Over 410 Trillion SHIB Have Been Burned
The popular meme-coin project Shiba Inu (SHIB) launched the SHIB Burn Portal to increase the scarcity of tokens and allow users to earn passive rewards while doing so.
According to a press release, the portal was created as part of a partnership between Shiba Inu and Ryoshis Vision (RYOSHI).
SHIB token burners will receive, in addition to burnt SHIB tokens, rewards for their efforts in the form of RYOSHI tokens, which will be credited to their Ethereum wallet.
On Monday, the project tweeted that in the first 24 hours after the launch of the portal, more than $8 billion worth of SHIB tokens were burned.
But this did not affect the price of SHIB much. Moreover, according to CoinGecko, the price has declined by 2.2% in the last 24 hours and stands at $0.00002351 at the time of writing.
At the time of writing, over 410 trillion SHIBs have been burned – roughly 41% of the total token supply, according to the Burn Dashboard.
In July, Shiba Inu Coin launched its own decentralized exchange, Shiba Swap, where users can swap tokens and deposit SHIB for staking.