The SHIB Burn Portal has temporarily added some hype to the popular memecoin. So far, over 10 billion SHIB tokens have been burned which hodlers are hoping will add scarcity to the token.
Popular memecoin project Shiba Inu has launched a SHIB Burn Portal to decrease token supply and enable users to earn passive rewards while doing so.
The Shiba Inu team stated on the portal website that it was created explicitly to increase scarcity of SHIB and make it"one of the best digital assets in the history of cryptocurrencies.” The portal was created as part of a partnership between Shiba Inu and the Ryoshi’s Vision , which is an Ethereum-based decentralized finance project that aims to support the growth of the SHIB eco-system.
SHIB burners will enjoy two incentives for their efforts. Firstly, they aid in reducing the circulating supply of the memecoin which theoretically makes it more scarce and more valuable. Secondly, they receive burntSHIB tokens in their Ethereum wallet which pays holders in RYOSHI rewards at a variable rate.
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