovered in any way. Therefore, coins sent to these addresses are removed from circulation forever.
🔥 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
By adopting this mechanism, SHIB developers hope that the price of the altcoin will rise again with the burn transactions.
Interestingly, however, the SHIB team said that all projects can set up a burning platform using the Shiba Burn smart contract and distribute tokens as a reward in case of burning.
Burning takes place on ShibaSwap, the decentralized exchange of the SHIB ecosystem.
Awarded to Those Who Burn SHIB Tokens
To encourage incineration, SHIB management rewards investors with the distribution of RHYOSHI tokens. According to the information on the website, investors who burn SHIB tokens will share 0.49% of all RHYOSHI transactions.
*Not investment advice.