Shiba Inu (SHIB) introduced the incineration portal. SHIB holders can now permanently destroy tokens by reducing the circulating supply while gaining passive income opportunities. Here are the details…
SHIB launches the incineration portal: What does that mean?
As we reported on Kriptokoin.com, the team behind Shiba Inu (SHIB), one of the most popular DOGE inspired meme coins, has launched a burn mechanism that allows its holders to burn their tokens and earn passive income at the same time. . The Shiba Inu burn portal is a function that allows users to send SHIB tokens to a burn address. This is a wallet where SHIB is no longer redeemable, meaning that once the tokens are sent there, they can never be retrieved again – they are gone forever.
This effectively provides a mechanism that allows for a reduction in the total circulating supply and makes tokens more “rare”. According to experts, this could theoretically benefit investors – a scarce, rare asset tends to be favored over one with unlimited supply or significant inflation rates. Of course, this is all purely theoretical and nothing is guaranteed – fixed or decreasing supply does not necessarily mean increased value.
Various incentives are provided for token burning
To reward users who decide to burn their tokens, the team is providing an incentive in the form of a potential source of passive income. Those who burn SHIB will be given a token called burntSHIB. Holders of this token, that is, those who have burned SHIB, will receive rewards as RYOSHI tokens. (RYOSHI is the anonymous creator of the Shiba Inu project). 0.49 percent of all RYOSHI transactions will be distributed to SHIB burning token holders.
Shibburn shared data from their website saying that a total of 287,321,056 tokens have been sent to their “burn” wallets in the past 24 hours, permanently locked with no chance of withdrawal. According to the SHIB burn page on the website, that quarter of a billion SHIB were pushed to dead addresses in a total of 12 transactions. The largest amount burned was 200,026,215 – these Shiba tokens were destroyed about 22 hours ago.
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