Shiba Inu holders can now earn by burning SHIB tokens through a new Shibaswap burn portal. It aims to help members of the SHIB community reduce the token circulation supply, thereby boosting its value. While people on the SHIB network have been burning tokens for a long time, the new dedicated burn portal gives any SHIB holder with a Web 3 wallet the ability to burn SHIB, and earn passive income for their burn participation. also gives a chance.
The Burn portal was created as part of a partnership between Shiba Inu and Ryoshis Vision (RYOSHI), an Ethereum-based decentralized finance (DeFi) project. It aims to promote the development of the SHIB eco-system. To support the partnership, SHIB burners will be able to generate passive income in the form of RYOSHI Rewards by holding a new token named “burntSHIB”.
Shiba Inu Team Portal Website But said it was explicitly created to amplify the SHIB crunch and make it “one of the best digital assets in the history of cryptocurrency”.
On Monday, the project tweeted that within the first 24 hours of the portal’s launch, “over $8 billion of SHIB has been burned” on the portal. If we look at the current price, it is equivalent to SHIB of $181,040 (approximately Rs 1.4 crore).
Explaining why it decided to launch the SHIB burn portal, the project team said that it was asked several times by the community to create a “systemic way” to do so.
Although the launch of the burning portal is expected to help boost the price of the SHIB, at the time of writing, the Shiba Inu was priced at $0.000024 (approximately Rs.0.002), which is 5.62 percent lower than the previous year.