The amount of Shiba Inu (CRYPTO: SHIB) tokens burned surged 5,000% over 24 hours.
What Happened: According to data from shibburn.com, more than 12.7 billion SHIB tokens were burned.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
The sharp increase in daily token burns comes after SHIB developers announced that the first set of rewards had been distributed to those who used the official ShibaSwap burn portal.
Rewards Announcement
— Ryoshis Vision (@Ryoshis_Vision) May 17, 2022
The first distribution of ShibaBurn Rewards are out now.
For those who burned $SHIB trough the burn portal and are holding $burntSHIB your rewards are available now.
Check your balance https://t.co/trkX7sBEWu#RyoshisVision #ShibaSwap #Together pic.twitter.com/ocldV4dBKZ
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
When users burn tokens through this portal, they will be awarded $burntSHIB which can now be redeemed for Ryoshi’s Vision (CRYPTO: RYOSHI) tokens.
These RYOSHI rewards will be locked for a period of time, so as to prevent the holders from selling their tokens immediately.
See Also: HOW TO BUY SHIBA INU COIN (SHIB)
Shiba Inu first released its own token burning portal in April and holders burned 8 billion SHIB within the first 24 hours of its launch.
At the time of writing, over 41 billion SHIB tokens had been burned and the rewards rate had an APR of 6.45%.
Price Action: According to data from Benzinga Pro, SHIB was trading at $0.0000123, down 1.99% in the last 24 hours.