Shiba Inu Launches Token Burn Portal: 8 Billion SHIB Destroyed In First 24 Hours

Shiba Inu SHIB/USD has deployed its own token burn portal, giving users a way to earn passive income from burning tokens.

What Happened: In a Twitter update on Sunday, the Shiba Inu team said that more than eight billion SHIB tokens had been burned through the newly launched burn portal within the first 24 hours.

Burning a token refers to removing it from circulation forever by transferring it to a “dead wallet” from which it cannot be retrieved. The primary aim of token burns in the cryptocurrency space is to reduce token supply with the intent of driving up the price.

Until recently, the SHIB community had taken it upon themselves to execute token burns. In February, the memecoin’s developers announced plans to roll out their own token burning portal.

The Dogecoin DOGE/USD rival began testing the burn portal last month — developers noted that burning SHIB is a “core aspect” of its ecosystem.

The burn portal is a result of a partnership between Ethereum ETH/USD-based DeFi project Ryoshi’s Vision RYOSHI/USD. When users burn SHIB, they will receive burntSHIB tokens in their Ethereum wallet making them eligible to earn RYOSHI rewards.

At the time of writing, the variable rate of return for RYOSHI rewards was 9.53% and a total of 11 billion SHIB tokens had been burnt.

See Also: HOW TO BUY SHIBA INU COIN (SHIB)

Price Action: According to data from Benzinga Pro, SHIB was trading at $0.00002268, down 6.68% over 24 hours, at the time of writing.