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Shiba Inu Owners Flock to Burn Portal With 11B Tokens Removed
SHIB valued about $251,000 have been burned in the first 24 hours of operation, data shows.
Updated May 11, 2023, 5:29 p.m. Published Apr 25, 2022, 11:53 a.m.
A new burning mechanism launched by developers of Shiba Inu will reward community members who burn the protocol’s native SHIB tokens on its ShibaSwap exchange platform.
“Burning” crypto means permanently removing tokens from circulation by sending them to a wallet from which they can never be retrieved. Crypto projects may burn tokens to reduce supply, which could lead to increased prices in the future as tokens become more scarce.
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While the community already burns tokens, the portal incentivizes the process for users. It allows users to send SHIB tokens to a dead wallet address and in exchange sends “burntSHIB” tokens to users.
These can then be staked to generate rewards for users in the form of RYOSHI tokens, a separate token created by the Shiba Inu community.
Some 11 billion SHIB tokens have been burned since the portal started operation on Sunday, data shows. This amounts to just over $251,000 at current prices. Participants are earning current annualized yields of 9% at writing time, data shows.
The mechanism did little to prop up SHIB prices amid a downturn in the broader market. SHIB has lost 5.3% in the past 24 hours, with most losses coming after a market-wide slide in Asian morning hours on Monday.
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