The developers of Shiba Inu have added another use case for the Shiba Inu (SHIB) crypto token. It has launched a new ShibaBurn portal.
Previously Shiba Inu tokens were being removed from circulation by using a burning mechanism. Well, now you can be rewarded for doing the same thing, thereby allowing the holders of SHIB to a passive income opportunity.
Woof!— Shib (@Shibtoken) April 25, 2022
In the first 24 hours over 8 BILLION $SHIB was burned through the SHIB Burn Portal!
🔥Burn $SHIB and earn passive income at https://t.co/jSnPG8SEoF!
IMPORTANT: Read disclaimer at https://t.co/D91bVoMUtz pic.twitter.com/GmhxNdZAvi
What Is The ShibaBurn Portal?
The ShibaBurn portal will allow you to send your SHIB tokens to a remote crypto wallet address, the details of which will not be saved. This means that once the SHIB crypto tokens are sent to this wallet address, they can never be retrieved, and will, hence, be gone forever.
“Our hope is that with every burn, 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,” Shiba Inu developers said in a blogpost.
How Will You Be Rewarded For SHIB Burning?
Ryoshi is the name of the anonymous developer who created the Shiba Inu crypto token, which is based on the Ethereum (ETH) blockchain. He has now also created another token called the RYOSHIS VISION token using the Ethereum request for comment (ERC) version 20 protocol.
According to the blogpost, if you burn SHIB tokens, you will receive a reward in the form of RYOSHI VISION tokens. Furthermore, it was noted that 0.49 per cent of all RYOSHI transactions would be distributed to the owners who have burnt their SHIB tokens.
What Is The Benefit of Crypto Burning?
Like every financial asset, cryptos derive their value from the economic law of demand and supply. If there is an excessive supply with less demand, then the price of the commodity will fall and vice versa.
So, in theory, the burning of SHIB crypto tokens, or any crypto token for that matter, should make its supply scarce, and push its price higher (assuming its demand stays constant or goes up).
As of April 25, 2022 at 11.01 am, Shiba Inu (SHIB) was trading lower by 3.39 per cent at $00002341. It has a total outstanding supply of 0.589 quadrillion SHIB tokens.