Shiba Inu (SHIB), a popular meme coin project, has introduced a SHIB Burn Portal to reduce token supply while also allowing users to receive passive benefits.
On the portal website, the Shiba Inu team said openly that it was established to raise the scarcity of SHIB and make it “one of the best digital assets in the history of cryptocurrencies.”
Shiba Inu and Ryoshis Vision (RYOSHI) collaborated to establish the site, which is an Ethereum-based decentralized finance (DeFi) initiative that intends to assist the growth of the SHIB eco-system.
SHIB burners will receive two rewards for their work. First, they contribute to reducing the meme coins circulating quantity, theoretically making them more scarce and valuable. Second, they receive burntSHIB tokens in their Ethereum wallet, which payout RYOSHI incentives at a variable rate to holders.
On Monday, the initiative announced that “nearly 8 BILLION $SHIB ( R125bn) was burned” on the gateway in the first 24 hours of its launch.
The introduction hasn’t had much of an impact on the price of SHIB, which has dropped 3.3 percent in the last 24 hours to $0.00002345 (R 0,00037)at the time of writing, according to CoinGecko.
According to the SHIB token tracker Burn Dashboard, 410 trillion SHIB have been burned to date, accounting for approximately 41% of the total token supply. SHIB can potentially be burned by sending it to unused or dead crypto wallets.
Vitalik Buterin received half of the total supply of SHIB at the start of the project. Last May, he famously burned nearly all of it and donated the rest to charity.
The frenzy surrounding SHIB looks to be growing, as pollster Benzinga discovered in a new survey conducted on Saturday that nearly twice as many respondents predict SHIB will hit $0.001( R 0.016) before Bitcoin (BTC) reaches $100,000( R1.6m). Sixty-four percent of the 1000 people polled preferred SHIB to rise first.
A SHIB developer has also warned SHIB fans to be on the watch for criminals who have attempted to mimic the Shiba Inu: deployer 2 wallet. In a Friday blog post, Kaal Dhairya said that malicious code was placed into the wallet, making it unclear who sent or received tokens from the deployer.
People should be informed of the problem, although Dhairya assures them that their payments are safe. He wrote:
“The scammers / cunning marketers utilize programming to trick millions of people, occasionally more dangerous code could drain your money on approval of the token, we see this all the time and it breaks our hearts because we can’t help them.”