Shiba Inu has officially launched its much-awaited Burn Portal and in just 24 hours, more than 8 billion SHIB tokens have been torched. Tokens are burned so as to remove them permanently from circulation. Asset holders first transfer the coins to a burn address, i.e. a wallet from which they cannot be retrieved.
But what’s in for the community?
A burnt cryptocurrency decreases the circulating supply, making the tokens scarcer. A scarcity might lead to an increase in the price of the tokens, benefiting investors, though it is not always guaranteed. But worry not.
The meme coin’s burn portal has announced a rewarding mechanism for users who regularly burn SHIB, which the team claims as Passive Income specially crafted to reward SHIB burners. The rewards are in the form of RYOSHI Rewards.
This means that an incentive of 0.49% for all RYOSHI transactions will be distributed to users who have decided to incinerate the token. The newly developed burn mechanism was introduced by the team in collaboration with the Ryoshi Vision team, a community-driven ERC-20 token working for the growth of the Shiba Ecosystem.
For the uninitiated, RYOSHI is the anonymous creator of the Shiba Inu project.
“Shiba Inu would be the best digital assets”
The team cited the 463k strong Shiba Inu Community commonly known and nicknamed “The Shib Army”, which has been quite vocal, as the major driving force in “creating a systematic method in which scarcity can increase while pushing the potential to grow the communities wealth in their investment.”
“Our hope is that with every turn, the wealth of the community grows, but also by rewarding the effort in the long term to make Shiba Inu one of the best digital assets in the history of cryptocurrencies,” the blog added.
Meanwhile, the newly launched portal seems to be a big hit for the team as almost 11 billion Shiba Inu tokens have been taken out of circulation forever within less than 48 hours of launch. Further, data provided by etherscan.io, revealed that a mysterious wallet sent $1 billion valued at roughly $24k to the dead wallet in a single significant transaction.