A renowned memecoin venture, identified as Shiba Inu recently announced the commencement of its $SHIB burning portal. According to the venture, the burning portal manifested as an effort to grossly reduce the supply of tokens. With this, subscribers of the meme coin become passively rewarded with the token reduction.
In a post conveyed on the portal by the developers, the commencement of operations on the $SHIB burning portal intends to foster the scarcity of the meme coin. The team reveals the development tends to make the asset appear as one of the best virtual projects in the crypto industry.
More so, the launching of the $SHIB burning portal materialized from the prevalent collaboration unfolding between Ryoshi’s Vision (RYOSHI) and Shiba Inu. Accordingly, RYOSHI remains decentralized finance (DeFi) venture, programmed on the Ethereum blockchain. Ryoshi’s Vision came into limelight in a bid to support the development ravaging the SHIB ecosystem.
As revealed, the launching of the $SHIB burning portal allows all SHIB burners to gain two individual rewards. One of such comes to play in grossly decreasing the circulation of the Shiba Inu asset. This thus prone the memecoin to scarcity, making it more worthwhile. The other reward becomes obtainable through the potential receipt of burnt SHIB assets in their ETH wallet. With this, the rewarded holders become paid in RYOSHI rewards at a flexible rate.
$SHIB burning portal receives over 8 billion $SHIB tokens since commencement
Shiba Inu, however, tweeted today that over 8 billion $SHIB has been burnt on the $SHIB burning portal in the last 24 hours. Nevertheless, as of press time, the launching of the portal possesses no robust weight on the value of the project yet.
However, its price reportedly dropped by 3.3%, amounting to about $0.00002345 in the last 24 hours. As at now, SHIB tokens amounting to about 410 trillion have been reportedly burnt. This, according to the SHIB token tracker burn dashboard amounted to 41% of the aggregate tokens supplied. As programmed, sending the tokens to the dead or unused crypto wallets also serve as another technique of burning SHIB.
According to reports, in 2021, Vitalik Buterin in received half of the total SHIB tokens supplied. Buterin consequently burnt almost all the tokens last May before sending the remaining to charity.
Also, a SHIB developer warned all Subscribers to become wary of scammers who attempted to clone Shiba. In an April 22 blog statement, Kaal Dhairya revealed that scammers infiltrated a vicious code into the wallet.
According to him, they intended to make the details of the sender and receiver of tokens from the deployer obscure. Dhairya further that the scammers manipulate series of programming to deceive millions of users. He, however, assures subscribers of the safety of their funds.