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.


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.

Posted In: dogecoinShiba InuCryptocurrencyLong IdeasNewsMarketsTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.