Shiba Inu (sheep), very popular me me CryptocurrencyYesterday, I launched the so-called “SHIB Burn Portal”. The project team announced this on April 24 via Twitter:
We are pleased to announce the launch of the SHIB Burn Portal.
Burn gray dollars To generate passive income!https://t.co/jSnPG8B3x7 pic.twitter.com/E2ZYxEyP16
Shibtoken April 23, 2022
With Burn Portal, SHIB owners can “burn” or permanently destroy their SHIB tokens. The goal is to reduce the total SHIB circulating supply making each SHIB coin more valuable.
“In order to destroy $SHIB, it must be removed from circulation forever. Tokens are transferred to a copy address, i.e. a wallet from which they cannot be extracted. Once a token is sent to the copy address, it is gone forever.
The cryptocurrency that has been destroyed has a lower supply, which makes tokens more scarce. Scarcity can lead to an increase in the price of the token, which is beneficial for investors, but this is not guaranteed.”
RYOSHI codes as a reward for burning SHIB
However, the user will of course end up with fewer SHIB tokens. So they get a bonus if they decide to destroy their SHIB tokens. In return, these investors receive the so-called “burntSHIB” tokens. Investors with burntSHIB receive passive income in the form of RYOSHI tokens. To make this possible, the Shiba inu project is partnering with RYOSHIS VISION, an ERC-20 token on Ethereum (ETH)†
The Shiba Inu team announced last night that over 8 billion SHIB tokens had already been destroyed on the first day of Burn Portal’s launch. According to the new data, at the time of writing this is already over 11 billion SHIB tokens destroyed.
Weft!
In the first 24 hours more than 8 billion gray dollars He was burned by the SHIB Burn Portal!
Burn gray dollars and earn passive income in https://t.co/jSnPG8SEoF†
Important: Read the disclaimer at https://t.co/D91bVoMUtz pic.twitter.com/GmhxNdZAvi
Shibtoken 25 April 2022
However, it did not have a positive effect on the price of the Shiba Inu. At the time of writing, SHIB is down 6% from what it was 24 hours ago. However, this is true for a very large group of cryptocurrencies today.
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