Shiba Inu (SHIB) introduced the incineration portal. Shiba Inu investors can now permanently destroy tokens while gaining passive income opportunities, reducing the circulating supply.
The team behind one of the popular meme coins, Shiba Inu (SHIB), has launched a burn mechanism that allows SHIB investors to burn their tokens and earn passive income at the same time.
Shiba Inu Burn Portal
Shiba Inu incineration portal is a function that allows users to send SHIB tokens to the incineration address. This is a wallet where SHIB is no longer redeemable, meaning that once tokens are sent there, they can never be recovered.
This could theoretically benefit investors. A scarce asset tends to be more preferable than one with unlimited supply or significant inflation rates. Of course, all of this is purely theoretical and not guaranteed. Fixed or declining supply does not necessarily mean increased value, so it is unclear what the outcome of the burning portal will be.
Burn Portal Users Will Be Rewarded
To reward users who decide to burn their SHIB token, the team is providing an incentive in the form of a potential source of passive income. It was stated that those who burn SHIB will be given a token called burntSHIB. Users who perform the burning will be rewarded with the RYOSHI token. 0.49% of all RYOSHI transactions will be distributed to burntSHIB token holders.
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