SHIBA Inu launched the ‘SHIB Burn portal‘ on Saturday, April, 23, and in just 3-days, over 10 billion SHIB tokens have been ‘burnt’ and removed from circulation.
Among all the transactions, one user has burnt 1 billion SHIB tokens – equivalent to $23,370.
The identity of the user remains unknown.
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The new burning mechanism launched by Shiba Inu developers rewards SHIB owners who burn tokens on its ShibaSwap exchange platform.
‘Burning’ cryptocurrency means permanently removing tokens from circulation by sending them to a ‘dead’ wallet from which they can’t be retrieved.
Cryptocurrency projects burn tokens to reduce supply, which could lead to an increase in price.
Although the Shiba Inu community does already ‘burn’ tokens, the portal incentivises users by offering rewards.
Users who send SHIB tokens to a ‘dead’ wallet receive ‘burntSHIB’ tokens in exchange.
The ‘burntSHIB’ tokens can then be staked and as a reward users receive RYOSHI tokens, a separate token created by the Shiba Inu community.
