Shiba Inu token holders may now permanently destroy their tokens, limiting the circulating quantity while earning passive revenue
Shiba Inu (SHIB), the company behind one of the most famous doge-inspired memecoins, has created a burning process that enable holders to burn their tokens while simultaneously earning passive revenue. The Shiba Inu burning gateway is a feature that allows users to burn their SHIB tokens by sending them to a specific address. This is a cryptowallet from which SHIB will no longer be retrievable, which means that once the tokens are sent there, they will never be recovered – they will be lost forever. This basically creates a method that enables for a drop in the overall circulating quantity, hence making tokens scarcer.
“Welcome to the SHIB Burn Portal. We’re excited to see you here. This burn portal is set to make it rewarding for users to regularly burn SHIB while effectively reducing its circulating supply,” the website explains. This portal has been built to reward SHIB burners, with a passive income acknowledgement, in the form of RYOSHI rewards. Meaning that 0.49% of all RYOSHI transactions will be distributed to owners of burntSHIB.
By moving SHIB tokens to a burn address, participants completely eliminate tokens out of circulating supply. In this manner, it is possible to make the token a bit more scarce, potentially increasing the token’s price. The community’s attempts to remove tokens out of circulation have been inconsistent, with members continually checking Shiba Inu’s burn rate.
SHIB burners who earn burntSHIB will receive an estimated 43.76 percent annual percentage rate (APR), per the burn portal website, however the APR does change. According to the website, users must add the token burntSHIB to their Web3 wallet, such as Metamask.
