SHIB plummets despite Shib Burn’s debut; Portal rewards players for every burn

KEY POINTS

  • Shiba Inu is the world’s second dog-themed meme piece
  • It now has a combustion mechanism to help destroy Shiba Inu parts
  • Shiba Burn burned over nine billion tokens just hours after launch

The price of Shiba Inu has dropped despite the official launch of the Shiba Burn portal, which allows owners to permanently destroy their meme coins and earn rewards at the same time.

The Shiba Inu team has rolled out a new burning mechanism in the latest version of ShibaSwap, the meme coin’s native decentralized exchange (DEX). Dubbed Shiba Burn, the portal, developed in conjunction with ERC20 token creators Ryoshi’s Vision, aims to provide a “systematic method” to “make it rewarding for users to regularly burn $SHIB while effectively reducing its circulating supply.” It was posted on Saturday.

The new Shiba Burn Portal allows Shiba Inu owners to permanently burn or send their token to a dead wallet to remove it from circulation. As a reward, the team offers an incentive program that could be a source of passive income.

Still, it seems the wielders haven’t felt the effect of the new scorching portal yet. Shiba Inu was trading down 4.03% at $0.00002325, with 24-hour volume of $380,586,116 as of 8:43 p.m. ET Sunday, based on data from CoinMarketCap.

SHIB is the main currency of the ecosystem Photo: Shiba Token – Twitter

Each time a Shiba Inu owner burns a SHIB, they receive a token called burntSHIB, which they can exchange for Ryoshi Tokens. SHIB burners who have received burntSHIB are entitled to approximately 43.76% annual rate. In order for users to qualify for rewards, they must add the burntSHIB token to their Web3 wallet.

The Shiba Burn Portal is the latest catalyst that many owners hope can help boost the price of Shiba Inu in the long run. Based on the latest update from influencer Archangel, the new burn mechanic burned nine billion tokens just hours after its official launch.

While the new burning portal is already live, investors should not expect the price of the dog-themed token to skyrocket. However, at the current burn rate and with other projects planned for Shiba Inu, including the Shib: The Metaverse, the elusive $0.1 price could be hit sooner than expected.

In theory, burning the meme coin will reduce the supply of coins in circulation coins, making the asset rarer and more attractive to investors. The Shiba Burn portal will facilitate the burning of coins among holders that could last for years and with each token removed from circulation, the value of the remaining tokens should gradually increase.

© Copyright IBTimes 2022. All rights reserved.

Leave a Reply

Your email address will not be published.