Popular doggy-themed coin Shiba Inu (SHIB) has recently unveiled a SHIB Burn Portal to reduce the token’s supply and allow users to earn passive rewards while at it.
The development team behind SHIB revealed that more than 8 billion tokens were burned in 24 hours after the launch — and that could be outlandishly bullish.
Over 16.5 Billion SHIB Removed From Circulation
The SHIB Portal was developed as part of a deal between Shiba Inu and Ryoshis Vision (RYOSHI), an ERC20 token that strives to grow the Shiba ecosystem. According to its official website, the portal was created mainly to boost SHIB’s scarcity and make it “one of the best digital assets in the history of cryptocurrencies.”
By helping slash the circulating supply of the meme coin, SHIB burners will effectively make it more scarce and more valuable. Notably, they will be rewarded with a passive income in form of RYOSHI rewards for doing so. This means that 0.49% of all RYOSHI transactions will be sent to burntSHIB owners.
The Shiba Inu team revealed Monday that more than 8 billion dog token SHIB was burned on the portal within the first 24 hours of the project going live.
Interestingly, one holder burned a whopping 1 billion SHIB tokens in that period. At the moment, 16.5 billion SHIB tokens have been burned since the launch of the portal. Users are also earning present annualized yields of 9% at publication time.
Is Shiba Inu Ready For Bullish Breakout To $0.001?
At the project’s launch, roughly 1 quadrillion SHIB was minted and the coin’s developers sent half of the total supply to the address of the Ethereum co-creator Vitalik Buterin. Buterin subsequently burned 90% of his SHIB stash and donated the remaining SHIB to charity.
A total of over 410 trillion SHIB tokens have been burned so far — constituting 41% of the total token supply. Burning tokens is often considered a bullish catalyst for projects, as removing tokens from circulation renders the token more scarce and could pay off in the long term.
While the Dogecoin clone is still up 41431609.5% since hitting its all-time low in November 2020, it has fallen 72.9% from its lifetime high in October 2021. In the past 24 hours, SHIB has slipped by 6.97% to change hands at $0.000023 as of publication time.
Despite the setback, Shiba Inu recently received the much-anticipated Robinhood listing, and many investors are hoping that the new SHIB Burn Portal and other catalysts can reenergize the bulls and halt the price rout.
Meanwhile, Shiba Inu proponents still believe $0.001 is a possible price target.