Key Takeaways:
- Users can generate passive income by burning Shiba Inu tokens through the new burn portal.
- Tokens can be permanently destroyed to remove them from circulation.
- The token’s creators hope that it will be remembered as “one of the greatest digital assets ever.”
Shiba Inu token holders can now earn prizes and generate income for burning their SHIB tokens, thanks to the project’s development team launching the Shibaswap burn site. SHIB burners, according to the developers, produce passive revenue in the form of RYOSHI awards by holding a new token dubbed “burntSHIB.”
A tweet from SHIB HODLER on Saturday confirmed the news. The tweet read, “The SHIB burn site is LIVE – Burn SHIB, limit the supply and generate passive cash while doing so.”
The Shiba Inu team said that it was established to raise the scarcity of SHIB and make it “one of the best digital assets in the history of cryptocurrencies.” The portal was developed as part of a collaboration between Shiba Inu and Ryoshi’s Vision (RYOSHI) that aimed at assisting the establishment of the SHIB eco-system. Ryoshi’s Vision (RYOSHI) is an Ethereum-based decentralized finance (DeFi) initiative
SHIB burners will receive two rewards for their work. First, they help to lower the circulating number of meme coins, supposedly making them more scarce and valuable. Second, they will receive burntSHIB tokens in their Ethereum (ETH) wallet, which will be used to pay holders in RYOSHI rewards at a variable rate.
A great number of fans also discussed the official SHIB burn site hosted on Shibaswap. On April 9 it was reported that SHIB’s burn rate had increased by 26,000 percent. However, the burn rate has since dropped dramatically. The team offers an incentive in the form of a potential passive revenue source to users who want to burn their tokens.
Those who burn SHIB will earn a burntSHIB token. Owners of the latter will be compensated in RYOSHI tokens. The owners of burntSHIB tokens will receive 0.49 percent of all RYOSHI transactions.
“Welcome to the SHIB Burn Portal,” the website explains. “We’re excited to see you here. This burn portal is set to make it rewarding for users to regularly burn SHIB while effectively reducing its circulating supply.”
Shiba Inu is presently trading at 0.001898, down 0.000054 or 2.77 percent in the previous 24 hours. It currently has a market capitalization of 1.0 trillion and a volume of 23.7 billion. Dogecoin’s (DOGE) price has dropped by 4.16 percent in the previous 24 hours, while Shiba Inu’s (SHIB) price has down by 3.53 percent in the last day. DOGE is now rated 14th, and SHIB is placed 15th in terms of market capitalization.
